Drugmaker Aspen Pharmacare says the sale of its nutritionals business – key to its plans to cut debt and win back the confidence of shareholders – has been approved by regulators in New Zealand.Aspen said in September 2018 it would sell its nutritionals business to Lactalis. It plans to use the R10.4bn in net proceeds to reduce borrowings.
“Aspen is pleased to confirm that it has, earlier this morning, received confirmation from Lactalis that the New Zealand Overseas Investment Office has granted approval to Lactalis for the acquisition of Aspen’s business in that country,” Aspen said on Friday. All conditions requiring third-party approvals had now been fulfilled and the parties aimed to close the deal at the end of May, Aspen said.
Vestact said in a note in April that Aspen “has too much debt and is relying on the sale of their infant nutritional business”.The risk that the deal might not get approved “has put an overhang on Aspen and that is why the share price has been volatile”, Vestact said at the time.
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