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Major vertical integration continues with Cigna's $67bn buy of PBM Express Scripts

Executive Summary

In the second major vertical integration within the last several months, Cigna Corp. acquired pharmacy benefit manager (PBM) Express Scripts Holding Co. for $67bn. Each Express Scripts share will be exchanged for $48.25 in cash and 0.2434 in the combined company's stock, for a total per-share value of $96.02 (based on the ten-day stock averages of both companies; a 27% premium). Cigna is also assuming $15bn in Express Scripts debt ($13bn net debt). The new entity, to be called Cigna, will be owned 64% by Cigna shareholders, and the rest Express Scripts.
Deal Industry
  • Pharmaceuticals
  • Services
Deal Status
  • Final
Deal Type
  • Acquisition
    • Full Acquisition
    • Includes Contract
    • Payment Includes Cash
    • Payment Includes Stock

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