Phoenix Asia to acquire ACEA Pharma for $1B and issues $20M convertible note to transform into pharma holding company

Phoenix Asia Holdings Limited announced it will acquire 100% of ACEA Pharma, a clinical-stage pharmaceutical company, by issuing 100 million new shares valued at $1 billion. The acquisition is expected to close in Q2 2026, pending regulatory approvals including antitrust and Nasdaq clearance. Additionally, Phoenix Asia issued a $20 million convertible promissory note to its controlling shareholder as payment for advisory services. This marks Phoenix Asia's strategic shift from construction to becoming a pharmaceutical holding company.