Sigma Pharmaceuticals Ltd, advised by Minter Ellison, has agreed in principle to sell its pharmaceuticals arm to South Africa's Aspen Pharmacare Holdings Ltd for $900 million.
The pharmaceuticals division includes Sigma's generics, consumer, over-the-counter, Herron, ethical products, medical products, Orphan and manufacturing businesses.
Aspen is Africa's largest pharmaceutical manufacturer and a major supplier of branded and generic pharmaceutical, healthcare and nutritional products to southern Africa and selected international markets. The deal is the biggest purchase of overseas assets by an African company announced in the past three years.
The proposed sale is subject to a number of conditions, including shareholder approval, lender approval, regulatory approval and preparation of definitive sale documentation.
Sigma will retain its healthcare division, which includes its wholesale and retail businesses (including the Amcal and Guardian banners) under the proposed terms.
The Minters team was led by Jeremy Blackshaw, in conjunction with John Steven, Bart Oude-Vrielink and Ben Liu.
Freehills also advised on the matter, with the team led by Phillipa Stone.