Anthem gives up Cigna bid, vows to fight on over damages

INDIANAPOLIS (AP) — Anthem has ended its soured, $48 billion bid to buy rival Cigna, but the nation's second-largest health insurer isn't giving up a fight over whether Cigna deserves a termination fee for the scrapped deal.

Anthem had said a combination with Cigna would have helped the companies negotiate better prices with pharmaceutical companies, hospitals and doctor groups.

Earlier this year, a federal judge also blocked another big insurance deal, Aetna Inc.'s roughly $34 billion acquisition of Medicare Advantage coverage provider Humana Inc. Aetna then said it was abandoning its deal.