Sigma Reduces Full Year Profit Forecast on Competition |
| Sigma Pharmaceuticals Ltd.(SIP), the target of a takeover by South Africa’s Aspen Pharmacare Holdings Ltd., cut its full year profit forecast by as much as 46 percent, citing competition in the generic drug business. Net income will probably reach $43 million to $47 million. The company, Australia’s largest drug distributor, said it’s unsure about the short term impact of changes to government regulations and intense competition especially in generics. Aspen, reduced its bid on July 7 to 55 Australian cents a share, or about $648 million in total, after due diligence. Sigma has said that it wants a better offer from Aspen, which initially offered 60 cents a share. |
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