Cigna-Express Scripts Deal to Face Justice Department Review

Cigna Corp.’s proposed $54 billion deal for Express Scripts Holding Co. will be reviewed by the Department of Justice, the health insurer said.

The company has been telling investors since at least early April about the review, but hadn’t made a public statement to confirm it. Analysts at Credit Suisse sent an alert to clients on April 5, saying Cigna Chief Executive Officer David Cordani told investors during an event in Europe that the deal would be looked at by the Justice Department.

Cigna agreed in March to acquire Express Scripts, a pharmacy-benefits manager, wagering that the combination can reduce ...