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

Company Fundamentals
04 May 2026
GlobeNewsWire
View Source
Bullish
pluang ai news

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.

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