BLOOMFIELD, Conn. – Cigna shareholders voted to approve the adoption of the previously announced merger agreement with Express Scripts.
According to the preliminary results announced at the meeting, about 90% of the votes cast were in favor of the merger agreement.
“Our combined company will enhance Cigna’s differentiated service-based model, fueled by actionable insights and analytics, to drive innovation and meaningful growth in a highly dynamic market environment,” said David Cordani, president and CEO of Cigna, in a statement. “As a result, we will build more effective partnerships, further improve health outcomes and deliver a superior customer experience.”
Under the agreement announced in March, the new company will offer a full suite of medical, health engagement, specialty pharmacy and behavioral services through online and other retail channels.
“Together, our two organizations will help make the healthiest choices the easiest choices, putting health and pharmacy services within reach of everyone we serve,” said Tim Wentworth, president and CEO of Express Scripts, in a statement in March. “Adding our company’s leadership in pharmacy and medical benefit management, technology-powered clinical solutions and specialized patient care model to Cigna’s track record of delivering value through innovation, we are positioned to transform health care.”
The combined company will be led by Cordani as president and CEO, and Wentworth as president of Express Scripts. The combined company’s board will be expanded to 13 directors, including four independent members of the Express Scripts board.
The combined company will be named Cigna and will be headquartered in Bloomfield, Conn. Express Scripts will be headquartered in St. Louis.
Cigna anticipates that the merger will close by year-end 2018, subject to the satisfaction of customary closing conditions, including applicable regulatory approvals.