Cigna remains confident in Express Scripts deal with approval from 14 states

merger and acquisition
Cigna said it has approval from half of the states needed to sign off on the Express Scripts deal. (istocksdaily)

Cigna says its acquisition of Express Scripts is still on track to close by the end of the year, noting that the deal has been cleared by half of the states required to sign off.

The insurer plans to update investors over the next several weeks on the status of the $67 billion acquisition, according to a financial filing on Wednesday. Those discussions will include an update on federal and state approvals.

So far, the deal has been approved by 14 of the 29 states that have the authority to approve a “change in control” for an insurer.

Whitepaper

Key Realities Pushing Healthcare Into a Digital Future

Paper forms, contracts, and documents are the quicksand that bogs down both patient care and provider business. However, that does not have to be the case. Download this whitepaper to learn the three key realities that are pushing healthcare past paper-based processes and into a digital, more streamlined future.

The Department of Justice is still reviewing the transaction. This month, both parties certified “substantial compliance” with the DOJ’s second request for information in connection with the transaction.

RELATED: With merger vote approaching, Cigna and Express Scripts diverge on value-based contracts

“Cigna continues to anticipate that the merger will close by year-end 2018, subject to the satisfaction of all closing conditions, and looks forward to continuing to work cooperatively with the DOJ and the relevant states to discuss the many benefits of the transaction,” the filing states.

The disclosure comes days after Cigna and Express Scripts voted to approve the deal.

Suggested Articles

Specialty drugs made up 1% of prescriptions for employers but accounted for 40% of total drug spending last year, an analysis found.

A collaboration between California payers and providers yielded millions in savings and prevented thousands of unneeded ER visits and admissions. 

Payers and providers have made significant investments in digitizing the healthcare system but have yet to see a return on that investment.