(Photo:Michael Nagle/BB)
Cigna Corp. today completed its $54 billion acquisition ofExpress Scripts, a giant pharmacy benefitsmanager (PBM).
|David Cordani, Cigna's president, said the combined companywill try to promote affordable, personalized, whole person healthcare, and that it will try to close gaps in care in its localcommunities.
|Cigna is celebrating the consummation of the Express Scriptsdeal by contributing $200 million to its foundation and communityorganizations, with $25 million going to a new Healthier Kids forOur Future program.
|The Healthier Kids program will last for five years, and it willstart in 2019 by working to eradicate childhood hunger and improvechildren's nutrition, Cigna said.
|The program will focus on addressing the well-being of childrenall around the world, the company said.
|Targeting childhood hunger is way to “make ameaningful — and early — impact on the health andwell-being of children and drive measurable outcomes in thecommunities where we live, work and play,” Cordani said in astatement.
|Cigna said Tuesday, in a disclosure filed with the U.S.Securities and Exchange Commission, that it had now receivedregulatory approval for the $54 billion deal from the state of NewJersey.
|“All required regulatory approvals now have been received,”Cigna said in the disclosure notice.
|Cigna and Express Scripts announced their deal in March.
|Cigna is based in Bloomfield, Connecticut, and now has about74,000 employees. Express Scripts has been based in St. Louis.
|Cigna noted in the “About Cigna” section of the press releaseannouncing the deal closing that it has four operating subsidiarieswith the word “insurance” in their names, and that it sells avariety of insurance products. The company did not mention healthinsurance or health plans anywhere else in the deal completionannouncement. The announcement did not mention insurance agents orbrokers.
|READ MORE:
|Icahn drops opposition to Cigna-Express Scriptsdeal
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Allison Bell
Allison Bell, ThinkAdvisor's insurance editor, previously was LifeHealthPro's health insurance editor. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached at [email protected] or on Twitter at @Think_Allison.
