NY agency expresses concerns about proposed Aetna, CVS Health deal

In a letter dated September 17 that was made public on September 24, New York Department of Financial Services Superintendent Maria Vullo told Connecticut Insurance Department Commissioner Katharine Wade that NYDFS has “identified several key issues” with the proposed acquisition of Aetna (AET) by CVS Health (CVS) “that may be harmful to both New York and Connecticut consumers and markets.” The proposed acquisition of health insurer by a PBM “raises significant market competition concerns” regarding Aetna having an unfair competitive advantage, Vullo’s letter states. In afternoon trading, shares of Aetna are down 1.3% to $200.69. Shares of Express Scripts (ESRX), which is waiting for regulatory approval of its agreement to be acquired by Cigna (CI), is down about 1% as well.
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