States Signing Off on Cigna–Express Scripts Deal: 14 Down, 15 To Go

The companies project a sense of optimism as the DOJ's antitrust review chugs along.

Cigna Corp.'s plan to purchase Express Scripts for $52 billion in cash and stock is on track to close by the end of the year, the insurer told federal regulators Monday.

The deal—which shareholders from both companies approved late last week—has secured regulatory approvals from 14 states thus far. Approvals from another 15 states are needed for the acquisition to be finalized, Cigna told the Securities and Exchange Commission.

There are some other approvals needed from state and international regulators as well, Cigna noted.

All of this is stacked on top of the Department of Justice's antitrust review, for which both Cigna and Express Scripts submitted additional materials this month, according to the SEC filing.

Because the parties agreed not to close their deal until 90 days after both companies certified that they had substantially complied with the DOJ's second request for information, the earliest this deal will close is mid-November.