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Martket Watch / Biz - Money

Cigna to buy Express Scripts for $67 billion

Health insurance company Cigna Corp. CI, +1.06% said Thursday it will purchase Express Scripts Holding Co. ESRX, -0.41% in a cash-and-stock deal worth $67 billion. The agreement includes Cigna's assumption of about $15 billion in Express Scripts's debt. The transaction consists of $48.75 in cash and 0.2434 shares of stock for each Express Scripts share. The deal represents a premium of 31% to Express Script's closing price of $73.42 on Wednesday. Shares of Express Scripts climbed 16% to $85 in premarket trade. Cigna shares were down 5% in scant premarket volume. The Wall Street Journal reported Wednesday, citing people familiar with the matter, that a deal was in the works.

Read the full story: Cigna’s $67 billion acquisition of Express Scripts will change the way drug prices get calculated