Carl Icahn includes a stake in Cigna along with may oppose its deal to acquire pharmacy benefit manager Express Scripts, sources tell CNBC’s David Faber.
The sources said the shareholder bases of Cigna along with Express Scripts have significant overlap. Cigna along with Express Scripts shareholders are set to vote on the deal on Aug. 24.
Cigna announced the $54 billion deal in March amid a wave of consolidation inside the health-care industry. Cigna’s rival Aetna had agreed to combine with drugstore chain along with pharmacy benefit manager CVS Health months earlier in a deal that will shook up the space.
Cigna CEO David Cordani has defended the deal as a way to “drive change” in a market that will’s currently “not sustainable.”
The Wall Street Journal first reported Icahn’s stake in Cigna Wednesday.
Cigna’s stock gained 1.3 percent Thursday, while Express Scripts shares rose 4.4 percent.
—CNBC’s Angelica LaVito contributed to that will report.