Cigna to buy Express Scripts in latest healthcare merger

Insurance company Cigna on Thursday announced it will buy pharmacy benefits manager Express Scripts for $67 billion. The health companies are the latest to merge in a growing bid to cut down on rising insurance costs. The acquisition includes a $52 billion payment in cash and stock and the assumption of $15 billion in debt. Cigna president David Cordon said the merger will help in “expanding the breadth of services for our customers, partners, clients, health plans, and communities.” The latest merger comes amid reforms to the Affordable Care Act and Amazon’s announcement earlier this year of plans to dive into the health sector. Blue Shield insurer Anthem Inc. last year tried to buy Cigna for $48 billion, but the deal failed after a judge blocked the merger as anticompetitive. In December, drug store chain CVS Corp. acquired insurer Aetna for $69 billion.