Cigna to Buy Express Scripts for $67 Billion

 Andrew Soergel

IN YET ANOTHER MERGER poised to shake up a health care industry battling considerable costs, insurer Cigna has announced plans to buy Express Scripts pharmacy management organization in a deal valued north of $60 billion.

The deal will bring pharmaceutical and medical claims branches of the health care business under one roof and represents the latest example of industry consolidation following the nearly $70 billion CVS-Aetna union announced late last year.

"Adding our company's leadership in pharmacy and medical benefit management, technology-powered clinical solutions, and specialized patient care model to Cigna's track record of delivering value through innovation, we are positioned to transform healthcare," Tim Wentworth, CEO of Express Scripts, said in a statement Thursday.

In total, the deal is expected to be valued at $67 billion, including Cigna's acceptance of $15 billion of debt held by Express Scripts. It is expected to allow Cigna to have a hand in negotiating lower prescription drug prices, potentially cutting costs for the company during a time of health care volatility.

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