Drug maker and distributor Sigma Pharmaceuticals Ltd
(ASX:SIP) has extended the period for Aspen Pharmacare to carry out due diligence on the company.
On May 31, Sigma entered into a confidentiality agreement with Aspen to allow it an exclusive four week period to carry out due diligence.
Sigma says that this exclusivity period has now finished but following a request from Aspen it will allow the company to continue its due diligence review.
Sigma says as yet, Aspen has not made a formal proposal to the company and it continues to recommend that shareholders to take no action at this time.
Sigma says it will continue its previously foreshadowed asset sale program and will consider other opportunities that may enable it to improve shareholder value.
Sigma Pharmaceuticals recorded a net loss of $389.04 million for the year ending 30 January 2010.
