Phoenix Asia Holdings Ltd. (NASDAQ:PHOE) shares surged 47.43% to $28.10 in after-hours trading on Wednesday after it announced a $1 billion stock acquisition agreement to acquire clinical-stage pharmaceutical firm ACEA Pharma Inc., marking a dramatic pivot from its construction roots into oncology and autoimmune drug development.
Inside The $1 Billion Stock Acquisition
Phoenix will issue 100 million newly-issued ordinary shares, valued at $1 billion, to ACEA Therapeutics Inc., the Cayman Islands-based transferor holding 100% of ACEA Pharma’s issued and outstanding equity.
The deal announced on Monday requires Hart-Scott-Rodino antitrust clearance, which requires parties to certain mergers or acquisitions to submit premerger notifications to the Federal Trade Commission and the Department of Justice. It also requires …
