Aspen Pharmacare Holdings Ltd. agreed to buy the drugs unit of Sigma Pharmaceuticals Ltd. for A$900 million ($799 million) to gain assets from a company that’s lost about half its value in the past year.
Sigma is selling the unit, which includes generic and over- the-counter drugs, at about 12 times forecast earnings before interest and taxes for the year to January. The sale proceeds exceed Sigma’s net debt and will leave the Melbourne-based company with wholesale and retail operations, it said today.
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