Hyphens attracts S$6 million investment in DocMed Technology to grow digital healthtech
- DocMed is the vehicle of Hyphens for digital healthtech business
- Metro Holdings Limited is the lead investor in this Series A fundraising
Singapore, 27 May 2022 – Hyphens Pharma International Limited (“Hyphens Pharma”, “凯帆药剂国际有限公司”, or the “Company”, and together with its subsidiaries, the “Group”), Singapore’s leading specialty pharmaceutical and consumer healthcare group, would like to announce that Metro Holdings Limited (“Metro”) via its wholly owned subsidiary Metro ARC Investments Pte. Ltd., has signed a subscription agreement with DocMed Technology Pte. Ltd. (“DocMed”), the Company’s wholly-owned subsidiary, where Metro will be investing S$6 million for a 10% stake in DocMed (“Investment Transaction”).
As part of the Investment Transaction, the Company will be conducting a restructuring exercise to transfer its shareholding of Pan-Malayan Pharmaceuticals Pte Ltd (“Pan-Malayan”) to DocMed, whereby Pan-Malayan will become a wholly-owned subsidiary of DocMed. The Investment Transaction, when completed, represents a Series A round of funding for DocMed, giving it a post-money valuation of S$60 million based on the subscription price. Leading the business of DocMed will be Mr Timothy Chen1, who has been officially appointed as CEO of both DocMed and Pan-Malayan.
Mr Lim See Wah (“林世华”), Executive Chairman and CEO of Hyphens Pharma commented: “We would like to thank Metro for their confidence and partnership in this journey towards delivering better health outcome for patients. DocMed can leverage on Metro’s regional presence to bring the business to the next level. DocMed is focusing on capturing opportunities in healthcare digitalisation and developing new digital assets. We anticipate a bright future for this business.”
Mr Yip Hoong Mun (“叶康文”), Group Chief Executive Officer and Executive Director of Metro Holdings Limited commented: “We see growth opportunities in the digital evolution of healthcare in the region and are pleased to collaborate with Hyphens Pharma, which is an established partner in the healthcare industry. There are synergies for both parties to capture opportunities in Singapore and the region.”
DocMed plans to use the investment to further its growth plans, which include developing an integrated healthtech platform, incorporating various healthtech solutions to cater to healthcare stakeholders in Singapore and the Asia-Pacific region. The investment will help DocMed expand in the region, while leveraging on the Group’s and Metro’s regional presence.
The Investment Transaction will help to unlock the value of the Group’s Medical Hypermart and Digital business segment. This includes the Group’s wholesale business for pharmaceuticals and medical supplies in Singapore and POM, its B2B e-commerce platform, as well as WellAway, which is Singapore’s first and only Health Sciences Authority registered e-pharmacy.
1Mr Timothy Chen was formerly CEO Designate of DocMed since its inception.
About Hyphens Pharma International Limited
Hyphens Pharma International Limited and its subsidiaries (the “Group“) is Singapore’s leading specialty pharmaceutical and consumer healthcare group, leveraging on its diverse footprint in ASEAN countries. The Group has a direct presence in Singapore, Vietnam, Malaysia, Indonesia and the Philippines, and is supplemented by a marketing and distribution network covering 10 other markets – Bangladesh, Brunei, Cambodia, China, Hong Kong S.A.R., Macau S.A.R., Myanmar, Oman, South Korea and Sri Lanka.
Singapore is the Group’s regional headquarters, where its strategic planning, finance, regulatory affairs, research and development, legal, business development and logistics operations are based. The Group’s core business comprises the following segments: Specialty Pharma Principals, Proprietary Brands, and Medical Hypermart & Digital. Besides marketing and selling a range of specialty pharmaceutical products in selected ASEAN countries through exclusive distributorship or licensing and supply agreements with brand principals mainly from Europe and the United States, the Group also develops, markets and sells its own proprietary range of dermatological products and health supplement products. In addition, the Group operates a medical hypermart for healthcare professionals, healthcare institutions and retail pharmacies, to supply pharmaceutical products and medical supplies and an online e-pharmacy for doctors to prescribe and have medications delivered to their patients’ homes.
For more information, please visit https://www.hyphensgroup.com
Issued on behalf of Hyphens Pharma International Limited
About Metro Holdings Limited (https://www.metroholdings.com.sg)
Listed on the Main Board of the SGX-ST in 1973, Metro Holdings Limited started out in 1957 as a textile store on 72 High Street. Over the years, Metro has grown to become a property and retail group with investments and operations in the region.
Today, Metro operates two core business segments – property investment and development, and retail – and focuses on key markets in Singapore, China, Indonesia, the UK and Australia.
Property Investment and Development
Metro’s property arm owns and manages several prime retail and office properties in first tier cities in China, such as Shanghai and Guangzhou, and up-and-coming high growth cities like Chengdu. Through strategic partnerships and joint ventures, Metro has expanded its portfolio to
cover a fuller spectrum of properties in Singapore, China, Indonesia, the UK and Australia.
Metro’s retail arm serves customers through two Metro department stores in Singapore. The Metro shopping brand is an established household name in the retail industry and offers a wide range of quality merchandise.
This media release has been reviewed by the Company’s sponsor, SAC Capital Private Limited (the “Sponsor”). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this media release, including the correctness of any of the statements or opinions made or reports contained in this media release.
The contact person for the Sponsor is Ms Lee Khai Yinn, Tel: (65) 6232 3210, at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.