Hartford Business Journal

Tel: (860) 236-9998 | Fax: (860) 570-2493 Copyright 2020. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O Box 330 Congers, NY 10920-9894 Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com Subscriptions Annual subscriptions are $132.00. To subscribe, visit HartfordBusiness.com, email circulation@ hartfordbusiness.com, or call (845) 267-3008. Advertising For advertising information, please call (860) 236-9998. Please address all correspondence to: Hartford Business Journal, 100 Allyn Street, Suite 3, Hartford, CT 06103 Stay Connected For breaking and daily Greater Hartford business news go to: www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln:www.linkedin.com/company/the-Hart- ford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend: www.hartfordbusiness.com/enewsletters Hartford Business Journal (ISSN 1083-5245) is published bi-weekly, 27x per year — including two special issues in November and December — by New England Business Media, LLC, 100 Allyn Street, Suite 3, Hartford, CT 06103. Periodicals postage paid at Hartford, CT and at additional entry points. Editorial Greg Bordonaro | Editor, ext. 139 gbordonaro@hartfordbusiness.com Michelle Tuccitto Sullo | Managing Editor, ext. 127 msullo@hartfordbusiness.com Beats: Health Care, Higher Education Drew Larson | Web Editor, ext. 121 alarson@hartfordbusiness.com Michael Puffer | Staff Writer, ext. 145 mpuffer@hartfordbusiness.com Beats: Real Estate, Economic Development, Banking & Finance Hanna Snyder Gambini | Staff Writer hgambini@hartfordbusiness.com Beats: Economic Development, Arts, Culture & Tourism Skyler Frazer | Staff Writer, ext. 145 sfrazer@hartfordbusiness.com Beats: Manufacturing, Cannabis, Technology, Transportation Stephanie R. Meagher | Lead Researcher Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com Jessica M. Quinn | General Manager, ext. 137 jquinn@hartfordbusiness.com David Hartley | Senior Accounts Manager, ext. 130, dhartley@HartfordBusiness.com Daniel Schilke | Senior Accounts Manager, ext. 135, dschilke@HartfordBusiness.com Emily Paskind | Senior Accounts Manager, ext. 133, epaskind@hartfordbusiness.com Jaime O'Connor | Senior Accounts Manager, ext. 136, joconnor@hartfordbusiness.com Donna Hogan | Senior Accounts Manager, ext. 101, dhogan@hartfordbusiness.com Tracy Rodwill | Human Resources Manager trodwill@nebusinessmedia.com Production Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com HARTFORDBUSINESS.COM | DECEMBER 11, 2023 3 Top Headlines Cigna headquarters in Bloomfield. Report: Bloomfield-based Cigna in 'blockbuster' merger talks O ne of Greater Hartford's largest employers is in talks with a competitor about a potential "blockbuster merger," according to the Wall Street Journal. Bloomfield-based Cigna and Louisville, Kentucky-based Humana are discussing a stock-and-cash deal that could be finalized by the end of the year, the Wall Street Journal reported, citing unnamed sources familiar with the matter. The structure and terms of the potential deal are unknown, but it would create a company with a combined market value of $140 billion, WSJ reported. Key to the strategy behind the deal, WSJ said, is that it would give both companies the scale needed to better compete with rivals UnitedHealth Group and CVS Health. According to the WSJ, Cigna, which had revenue of about $181 billion last year, would combine its large pharmacy-benefit and commercial insurance businesses with Humana's strong position in the fast-growing Medicare segment. McCarter & English taps Senate Dems' chief of staff Mauro to launch gov't affairs presence in CT A longtime chief of staff to the Connecticut Senate Democrats will step down from his role next month to become a lobbyist. Vincent Mauro Jr. will join law firm McCarter & English's national government affairs practice on Dec. 11, the firm announced. He will join the firm's Hartford office and become McCarter's first government affairs group member in Connecticut. McCarter & English also has a government affairs presence in its New Jersey, Miami, and Washington, D.C., offices. Mauro has helped guide public policy in Connecticut for more than two decades, McCarter & English said. Hearst CT Media nearing deal to acquire Meriden Record-Journal Hearst Connecticut Media Group announced it's nearing a deal to acquire the Meriden- based Record-Journal and its parent company RJ Media Group. The deal, which would add the Record-Journal and its group of publi- cations to Hearst Connecticut's network of local news websites, newspapers and magazines, could come together by the end of 2023, Hearst said. Financial details of the potential deal, including any layoffs, were not disclosed by Hearst Connecti- cut's Group Publisher and Presi- dent Mike DeLuca. RJ Media owns the Record- Journal and its website, along with six community weekly newspapers. Hearst Connecticut owns eight daily newspapers — the Connecticut Post, New Haven Register, Greenwich Time, The Middletown Press, The News- Times, The Norwalk Hour, Stamford Advocate, and Journal Inquirer — and 14 weekly newspa- pers, Connecticut Magazine, and multiple websites. Arvinas to raise $350M for drug pipeline New Haven-based biotech company Arvinas announced it has entered into a securities purchase agreement that is expected to raise $350 million. Arvinas plans to use the net proceeds from the private placement deal to advance its drug pipeline, and for working capital and other general corporate purposes. The company estimates that the capital, along with its existing assets, will fund its operations into 2027. The clinical-stage company — led by CEO John Houston — is working on treatments for pros- tate and breast cancers. It has been focused on creating drugs that harness the body's natural protein disposal system to remove disease-causing proteins. The private placement was co-led by EcoR1 Capital and entities managed by RTW Investments LP, with participation by other investors. Nonprofit entrepreneur Richard Sugarman to step down as head of Hartford Promise Richard Sugarman, the well-known nonprofit executive who founded the popular Connecticut Forum, will be stepping down as president of Hartford Promise, an organization that provides college scholarships to Hartford youth. Sugarman announced he will be stepping down as president of Hartford Promise on June 30, 2024. The organization's board said it has begun a search for Sugarman's successor, with the goal of having a new leader in place by next spring. Sugarman founded and has led Hartford Promise since 2015, when the nonprofit was seeded with $3.8 million from corporate donors and philanthropists, including Travelers, Hartford Hospital, money manager George Weiss, Newman's Own Foundation and entrepreneur Bob Patricelli. Since then, there have been more than 1,000 scholars in eight classes who have received $9 million in scholarships, according to the nonprofit. There are 500 Promise Scholars currently attending 90 colleges all over the country, the organization said. Hartford Promise President Richard Sugarman (shown left). PHOTO | CONTRIBUTED PHOTO | COSTAR Mike DeLuca John Houston

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