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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.

Driving the news: Anthem split ways with Express Scripts after Anthem said Express Scripts pocketed "obscene" profits from their prescription drug contract.

  • Because Express Scripts lost a highly profitable drug plan client, which drove a lot of negativity on Wall Street, Express Scripts became a takeover target.
  • We previously reported that Cigna had a lot of cash to spend and made it clear it would be on the prowl for some kind of deal after its merger with Anthem flopped. But it appears Medicare rival Humana is not on the table for now.
  • Health insurers and pharmacy benefit managers have been aligning more, like CVS and Aetna, in an attempt to save costs on drugs.
  • Yes, but: What's old is new again.

Go deeper

Updated 29 mins ago - Politics & Policy

Bipartisan group reaches agreement on $1.2 trillion "hard" infrastructure bill

Sens. Mitt Romney (R-Utah) and Mark Warner (D-Va.) Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images.

After weeks of long nights and endless Zoom calls, a bipartisan group of senators finally reached a deal on "the major issues" in their $1.2 trillion "hard" infrastructure package, GOP senators involved in the talks announced Wednesday.

Why it matters: It could be days before the group finishes writing the bill, but the Senate can begin debating the legislation in earnest now that they have resolved the outstanding issues. The bill needs 60 votes to advance in the Senate.

After walkout, Activision Blizzard employees vow to keep fighting

Bing Guan/Bloomberg via Getty Images

Organizers of a Wednesday walkout at Activision Blizzard, the gaming company behind "Call of Duty" and "World of Warcraft," are saying the demonstration "is not a one-time event that our leaders can ignore.”

Why it matters: Within the video game industry, sweeping promises for change are often followed by a handful of half-measures that fail to solve the systematic problems that caused them.

Scoop: Trump team blames conservative for loser endorsement

Donald Trump at rally in Texas. Photo: Dylan Hollingsworth/Bloomberg via Getty Images

Donald Trump's advisers are angry at David McIntosh, president of the conservative Club for Growth, for persuading the former president to endorse a losing candidate in the special election for Texas' 6th District.

Why it matters: Susan Wright's defeat Tuesday in a Republican runoff with Navy veteran Jake Ellzey dealt a blow to Trump's aura of invincibility as a Republican kingmaker. It's critical to his 2022 midterm endorsements and continued hold on the GOP.