Rival Aspen Pharmacare has agreed to acquire Sigma's drug-making assets, including its generic drugs portfolio, over-the-counter medicines, Herron and Orphan drug lines and manufacturing operations, enabling Sigma to meet its obligations under a $400m syndicated borrowing facility.
The offer is about $250m higher than the price the South African suitor previously proposed for the entire business.
The deal, which will see Sigma return to its pharmacy wholesale and retail roots, has been broadly welcomed by the market given fears the company could be forced into accepting Aspen's previous 55c-a-share offer.
Sigma's lenders had demanded the company offload assets in order to pay down $100m worth of debt by next March.
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