$67B Cigna acquisition of Express Scripts closes Dec. 20

After receiving final regulatory approval, Cigna closed its $67 billion acquisition of pharmacy benefits manager Express Scripts Dec. 20.

While the deal was approved by the U.S. Justice Department in September, the two companies still needed key state insurance agencies to sign off. On Dec. 18, Cigna and Express Scripts got final approval from New Jersey, paving the way for the deal to be finalized.

The health insurer initially announced plans in March to buy Express Scripts for $67 billion in cash and stock, including assumption of $15 billion in Express Scripts debt.

The deal creates a new healthcare giant by combining a health insurer with a company that manages prescription drug benefits and negotiates drug prices for 85 million people.

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