• 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 Sigma’s proposed merger with Chemist Warehouse by 4pm on 28 March 2024

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

For more details, please refer to the Market Inquiries Letter published below. 

Retail pharmacies may prefer to engage with our review by completing a short survey on the ACCC consultation hub.

Following 28 March 2024, queries regarding the ACCC’s review may also be addressed to Isobel Graham at

For more details, please refer to the Market Inquiries letter published below.

Market inquiries


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.

Provisional date for announcement of ACCC’s findings (as outlined in the Informal Merger Review Process Guidelines, this may be a final decision or release of a Statement of Issues).

Project staff

  • Isobel Graham

Contact email