Digital pharma WellAway’s operator to sell 10% stake to property firm Metro
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Asia-Pacific property and retail group Metro Holdings through its subsidiary Metro ARC Investments is buying a 10% interest in DocMed, the digital health arm of Singaporean consumer healthcare group Hyphens Pharma, for SG$6 million ($4.3 million).
The investment will represent a Series A funding for DocMed, later raising its valuation to SG$60 million ($43.5 million) based on the subscription price.
Moreover, as part of the deal, Hyphens Pharma is transferring its shares in pharma provider Pan-Malayan Pharmaceuticals to DocMed, becoming the latter’s wholly owned subsidiary.
WHY IT MATTERS
According to a press release, DocMed plans to use Metro’s investment for its growth plans, including the development of an integrated health technology platform. The upcoming funds will also support the company’s expansion across APAC while leveraging Metro’s regional presence.
“There are synergies for both parties to capture opportunities in Singapore and the region,” claimed Metro Holdings Group Executive Director and CEO Yip Hoong Mun.
“DocMed is focusing on capturing opportunities in healthcare digitalisation and developing new digital assets,” said Hyphens Pharma Executive Chairman and CEO Lim See Wah. “We anticipate a bright future for this business,” he added.
THE LARGER TREND
The investment deal comes as DocMed early this year launched WellAway, the first digital pharmacy authorised by Singapore’s Health Sciences Authority. The e-pharmacy has signed in over 100 clinics around the country since last year. It is reportedly targeting to onboard about 1,000 more clinics by yearend.
Hyphens Pharma sees Metro’s investment injecting value to its medical hypermart and digital business segment, which includes WellAway, as well as its wholesale pharma and medical supplies business and e-commerce platform POM.
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