Aspen confirms bid for Australia's Sigma but, as expected, at a reduced A$0.55 per share

As has largely been expected, South Africa's largest drugmaker, Aspen Pharmacare has confirmed its ongoing interest in buying Australia's Sigma Pharmaceuticals, but at the lower rate of A$0.55 per share, compared with its original, non-binding offer of A$0.60 (The Pharma Letters May 24 and July 6), the latter company revealed in a web site posting. Sigma shares rose as much as 19% to A$0.47 on the announcement.

The new proposal, which troubled and indebted Sigma says it is considering, is subject to a number of conditions, which analysts say suggests that Aspen is not entirely committed to the acquisition, notably that:

' Aspen's satisfaction with its continuing due diligence investigations;