Cigna to acquire Express Scripts

Cigna Inc. (NYSE:CI) has proposed to acquire Express Scripts Holding Co. (NASDAQ:ESRX) in a cash and stock deal valued at $67 billion, combining two of the leaders in value-based reimbursement for pharmaceuticals.

Express Scripts shareholders will receive $48.75 per share in cash and 0.2434 shares in the combined company, which will be named Cigna. The price is a 31% premium to Express Scripts’ close of $73.42 on March 7, before the deal was announced...