Cigna Corporation (NYSE: CI) (“Cigna”) and Express Scripts
Holding Company (NASDAQ: ESRX) (“Express Scripts”) today announced
that the Antitrust Division of the United States Department of
Justice (DOJ) has cleared their pending merger, terminating the
applicable waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20180917005680/en/
“We are pleased that the Department of Justice has cleared our
transaction and that we are another step closer to completing our
merger and delivering greater affordability, choice and
predictability to our customers and clients as a combined company,”
said David Cordani, President and Chief Executive Officer of Cigna.
“The value that we deliver together will help put our society on a
far more sustainable path – one that helps health care
professionals close gaps in care and supports our customers along
their health journey.”
“Together, we believe we will be able to do even more to reduce
healthcare costs, expand choice, and improve patient outcomes,”
said Tim Wentworth, President and Chief Executive Officer of
Express Scripts. “Today’s decision is one more important milestone
in our effort to combine two innovative health services leaders
into a company that will transform health care.”
The expiration of the Hart-Scott-Rodino waiting period satisfies
one of the conditions necessary to the consummation of the
transaction. Completion of the transaction remains subject to
certain state regulatory approvals and filings required in
connection with the transaction, including clearances from certain
departments of insurance, and the satisfaction of all closing
conditions.
To date, Cigna and Express Scripts have obtained clearances from
departments of insurance in 16 states. The companies are working
constructively with regulators in the remaining jurisdictions to
obtain clearance for the merger.
Cigna and Express Scripts continue to anticipate that the deal
will close by year-end 2018, subject to the satisfaction of all
closing conditions.
About Cigna
Cigna Corporation (NYSE: CI) is a global health service company
dedicated to helping people improve their health, well-being and
sense of security. All products and services are provided
exclusively by or through operating subsidiaries of Cigna
Corporation, including Cigna Health and Life Insurance Company,
Connecticut General Life Insurance Company, Life Insurance Company
of North America, Cigna Life Insurance Company of New York, or
their affiliates. Such products and services include an integrated
suite of health services, such as medical, dental, behavioral
health, pharmacy, vision, supplemental benefits, and other related
products including group life, accident and disability insurance.
Cigna maintains sales capability in over 30 countries and
jurisdictions, and has more than 95 million customer relationships
throughout the world. To learn more about Cigna®, including links
to follow us on Facebook or Twitter, visit www.cigna.com. For more
information about Cigna's proposed acquisition of Express Scripts,
please visit www.advancinghealthcare.com.
About Express
Scripts
Express Scripts is a healthcare opportunity company.
Empowered by our legacy as an industry innovator, we dare to
imagine – and deliver – a better healthcare system with improved
health outcomes and lower costs. From pharmacy and medical benefits
management, to specialty pharmacy care and everything in between –
we uncover opportunities to make healthcare work better.
Our home base is St. Louis, but our reach extends to
millions of Americans across the nation. We stand alongside our
clients and partners, collaborating to develop personalized
solutions that make a meaningful difference in the lives of those
we serve.
We believe healthcare can do more. We are Champions For
BetterSM.
For more information, visit Lab.Express-Scripts.com or
follow @ExpressScripts on Twitter.
FORWARD LOOKING
STATEMENTS
Information included or incorporated by reference in this
communication, and information which may be contained in other
filings with the Securities and Exchange Commission (the "SEC") and
press releases or other public statements, contains or may contain
forward-looking statements. These forward-looking statements
include, among other things, statements of plans, objectives,
expectations (financial or otherwise) or intentions, including
statements concerning the potential future performance of Cigna,
Express Scripts, or the combined company, the potential for new
laws or regulations, or any impact of any such new laws or
regulations, including on the business of Cigna, Express Scripts or
the combined company, the ability to achieve the anticipated
benefits of the proposed merger, on the expected timeline or at
all, the timeline for deleveraging the combined company, and the
ability to consummate the proposed merger, on the anticipated
timeline or at all, and other statements regarding the parties'
future beliefs, expectations, plans, intentions, financial
condition or performance. You may identify forward-looking
statements by the use of words such as "believe," "expect," "plan,"
"intend," "anticipate," "estimate," "predict," "potential," "may,"
"should," "will" or other words or expressions of similar meaning,
although not all forward-looking statements contain such terms.
Forward-looking statements, including as they relate to Express
Scripts or Cigna, the management of either such company, the
transaction or any expected benefits of the transaction, involve
risks and uncertainties. Actual results may differ significantly
from those projected or suggested in any forward-looking
statements. Express Scripts and Cigna do not undertake any
obligation to release publicly any revisions to such
forward-looking statements to reflect events or circumstances
occurring after the date hereof or to reflect the occurrence of
unanticipated events. Any number of factors could cause actual
results to differ materially from those contemplated by any
forward-looking statements, including, but not limited to, the
risks associated with the following:
- the inability of Express Scripts and
Cigna to obtain regulatory approvals required for the merger or the
requirement to accept conditions that could reduce the anticipated
benefits of the merger as a condition to obtaining regulatory
approvals;
- the possibility that the anticipated
benefits from the merger (including anticipated synergies) cannot
be realized in full, or at all or may take longer to realize than
expected;
- a longer time than anticipated to
consummate the proposed merger;
- problems regarding the successful
integration of the businesses of Express Scripts and Cigna;
- unexpected costs regarding the proposed
merger;
- diversion of management's attention
from ongoing business operations and opportunities;
- potential litigation associated with
the proposed merger;
- the ability to retain key
personnel;
- the availability of financing;
- effects on the businesses as a result
of uncertainty surrounding the proposed merger;
- the ability of the combined company to
achieve financial, strategic and operational plans and
initiatives;
- the ability of the combined company to
predict and manage medical costs and price effectively and develop
and maintain good relationships with physicians, hospitals and
other health care providers;
- the impact of modifications to the
combined company's operations and processes;
- the ability of the combined company to
identify potential strategic acquisitions or transactions and
realize the expected benefits of such transactions;
- the substantial level of government
regulation over the combined company's business and the potential
effects of new laws or regulations or changes in existing laws or
regulations;
- the outcome of litigation relating to
the businesses of Express Scripts and Cigna, regulatory audits,
investigations, actions and/or guaranty fund assessments;
- uncertainties surrounding participation
in government-sponsored programs such as Medicare;
- the effectiveness and security of the
combined company's information technology and other business
systems;
- unfavorable industry, economic or
political conditions, including foreign currency movements;
- acts of war, terrorism, natural
disasters or pandemics; and
- the industry may be subject to future
risks that are described in SEC reports filed by Express Scripts
and Cigna.
You should carefully consider these and other relevant factors,
including those risk factors in this communication and other risks
and uncertainties that affect the businesses of Express Scripts and
Cigna described in their respective filings with the SEC, when
reviewing any forward-looking statement. These factors are noted
for investors as permitted under the Private Securities Litigation
Reform Act of 1995. Investors should understand it is impossible to
predict or identify all such factors or risks. As such, you should
not consider the foregoing list, or the risks identified in SEC
filings, to be a complete discussion of all potential risks or
uncertainties, and should not place undue reliance on
forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180917005680/en/
Cigna ContactsInvestor RelationsWill McDowell,
215-761-4198orMedia RelationsEllie Polack,
860-902-4906orExpress Scripts ContactsInvestor
RelationsBen Bier, 314-810-3115orMedia RelationsBrian
Henry, 314-684-6438
Cigna (NYSE:CI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cigna (NYSE:CI)
Historical Stock Chart
From Apr 2023 to Apr 2024