• Sigma Healthcare Limited


  • Chemist Warehouse Group Holdings


On 11 December 2023, Sigma and Chemist Warehouse entered into a merger implementation agreement under which Sigma would acquire all the shares in Chemist Warehouse in exchange for Sigma shares and a $700 million cash consideration.

Upon completion of the proposed merger, Chemist Warehouse shareholders will hold 85.75% of the ASX listed merged entity while Sigma shareholders will hold 14.25%.

Sigma and Chemist Warehouse are both participants in the pharmaceutical industry.

Sigma is a publicly listed Australian company with wholesale, distribution, and retail pharmaceutical operations. Sigma is a ‘full-line’ wholesaler and distributor of prescription medicines, ‘over the counter’ and ‘front of store’ products to pharmacies nationwide. Sigma is also a franchisor of around 400 pharmacies under the brands Amcal, Discount Drug Store, PharmaSave, and Guardian.

Chemist Warehouse is an unlisted Australian public company. It is a franchisor of around 600 pharmacies and retail stores under the brands Chemist Warehouse, MyChemist, Ultra Beauty, My Beauty Spot, and Optometrist Warehouse. It is also a wholesaler and distributor to its franchisees.

Market inquiries

Submissions are invited from interested parties regarding the ACCC's Statement of Issues in relation to Sigma’s proposed merger with Chemist Warehouse by 5pm on 27 June 2024

Submissions should be forwarded electronically (preferably in PDF format) to with the title: "Submission re: Sigma/Chemist Warehouse". 

For more details, please refer to the Statement of Issues published below.

Following 27 June 2024, queries regarding the ACCC’s review may also be addressed to

For more details, please refer to the Statement of Issues published below.

Market inquiries

Statement of issues


Date Event

ACCC commenced informal review under the Informal Merger Review Process Guidelines, following receipt of a submission on 16 February 2024, and additional information from the parties (that the ACCC considered necessary to commence its review) on 6 March 2024.

Closing date for submissions.

ACCC published a Statement of Issues outlining preliminary competition concerns.

Closing date for submissions relating to Statement of Issues.

Timeline suspended pending receipt of information from the parties. Former provisional date for announcement of findings (5 September 2024) delayed. The ACCC will announce a new provisional decision date in due course. 

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