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7 February 2001 SIGMA ANNOUNCES CEO, BRAND ACQUISITION AND CONFIRMS NZ DIVESTMENTDr John Stocker AO, Chairman of Sigma Company Limited, announced today that the Board had appointed the Acting Chief Executive, Mr Elmo de Alwis, as Chief Executive Officer and Managing Director. Mr de Alwis will assume his new role within the company immediately. Commenting on the appointment Dr Stocker said, “The Board undertook a global search for a new chief executive. We considered strong candidates from Australia and overseas and we are pleased and proud to have appointed Mr de Alwis.” As the Chief Executive Officer of Sigma Pharmaceuticals since 1991, Mr de Alwis, 48, was responsible for building Sigma into the largest pharmaceutical contract manufacturer in Australia. “Mr de Alwis has demonstrated his leadership and the ability to deliver on Sigma’s strategy of increasing investment in pharmaceutical manufacturing and adding established international brands to our manufacturing portfolio,” said Dr Stocker. The New Zealand Commerce Commission has approved the sale of Sigma’s New Zealand logistics business and the licensing of Sigma’s retail banner activities to Zuellig Pharma Ltd. The sale is expected to be completed by 1st March 2001. Sigma also announced today the acquisition of a range of ethical pharmaceutical brands for manufacture in Australia and export to Hong Kong. Last year the company purchased a range of brands from GlaxoWellcome for manufacture and sale in the Australian market. The GlaxoWellcome Hong Kong brands complement the Australian acquisition and Sigma is seeking the further opportunity to manufacture for other parts of Asia. The Hong Kong brands which include thyroid (Eltroxin), heart (Lanoxin), blood pressure (Trandate), gout (Zyloric), and anti-infective (Septrin) have been purchased for A$5.25 million. They are expected to generate approximately A$3.5 million per annum in additional revenue for Sigma, and will increase capacity utilisation within Sigma’s manufacturing operations. Additionally, Sigma has finalised a licensing agreement with Abbott Laboratories to market and sell a new anti-infective, Klacid, a patented macrolide antibiotic. Australian sales of Klacid in the first year are expected to exceed A$6.0 million. For further information or enquiries please contact Mr Gerry Bullon, Group Manager Investor Relations, on 03-9839-2730 or 0418 106 675 |