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South Africa's Aspen Sells Infant Formula Business To Lactalis

African drugmaker Aspen Pharmacare has agreed to sell its infant formula business to French dairy group Lactalis for 12.9 billion rand (€750 million), looking to capitalise on the sector's recent flurry of dealmaking to reduce its debt and focus on core operations.

Investors, however, appeared unimpressed with the price tag.

Shares in Aspen dropped more than 9% to 245.85 rand after Africa's biggest manufacturer of generic drugs announced the deal as it reported full-year earnings.

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