Cigna’s Acquisition of Express Scripts

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The parties completed a $67 billion merger after receiving clearance from the U.S. Department of Justice and state departments of insurance.

Retained by Paul, Weiss, Rifkind, Wharton & Garrison

Counsel for Cigna retained Cornerstone Research in the review of this $67 billion vertical merger by federal and state regulators. The merger involves one of the largest health insurers and one of the largest pharmacy benefit managers in the United States.

Cornerstone Research supported economic analysis and data production in this merger.

Under the direction of antitrust experts Aviv Nevo of the University of Pennsylvania and Nathan Miller of Georgetown University, Cornerstone Research analyzed the competitive effects of the merger, including both upstream and downstream aspects.

Cigna announced the proposed acquisition in March 2018 and received clearance from the U.S. Department of Justice in September 2018 and from regulators at state departments of insurance. The merger was completed on December 20, 2018.


For more information about this case, contact Andrea ShepardKostis Hatzitaskos, or Penka Kovacheva.

Case Experts

Aviv Nevo

George A. Weiss and Lydia Bravo Weiss University Professor, Professor of Economics and Marketing,
The Wharton School and Department of Economics,
University of Pennsylvania;
Former Deputy Assistant Attorney General for Economic Analysis, Antitrust Division, U.S. Department of Justice;
Senior Advisor, Cornerstone Research

Nathan Miller

Saleh Romeih Associate Professor,
2021 Provost’s Distinguished Associate Professor,
McDonough School of Business,
Georgetown University

  • San Francisco

Andrea Shepard

Senior Advisor

  • Chicago

Kostis Hatzitaskos

Vice President

  • Los Angeles

Penka Kovacheva

Principal