Express Scripts To Be Acquired By Cigna
The St. Louis-based prescription plan manager Express Scripts is being acquired by insurance company Cigna for $67 billion in cash and stocks.
Cigna announced the deal Thursday morning, and said it has been approved by the boards of directors at both companies.
“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 in a press release.
Express Scripts, which employees thousands of employees at its Columbus facility, runs prescription-drug plans for employers, insurers and others. It processes mail-order prescriptions and handles billing for prescriptions filled at retail pharmacies.
Express Scripts President and CEO Tim Wentworth said the transaction delivers attractive value to shareholders.
"Together, our two organizations will help make the healthiest choices the easiest choices, putting health and pharmacy services within reach of everyone we serve,” Wentworth said in a press release.
Express Scripts shares jumped 16 percent Thursday morning following the announcement.
Correction: A previous version of this article and headline incorrectly said that Express Scripts is based in Columbus. It is based in St. Louis, Missouri.