CVS pursuing purchase of Aetna for more than $65 billion

Deal likely would reshape pharmacy and health insurance industries

CVS Health is nearing an agreement to acquire health insurer Aetna for more than $65 billion, according to a person familiar with the negotiations, in a deal that could reshape the pharmacy and health insurance industries.

An announcement could come as soon as Monday, said the person, who asked not to be identified because the talks are private. CVS is likely to agree to pay at least $200 a share for Aetna, with more than 30 percent paid for with cash, according to the person. Talks could still be delayed or fall apart.

Timing of the potential deal was first reported by The Wall Street Journal on Thursday. Aetna and CVS declined to comment.

A deal between Aetna and CVS could upend the health insurance, pharmacy and drug benefit sectors.

Many of the biggest players in those industries are also looking over their shoulders at Amazon.com Inc., which has been reported to be exploring various health-care businesses.

It would also come less thIt would also come less than a year after two major health insurance deals — between Anthem and Cigna, and Aetna and Hu- mana, fell apart amid antitrust challenges.

Aetna’s shares are still trading well below the reported deal price, a sign that investors believe the deal may not close. Investors may be skittish about the amount of CVS stock included in the deal, since cost savings or revenue increases from the deal rely on melding two large, complex companies, said Ana Gupte, an analyst at Leerink Partners.

“It’s a vertical deal, it’s unproven, it’s defensive, it’s got more limited cost synergies, and the revenue synergies are unproven at best,” she said. “There may be some medical- cost savings or drug- cost savings, but they’d have to be likely passed on to customers” to keep them from defecting to rival companies.

Aetna was up 1 percent to $181.40 at 12:30 p.m. in New York. CVS was up 3.1 percent to $75.66.