Australian pharmaceutical firm, Sigma Pharmaceuticals Ltd., that has lost more than half its market value this year, said it is willing to work a better deal with Aspen Pharmacare Holdings Ltd. to have a better offer.

The drug firm listed on the S&P/ASX200 said in a statement today that it is willing to work with Aspen to help remove some conditions of the 55 Australian cents-a-share offer.

The Melbourne-based company said: "Talks don't mean Sigma will recommend the bid to shareholders and Aspen's exclusive right to negotiate an agreement hasn't been extended."

Aspen, based in Durban, South Africa said on July 7 that it cut its bid for Sigma by 8.3 percent to A$648 million ($567 million) after reviewing the Australian company's books.

Shares of Sigma were unchanged at 45.5 Australian cents at 1:32 p.m. on the Australian stock exchange, extending this year's decline to 54 percent.

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"Sigma continues to consider the most appropriate business and financial structures to take the group forward, including a number of potential asset sales," the drug distributor said.

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