Aspen completes buyout of Sigma pharma business for $900 million

South Africa’s leading drugmaker, Aspen Pharmacare (APN: SJ), that all conditions have been met for it to acquire the pharmaceutical business of Australia-based Sigma Pharmaceuticals (SIP: AU) for some $900 million, which it has been pursuing since last year (The Pharma Letter August 16, 2010).

The acquisition was approved following the extraordinary meeting of Sigma shareholders held on January 14. The effective date of change of ownership is January 31, 2011 and will position Aspen as the leading pharmaceutical company in Australia by volume of scripts generated.

Stephen Saad, Aspen’s group chief executive, said: “Aspen is excited about this acquisition which enables the group to accelerate growth in its Australian business and also to stimulate expansion plans into the broader Asia Pacific region. Aspen has already demonstrated its ability to supply high quality products at competitive prices across more than 100 worldwide territories. We have confidence in our Australian management team to leverage Aspen’s world-class procurement, manufacturing and distribution capabilities to ensure the expanded Aspen business delivers growing value in Australia.”