* Bids depend on Aspen bid outcome
* Sigma shares up 1.2 pct, but below Aspen offer
* Sigma declines to comment
(Adds Sigma no comment, updates shares)
MELBOURNE, July 19 Australia's Sigma
Pharmaceuticals (SIP.AX) has received three bids for its Herron
drugs arm and three bids for its Orphan Australia drugs
business, as it seeks an improved bid from South Africa's Aspen
Pharmacare (APNJ.J), a newspaper reported on Monday.
Sigma declined to comment on the report.
The company is battling to pay off A$100 million in debt by
March under pressure from its lenders after it broke its loan
covenants, reporting a loss for the year to January 2010. The
first A$40 million is due in September.
The bidders for Herron and Orphan are local and
overseas-based drug and healthcare companies, The Age newspaper
Their bids are dependent on the outcome of talks with Aspen
on its A$648 million ($563 million) offer.
Sigma's shares jumped 1.2 percent to A$0.425, bucking a
slide in the broader market on hopes it might be able to ease
its debt woes, but remained well below Aspen's offer price of
A$0.55 a share.
Orphan licenses specialty drugs from foreign pharmaceutical
companies to treat life-threatening diseases, which are mostly
sold to hospitals.
Herron owns a portfolio of over-the-counter pain killers and
vitamins, which struggled to expand sales last year due to
tough competition in supermarkets.
(Reporting by Sonali Paul; editing by Balazs Koranyi)