Hyphens Pharma has completed the second tranche of acquiring 17% of shares in Ardence Pharm for a consideration of $3.35 million, according to a bourse filing on May 9.
This is the second out of the three tranches that Hyphens set to undertake to acquire the remaining 58% stake it does not have in Ardence.
The pharmaceutical company first set out to acquire Ardence in Oct 2023, through two sale and purchase agreements.
Accordingly, subsequent to the tranche 2 completion, the latest shareholding held by the group in Ardence Pharma is 82%.
For the FY2024 ended Dec 31, 2024, the group reported a revenue growth of 14.6% higher y-o-y at $195.4 million.
The group says its FY2024 revenue growth is due to the acquisition of Ardence Pharma which contributed $7.2 million in revenue.
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Shares in Hyphens Pharma closed flat at 27.5 cents on May 9.
