The largest healthcare merger ever proposed likely drew its dying breath on Friday, as the U.S. Court of Appeals for the D.C. Circuit affirmed lower court rulings that blocked the deal on antitrust grounds. While the ruling was appealed in February, the chances of a successful argument were slim, according to policy analysts.

The appeals court ruled the deal would have reduced competition, rejecting Anthem's argument that the merger would proivide savings for health insurance customers. 

"Anthem has not explained why these projected savings would even exist," Judge Judith Rogers wrote. "The record is clear that Anthem, unlike Cigna, has already achieved whatever economies of scale are available."

Further compllicating matters are dueling lawsuits in the wake of the failed merger: both Anthem and Cigna are suing each other. Cigna sought to terminate the merger, while Anthem sought a restrining order to block Cigna from doing just that.

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