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news.South Africa's Aspen Pharmacare has submitted an indicative non-binding proposal to acquire Sigma Pharmaceuticals, a Melbourne-based manufacturer and marketer of prescription, over-the-counter (OTC) and generic pharmaceutical products, for A$1.5bn.
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Aspen is planning to acquire Sigma either directly or through a wholly-owned subsidiary. The amount set by Aspen includes A$707m in issued shares and A$785m in net debt, including off-balance sheet facilities.
The company said that the bid was conditional to due diligence, regulatory approvals and unanimous recommendation from the Sigma board, and was envisaged to be executed by Scheme of Arrangement.
In an effort to get higher offers from other offshore groups and private equity firms, the loss-making pharmaceutical company Sigma is reported to have appointed Lazard, a Melbourne-based investment bank.
Aspen supplies branded and generic pharmaceuticals in approximately 100 countries, including South Africa, Australia, Brazil, Mexico, Venezuela, Kenya, Tanzania, Uganda, Mauritius, Dubai, Germany and Hong Kong, and consumer and nutritional products in selected territories.