Shares of Phoenix Asia Holdings Limited Ordinary Shares (NASDAQ:PHOE) are trading higher by 0.19% on Thursday as the company is entering into a stock acquisition agreement with ACEA Therapeutics, Inc.
This move comes during a mixed market day, with the Nasdaq up 0.57% and the S&P 500 gaining 0.14%, while the Dow Jones and Russell 2000 are slightly down.
On May 5, Phoenix Asia Holdings Limited has agreed to purchase 100% of the equity interests of ACEA Pharma, Inc. for a total value of $1 billion, which will be executed through the issuance of 100 million newly-issued ordinary shares at $10.00 each.
This acquisition is expected to close by the end of the second quarter of 2026, subject to regulatory and stock exchange approvals.
The broader market is experiencing …
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