Health insurer Cigna Corp. announced Thursday it is buying Express Scripts in St. Louis County for $67 billion.
The deal includes Cigna Corp's assumption of Express Scripts' $15 billion debt, according to a press release. The companies said the combination will save $600 million, which they say may allow them to increase their leverage in price negotiations with drugmakers.
The company's name will be Cigna and the current Express Scripts unit will remain in St. Louis County, the release stated.
The acquisition is slated to finalize by the end of the year and must be approved by Cigna and Express Scripts shareholders.
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“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's president and CEO David Cordani said in a statement.
Kaley Johnson: 618-239-2526, @KaleyJohnson6