The Justice Department has told Anthem that its planned purchase of Cigna threatens competition and probably can't be fixed by selling parts of their businesses, according to people familiar with the matter. With shares down and cash in hand, each could be pushed quickly toward alternative transactions if the deal falls apart, according to Ana Gupte, an analyst at Leerink Partners. 'Cigna has a very strong balance sheet so they need to deploy that and grow and offer upside to their stock,' said Gupte, who gives Anthem's acquisition of Cigna less than a 50% chance to win regulatory approval. Anthem might need an acquisition to ward off a drop in earnings next year, she said. Anthem is the Indianapolis-based parent company of Blue Cross Blue Shield. Anthem and Cigna declined to comment. Earlier this week, Anthem said the companies continue to be in talks with regulators about what it called their 'compelling combination.'