News: Sigma agrees to $900M sale

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Sigma Pharmaceuticals Ltd (ASX:SIP) has announced that it has agreed to sell its Pharmaceuticals Division to Aspen Pharmacare Holdings Ltd for $900 million.

South African-listed pharmaceutical company Aspen had earlier offered $0.55 per share for the business that comprises of Sigma's Generics, Consumer, OTC, Herron, Ethical Products, Medical Products, Orphan and Manufacturing businesses.

Sigma has advised that it will continue to hold onto its Healthcare Division, including its wholesale and retail businesses.

Chairman Brian Jamison says after consideration the board believes Aspen's proposal is the best option for Sigma's shareholders.

Mr Jamison says after the sale, Sigma will emerge more financially powerful, positioned for growth and business improvement.

Sigma Pharmaceuticals reported a loss of $389 million for the year to 30 January 2009.