Updated Dec. 10, 2023 12:38 pm ET

Cigna abandoned its pursuit of a tie-up with Humana that would have created a roughly $140 billion giant in the health-insurance industry.

The companies couldn’t come to agreement on price and other financial terms, according to people familiar with the matter. In the near term, Cigna is turning its focus toward smaller, so-called bolt-on, acquisitions.

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