Aspen, South Africa’s leading pharmaceutical company, has announced that all conditions precedent have been met for it to acquire the pharmaceutical business of Australian-based Sigma Pharmaceuticals Limited.
Johannesburg. Aspen (APN), South Africa’s leading pharmaceutical company, has announced that all conditions precedent have been met for it to acquire the pharmaceutical business of Australian-based Sigma Pharmaceuticals Limited (“Sigma”).
The acquisition was approved following the extraordinary meeting of Sigma shareholders held on 14 January 2011. The effective date of change of ownership is 31 January 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.”
In 2010 Aspen announced that it had reached a formal agreement to acquire Sigma’s pharmaceutical business on a debt-free basis for a cash consideration of AUD 900 million. The purchase consideration is approximately ZAR 6 148 million, based on an AUD/ZAR exchange rate of 0.1464 as at 13 January 2011. The transaction was however subject to a number of conditions precedent which have now been fulfilled.
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Content Last Reviewed On July 16, 2018