DOJ clears Cigna's planned acquisition of Express Scripts
In March, Cigna first announced it would purchase Express Scripts, the country's largest pharmacy benefit management firm. The company's shareholders approved the deal last month. (Cigna)
The Department of Justice has given the green light to insurance giant Cigna Corp.'s planned $67 billion acquisition of pharmacy benefit manager Express Scripts.
The move terminates the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, one of the conditions necessary to close the deal, officials said in an announcement on Monday. The transaction still remains subject to certain state regulatory approvals and filings, including clearances from certain departments of insurance.
“We are pleased that the Department of Justice has cleared our transaction and that we are another step closer to completing our merger and delivering greater affordability, choice and predictability to our customers and clients as a combined company,” said David Cordani, president and chief executive officer of Cigna, in a statement.