Australia's Primary sells pharmacy unit to Zuellig
SYDNEY (Reuters) - Australia's Primary Healthcare Ltd (PRY.AX) has agreed to sell its pharmacy unit for A$505 million ($439 million) to Hong Kong-based Zuellig Group, Primary said on Tuesday, sending its shares to a two-month high.
Primary, which had bought the unit as part of its A$2.7 billion takeover of Australian medical testing group Symbion Health this year, said the sale would help pay down debt it took on to fund the deal.
Last month French drug maker Sanofi-Aventis (SASY.PA) agreed to pay A$560 million to Primary for another former Symbion unit, a distributor of vitamin supplements.
With the two sales together, Primary said it had realized a combined value of A$1.065 billion. Primary said it expected to receive cash proceeds from the two sales of A$765 million.
Primary shares touched a two-month high A$5.45 after the news before settling back to A$5.37 by 0022 GMT.
Zuellig Group, incorporated in the Bahamas and founded in 1916, describes itself on its Web site as a privately-owned group of companies that owns and manages a portfolio of industry-leading businesses across the Asia-Pacific region.
($1=A$1.15)
(Reporting by Jonathan Standing, Editing by Mark Bendeich)
