Pharmacy Daily | Sigma might sell generics

SIGMA Pharmaceuticals today confirmed that it’s evaluating expressions of interest for parts of the company “including Sigma’s generics business”. The details were contained in a stock market update, in which Sigma also confirmed that it’s continuing to work with its South African suitor Aspen Pharmacare to remove the company’s “highly conditional” takeover conditions. Last week Aspen confirmed a bid for Sigma at 55c per share (PD Wed) with a series of 11 conditions including a continuation of its exclusive dealing period with the beleaguered Aussie firm. However in today’s statement Sigma said hoped to help Aspen “to improve the proposal for Sigma shareholders, including the removal of conditions that had the effect of making the proposal highly conditional”. The Sigma directors said they had also advised Aspen that the ongoing discussions “should not be interpreted as a willingness on the part of the Board to recommend to Sigma shareholders and offer of $0.55 per share”. Sigma also has not granted an extension to the previous exclusivity period which has now expired. “SIgma continues to consider the most appropriate business and financial structures to take the Group forward,” the company said.

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