After almost a year of review, the Federal Trade Commission (FTC) announced early on the morning of April 2 that it had closed its investigation of the proposed merger between two large pharmacy benefit managers—Express Scripts Inc. and Medco Health Solutions Inc.—without taking any action. Upon the conclusion of the FTC's investigation, the final closing condition of the transaction was met, and Express Scripts and Medco were free to close.

The proposed merger and the FTC's review of it were closely watched in many circles, including by investors, Congress, competitors and customers. During the investigation, Express Scripts made several public announcements on its progress and the expected timing of closing (if the FTC did not pursue litigation). For instance, on March 12, Express Scripts publicly disclosed that it had agreed with the FTC not to close the transaction and that Express Scripts expected to close sometime in the “earlier part of the second quarter of 2012.” Sixteen days later, Express Scripts signaled that the closing could occur earlier than previously suggested, “as early as the week” of April 2.

The day after Express Scripts's March 28 announcement, two of the groups tracking the FTC's investigation—National Association of Chain Drug Stores (NACDS) and National Community Pharmacists Association (NCPA) —along with several independent and chain pharmacies filed suit in the Western District of Pennsylvania seeking preliminary and permanent injunctions to prevent the transaction from closing.