16 December 2019 - A proposed merger between the second and third largest players in Australia's pharmaceuticals market appears to have fallen through, with Australian Pharmaceutical Industries calling off its pursuit of fellow pharmacy owner and distributor Sigma Healthcare.

Australian Pharmaceutical Industries (API), which owns the Priceline Pharmacy chain, bought a 13 per cent stake in its main rival a year ago and launched a $726 million cash-and-scrip takeover bid for the Amcal and Guardian pharmacies owner.

Sigma rejected the takeover bid and API said on Monday it had sold all its Sigma shares in a $82 million trade because the "strategic and commercial fundamentals" which made the merger compelling had "significantly diminished".

Read Sydney Morning Herald article