Health insurer Cigna announced Thursday plans to acquire pharmacy benefit manager Express Scripts in a massive $67 billion deal.
Cigna, according to a Healthcare Dive report, will assume the PBM’s debt obligations, which comes in to the tune of $15 billion. The deal is reportedly expected to close by the year’s end.
Both companies’ board of directors approved the transaction, according to a press release.
“Cigna’s acquisition of Express Scripts brings together two complementary customer-centric services companies, well-positioned to drive greater quality and affordability for customers,” Cigna President and CEO David Cordani said in a statement.
Tim Wentworth, Express Scripts president and CEO, said the two organizations “will help make the healthiest choices the easiest choices, putting health and pharmacy services within reach of everyone we serve.”
To read more about the deal on Healthcare Dive, click here.
