Pharma BD Deal Intelligence
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Full analysis, sources & comparables →Upon closing, Phoenix will be renamed ACEA Pharma, Inc., with its common stock expected to be listed on Nasdaq. ACEA Therapeutics is expected to hold an…
Phoenix to become ACEA Pharma in $1B deal with Scilex subsidiary. The agreement establishes a Cayman Islands holding structure with US listing, granting ACEA's…
Phoenix Asia signed the May 4, 2026 agreement to acquire ACEA Pharma for 100 million new shares valued at $1 billion, marking a strategic shift from…
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Scilex Holding announced its subsidiaries ACEA Therapeutics and ACEA Pharma entered a definitive stock acquisition agreement with Phoenix Asia Holdings Limited (Nasdaq: PHOE). Phoenix will issue 100,000,000 newly issued ordinary shares at $10.00 per share (agreed value $1.0 billion) to ACEA Therapeutics in exchange for 100% of ACEA Pharma equity. Upon closing, Phoenix will be renamed ACEA Pharma, Inc. and is expected to continue trading on Nasdaq, giving ACEA Pharma a path to an independent listing separate from Scilex’s U.S. non-opioid pain commercial business. Concurrent with the agreement, Phoenix issued a $20.0M convertible promissory note on May 4, 2026 ($10.00/share conversion, no interest, three-year maturity). The transaction is structured as a reverse merger; closing is expected by the end of 2Q 2026, subject to customary conditions including Hart-Scott-Rodino antitrust clearance and any required Nasdaq approvals. As of this 2026-06-07 review the deal remains Pending — no closing or termination has been reported.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Phoenix Asia Holdings Limited / ACEA Pharma, Inc. (subsidiary of ACEA Therapeutics / Scilex Holding Company) (this deal) | 2026 | $1.0B | — |
| AstraZeneca PLC / Daiichi Sankyo Company, Limited | 2019 | $6.9B | 100 |
| Novartis AG / Endocyte, Inc. | 2018 | $2.1B | 96 |
| Astellas Pharma Inc. / Seagen Inc. | 2009 | $4.5B | 95 |
| Bristol-Myers Squibb Company / Medarex Inc. | 2009 | $2.4B | 92 |
| Servier / Agios Pharmaceuticals (oncology) | 2020 | $2.0B | 91 |
| Servier Pharmaceuticals LLC / Agios Pharmaceuticals Inc. | 2020 | $2.0B | 91 |
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