Property and retail company Metro Holdings is investing $6 million for a 10% stake in digital health platform DocMed Technology, valuing this subsidiary of Hyphens Pharma International at $60 million.
As part of the transaction, Hyphens Pharma will be conducting a restructuring exercise to transfer its shareholding of Pan-Malayan Pharmaceuticals to be a wholly-owned subsidiary of DocMed. The enlarged entity is headed by Timothy Chen.
Upon completion of the transaction, Hyphens Pharma will see its interest in DocMed diluted from 100% to 89.76%, or worth $53.86 million based on Metro’s investment. Besides Metro's 10%, the remaining 0.24% is held by Chen, who has signalled his commitment by taking this stake for $100,000. Hyphens Pharma has a market value of just over $88 million.