Sigma to buy Pan?
Monday, 23 June, 2003
Consumable and mining chemical company Sigma is reported as being latest in the queue to buy TGA-smitten Pan Pharmaceuticals. Other bidders are believed to include API and major Pan creditor Mayne.
“If Sigma did intend to buy Pan, I wouldn’t be surprised,” commented Dr Lisa Springer, biotech analyst at PricewaterhouseCoopers. “Sigma already does lots of manufacturing and this would bolster what they already have.”
The TGA suspended Pan's manufacturing license in April following QA scares at the plant, and reports of potentially dangerous side effects from complementary medicine formulations. The company has been suspended from ASX trading since the end of April.
“Adding capsule manufacturing capability to Sigma’s capability would make sense; it fits with what they do,” said Springer.
It is unlikely that the admistrator will realise anywhere near the valued price of over $100 million, as the sale is a distressed one, noted Springer.
“But I think the administrator will look for a reasonable deal, not a complete fire sale,” she noted.
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