US regulator clears Cigna's acquisition of Express Scripts

The Antitrust Division of the US Department of Justice (DoJ) has cleared the pending $54 billion acquisition of pharmacy benefit manager Express Scripts (Nasdaq: ESRX) by Healthcare insurer Cigna Corp (NYSE: CI), thus terminating the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

In Monday afternoon trading, shares of both companies were trading higher. At 2:59 pm EDT, Cigna shares were up 3.23% to $201.42 and those of Express Scripts were up 4.74% at $96.13.

“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 of Cigna, adding: “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.”