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A federal judge on Wednesday evening bocked Anthem’s [NYSE:ANTM] proposed acquisition of health insurer Cigna [NYSE:CI], saying the deal would likely lead to higher prices.

Bloomfield, Connecticut-based Cigna said in response that it intends to 'carefully review' the judge's opinion and 'evaluate its options' regarding the merger.

Indianapolis, Indiana-based Anthem said in a separate statement that it will appeal the decision and 'continue to work aggressively to complete the transaction'.

Cigna agreed to be bought by Anthem in July 2015 in a cash-and-stock deal then worth about USD 50.4bn.

On February 8, 2017, the U.S. District Court for the District of Columbia issued an order enjoining the proposed merger between Cigna Corporation (NYSE:CI) and Anthem, Inc. (NYSE:ANTM). Cigna intends to carefully review the opinion and evaluate its options in accordance with the merger agreement. Cigna remains focused on helping to improve health care by delivering value to our customers and clients and expanding our business around the world.

Anthem, Inc. (NYSE: ANTM) today commented on the decision by the U.S. District Court for the District of Columbia granting the Department of Justice’s request to block Anthem’s proposed acquisition of Cigna Corporation (NYSE: CI). The company promptly intends to file a notice of appeal and request an expedited hearing of its appeal to reverse the Court’s decision so that Anthem may move forward with the merger, which was approved by over 99% of the votes cast by the shareholders of both companies.

“Anthem is significantly disappointed by the decision as combining Anthem and Cigna would positively impact the health and well-being of millions of Americans - saving them more than USD 2bn in medical costs annually,” said Joseph R. Swedish, Chairman, President and Chief Executive Officer, Anthem. “Anthem has been a leader in providing individuals with access to high quality, affordable healthcare. Our decision to acquire Cigna is grounded in our commitment to this goal and to leading our industry during this period of dynamic change. If not overturned, the consequences of the decision are far-reaching and will hurt American consumers by limiting their access to high quality affordable care, slowing the industry’s shift to value based care and improved outcomes for patients, and restricting innovation which is critical to meeting the evolving needs of healthcare consumers. Moving forward, Anthem will continue to work aggressively to complete the transaction while remaining focused on serving as America’s valued health partner, delivering superior health care services to our approximately 40 million members with greater value at less cost.”