South African pharmaceutical major Aspen Pharmacare expects to close the purchase of Sigma Pharmaceuticals’ pharmaceuticals division at a cost of A$900m.
Sigma Pharmaceuticals announced that the two companies had reached a formal agreement, and would continue a long-term supply agreement.
Sigma’s shareholders, lenders and regulators are still to approve the sale. However Sigma chairman Brian Jamieson said that the board considers the sale to be the best outcome for shareholders.
The pharmaceuticals division to be sold includes the company’s generics, consumer, Herron, ethical products, medical products, orphan and manufacturing businesses.