Express Scripts Acquired by Cigna Just Above Our FVE in Blockbuster Deal
On March 8, Express Scripts and Cigna announced that the managed-care organization will acquire the pharmacy benefit manager for approximately $52 billion in equity, or approximately $92 per share, with Cigna assuming $15 billion in debt from Express. This compares favorably with our $89 fair value estimate for Express and underscores the value and critical nature of the PBM business model to the healthcare market, in our view. Given payers' need to control their health benefit plan costs, the e...
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