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Aspen seeking to acquire Australian drug group

7 Jul 2010

Aspen Global Incorporated, a subsidiary of South African pharmaceutical giant Aspen Pharmacare Holdings (APN), advised on Wednesday that it has submitted a confirmed offer to acquire Australian group Sigma Pharmaceuticals Limited.

Aspen is offering a cash price per Sigma share of AUS$0.55 (approx. R3.58) which implies an equity value of A$648 million (approx. R4.219 billion) based on 1 178,6 million Sigma shares outstanding.

Aspen has proposed that the transaction be executed via a scheme of arrangement.

"The Offer is also subject to numerous conditions precedent, including the satisfactory completion by Aspen of a final due diligence investigation, the conclusion of a scheme implementation agreement and fulfilment of all necessary regulatory approvals," Aspen said.

Source: I-Net Bridge

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