Express Scripts Inc is close to acquiring the pharmacy benefit management business of WellPoint Inc in a deal valuing the unit at about $4.7 billion in cash and stock, the New York Times said, citing people briefed on the talks.

People close to the talks told the paper that the deal could still collapse.

(Reporting by Ajay Kamalakaran in Bangalore; Editing by Muralikumar Anantharaman)