Express Scripts’s $4.675 Billion Acquisition of Wellpoint’s Business

On April 13, 2009, Express Scripts, Inc. and WellPoint, Inc. announced a definitive agreement under which Express Scripts, one of the largest pharmacy benefits management companies in North America, will acquire WellPoint’s NextRx pharmacy benefits management business for $4.675 billion in cash and stock. Cravath represented Credit Suisse, JPMorgan and Citigroup, the lead arrangers of $2.5 billion of debt financing proposed to be used to finance a portion of the purchase price. The lawyers involved include partners Michael S. Goldman and William J. Whelan, III and associates Joel Unruch and Manoj Ramachandran.