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Cigna reaches $52 billion deal to buy Express Scripts

Sign outside of Cigna headquarters.
The health insurance deal went public Thursday morning. Photo: James Leynse / Corbis via Getty Images

Health insurer Cigna has agreed to buy pharmacy benefit giant Express Scripts for $52 billion in cash and stock. Including debt, the deal is valued at $67 billion. The Wall Street Journal first reported about the deal Wednesday night.

The big picture: The health care industry continues to consolidate at a breakneck pace. CVS Health and Aetna are attempting to combine in a similar tie-up of health insurance and pharmacy benefit management. Numerous hospital systems and other health care companies also are rushing to merge in what has become an all-out turf war.