Cigna set to buy Express Scripts for about $54 bn Mar 09, 2018 0 65 12345 ReutersNew YorkUS health insurer Cigna Corp said on Thursday it would buy pharmacy benefits manager Express Scripts Holding Co for about $54 billion, a tie-up that reflects pressure on healthcare companies to grow bigger to cut costs.The move follows the $69-billion merger of insurer Aetna Inc and one of Express Scripts'biggest rivals, CVS Health Corp, announced last December.The companies said the combination will save $600 million due to administrative efficiencies. They can cut costs as they better coordinate pharmacy and medical claims. It could also increase their leverage in price negotiations with drugmakers.Cigna's offer consists of $48.75 in cash and 0.2434 shares of stock of the combined company for each Express Scripts share, amounting to $96.03 per share. That represents a premium of nearly 31 percent to Express Scripts'Wednesday closing price.Express Scripts shares were up 18.6 percent at $87.10, while Cigna shares were down 4.25 percent at $186.The transaction is valued at $67 billion, including about $15 billion in Express Scripts'debt, the company said.Pharmacy benefit managers administer prescription drug programs for health insurers, self-insured companies and government agencies, negotiating deals with drug manufacturers, working with pharmacies and processing claims. Pages 123 POST A COMMENT RELATED ARTICLES Latvia for tighter bank controls to defuse US row Mar 09, 2018 0 79 Finance sector ready for disorderly Brexit, says EU Mar 09, 2018 0 53 Mazoon Dairy awards contracts to develop processing plant Mar 09, 2018 0 97 Japan's economy grows 1.6% in Q4 DPA Tokyo Japan's economy grew at an annualised rate of 1.6 per cent in the last quarter of 2017, revised up from a preliminary estimate of 0.5 per cent, the government said Thursday. The reading beat the 0.8-per-cent .. Japan punishes crypto exchanges after hack AFP Tokyo Japanese authorities Thursday ordered two cryptocurrency exchanges to suspend operations as part of a clampdown following a massive hack that saw thieves steal hundreds of millions of dollars in virtual ..