Addiction experts are skeptical that Cigna Corp.'s decision to stop covering opioid pain medication OxyContin will make much of an impact on the opioid abuse crisis.
The Bloomfield, Conn.-based insurer grew revenue and premiums in the second quarter of 2017, while its profit benefited from its terminated merger agreement with Anthem.
Bloomfield, Conn.-based Cigna may immediately resume marketing its Medicare Advantage plans and enrolling members. Insurance industry analysts noted that the lifted sanctions pave the way for Cigna to pursue an acquisition in the lucrative Medicare Advantage segment.
Cigna and Anthem finally ended their merger agreement. But the two companies will likely remain in court as they battle over a $1.85 billion breakup fee.
There is no guarantee that the court will hear Anthem's case. The court receives 7,000 to 8,000 petitions for a writ of certiorari each term and hears oral arguments for just 80 cases.
Last week, a federal appeals court upheld a lower court's ruling that blocked Anthem and Cigna from merging in a $54 billion deal.
After convincing one appellate judge that the $54 billion proposed merger had merit, Anthem may continue its unlikely fight to defend the deal and separately avoid paying a $1.85 billion break-up fee and other damages to Cigna.
The U.S. Justice Department and several states on Monday urged a federal appeals court not to overturn a decision blocking Anthem and Cigna's proposed $54 billion merger.
The American Medical Association urged the U.S. Department of Justice this week to reject the merger of Anthem and Cigna after court documents showed Anthem is holding out hope that the agency under the Trump administration will approve the deal.
Anthem is holding out hope that despite a preliminary injunction and an unwilling partner standing in the way, its $54 billion merger with Cigna Corp. will be approved by a new U.S. Justice Department under the Trump administration.
Thomas McCarthy will retire early summer and will be replaced by Eric Palmer, a 20-year veteran with the company who now serves as CFO for Cigna's global health, Cigna-HealthSpring, employer-based health care, group and supplemental insurance businesses.
National Blue Cross and Blue Shield carrier Anthem plans to appeal last week's decision blocking its $54 billion deal to acquire rival insurer Cigna. But it's not at all clear that Cigna is on board. The companies may end up in court fighting each other over a substantial breakup fee.