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Icahn ratchets up pressure against Cigna-Express Scripts deal

2018-08-09 19:38    Investing

Icahn ratchets up pressure against Cigna-Express Scripts deal Stock News

© Reuters. Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York

(Reuters) - Activist investor Carl Icahn fired the latest salvo against Cigna Corp's (N:CI) 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 (O:ESRX), citing regulatory hurdles and the growing threat from Amazon (NASDAQ:AMZN).

"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.

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