Pharmx Technologies (ASX:PHX) entered into a binding, multi-year strategic alliance with Sigma Healthcare (ASX:SIG), a move set to modernise pharmaceutical supply chains across Australia and New Zealand.
Under this agreement, Pharmx becomes the core technology infrastructure and preferred electronic data interchange provider for Sigma's wholesale operations and the extensive Chemist Warehouse retail network.
The partnership specifically supports Sigma's expansion in the New Zealand market and ensures the renewal of existing EDI service agreements for an additional five years.
The alliance is structured in two distinct phases involving significant equity integration.
In Part A, Sigma will subscribe for approximately 59.95 million Pharmx shares—representing 10% of issued capital—and secure a seat on the Pharmx board.
Part B allows for an expanded scope of services into international markets, granting Sigma the opportunity to increase its aggregate holding to 19.9% over the term of the alliance.
All shares issued to Sigma will be subject to a three-year escrow period.
Despite this deep integration, Pharmx will maintain its independence as a whole-of-market solutions provider, continuing to serve all major wholesalers and vendors.
Pharmx will pay Sigma an establishment fee of approximately $8.7 million.
At the time of reporting, Pharmx Technologies' share price was $0.16.