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Cigna and Humana are in discussions to merge, a potential move that would create a health insurance and prescription drug benefits titan with approximately $300 billion of annual revenue.

A proposed transaction would almost certainly prompt a close review from antitrust enforcers at the Department of Justice and the Federal Trade Commission. A merged Cigna-Humana would further consolidate the market for pharmacy benefit managers. PBMs are companies that serve as the controversial middlemen of drug pricing negotiations, and of the four largest, two are owned by Cigna and Humana.

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The Wall Street Journal first reported the talks between Cigna and Humana on Wednesday, citing sources close to the situation. Wendell Potter, a health insurance whistleblower who used to work at Cigna, also wrote about merger discussions between Cigna and Humana on his blog Tuesday.

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