August 9, 2018 / 11:13 AM / a year ago

Icahn ratchets up pressure against Cigna-Express Scripts deal

Aug 9 (Reuters) - Activist investor Carl Icahn fired the latest salvo against Cigna Corp’s deal to buy pharmacy benefit manager Express Scripts, saying drug rebates that PBMs receive from drugmakers will ultimately be eliminated, dealing a blow to the industry.

Icahn, who has a 0.56 percent stake in Cigna, on Tuesday made public his opposition to the health insurer’s $52 billion purchase of Express Scripts Holding Co, citing regulatory hurdles and the growing threat from Amazon.

“Everyone wants drug prices lower — it is a bipartisan issue. I have little doubt that legislation will ultimately be passed to do away with rebates,” Icahn said in a letter. (Reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta and Saumyadeb Chakrabarty)

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