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Sigma Pharmaceuticals Ltd (ASX:SIP) has extended an exclusivity period with Aspen Pharmacare for the sale of its pharmaceuticals division.

In August the company agreed to sell its pharmaceuticals business to Aspen for $900 million.

Sigma agreed to deal with Aspen exclusively until last Friday, October 15.

Today the company says this exclusive agreement has been extended until October 29, to allow more time to finalise the deal.

At the time of announcing the deal, Sigma said the anticipated proceeds from the transaction exceed the company's net debt.

The drug maker will retain its healthcare division, which includes the wholesale and retail businesses.

Sigma posted a loss of $218.52 million for the half year to July 31, 2010.