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Cigna and Humana on Sunday called off a potential merger after failing to come to an agreement on price and other financial terms, in today's bite-sized hospital and health industry news from Connecticut/Kentucky, the District of Columbia, and Maryland.
- Connecticut/Kentucky: Late last month, it was reported that Cigna and Humana were in talks regarding a potential merger, which would have made them one of the largest health insurers in the United States. However, the Wall Street Journal on Sunday reported that the deal had been called off. According to individuals familiar with the situation, the companies were unable to agree on price and other financial terms. So far, neither company have commented on the potential merger. On Sunday, Cigna announced plans for an additional $10 billion in stock buybacks, including at least $5 billion of common stock. As of now, Cigna's total planned repurchases is up to $11.3 billion. "As we look at the broader landscape and the strategic opportunities before us, we will remain financially disciplined with a clear focus on executing against our strategy, delivering value for our shareholders, and investing in our future," said Cigna CEO David Cordani. "In light of the current environment, we will consider bolt-on acquisitions aligned with our strategy, as well as value-enhancing divestitures." (Thomas, Wall Street Journal, 12/10; Berryman, Modern Healthcare, 12/10; Rychlewski, Axios, 12/10)
- District of Columbia: The Biden administration said it will allow all schools to order free COVID-19 tests from the Administration for Strategic Preparedness and Response's stockpile. HHS officials said schools can order tests at a rate they could expect to distribute them and did not provide a specific limit. "Our schools are so important in our communities. They reach both children, their families, parents, teachers and staff and we think they're an important avenue to make sure that free tests are available," said Dawn O'Connell, assistant secretary for preparedness and response. (Reed, Axios, 11/29)
- Maryland: FDA last month issued a drug safety communication warning that two anti-seizure drugs — levetiracetam and clobazam — can cause a rare but potentially life-threatening reaction known as drug reaction with eosinophilia and systemic symptoms (DRESS). DRESS can start as a rash but can quickly lead to internal organ injury or death, FDA said. DRESS can include fever, rash, swollen lymph nodes, or injury to the liver, kidneys, lungs, heart, or pancreas. FDA is now requiring that DRESS warnings be added to the prescribing information for levetiracetam and clobazam. (George, MedPage Today, 11/28)
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