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Axios
Axios
Health
Bob Herman

Cigna and Express Scripts have completed their merger

Cigna has officially absorbed Express Scripts. Photo: Lisa Lake/Getty Images

Express Scripts, one of the largest pharmacy benefit managers in the country, is officially part of Cigna, the companies said today. The deal is valued at $67 billion, including Express Scripts' debt.

Why it matters: The three biggest PBMs in the country — Express Scripts, CVS Caremark and OptumRx — are now all housed within a bigger parent company that includes a health insurer (pending CVS' last-minute survival in court). Each conglomerate says combining a PBM and an insurer will save people money on drug costs, but there's room for skepticism.

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