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Cigna to Sell Medicare Businesses to HCSC for $3.7 Billion
Once the transaction is complete in the first quarter of 2025, Evernorth Health Services will continue to provide pharmacy benefit services to the Medicare businesses.
The Cigna Group has agreed to sell its Medicare Advantage, Cigna Supplemental Benefits and Medicare Part D business, as well as CareAllies, its valued-based care company, to Health Care Service Corporation (HCSC) for about $3.7 billion. As part of the agreement, Evernorth Health Services, a subsidiary of The Cigna Group, will continue to provide pharmacy benefit services to the Medicare businesses. The transaction is expected to close in the first quarter of 2025.
David M. Cordani
“While we continue to believe the overall Medicare space is an attractive segment of the healthcare market, our Medicare businesses require sustained investment, focus, and dedicated resources disproportionate to their size within The Cigna Group's portfolio,” David M. Cordani, chairman and CEO of The Cigna Group, said in a press release.
Cigna plans to use most of the proceeds to repurchase company shares.
Maurice Smith, HCSC’s CEO, president and vice chair said in a press release the acquisition supplements their growth strategy in the Medicare marketplace.
Cigna is expected to release its fourth quarter 2023 earnings on Friday, Feb. 2, 2024, and host an investor day in New York City on March 7, 2024.
2024 Emerging Leaders in Healthcare — Submit For a Chance to Be Featured in MHE's August Issue
April 24th 2024MHE Editors are seeking diverse healthcare professionals from different backgrounds and healthcare sectors, with individual interests. Eligible candidates are early or mid-career leaders with less than 10 years of experience. Award winners will enjoy complimentary passes to the PBMI Annual National Meeting in Orlando, Florida, from Sept. 4-6. Additional perks include a feature in our August issue, a subscription to MHE and more!
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DC Roundtable: Patrick Cooney of The Federal Group Drops the Latest on PBM Legislation in Washington
April 11th 2024In this episode of "DC Roundtable," Peter Wehrwein, managing editor of Managed Healthcare Executive, spoke with Patrick Cooney, president of The Federal Group, a lobbying and strategic planning firm in Washington, D.C., about recent developments in Washington concerning PBMs.
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