PharmX Technologies (ASX:PHX) entered into a binding, multi-year strategic alliance with Sigma Healthcare (ASX:SIG), with PharmX becoming the preferred electronic data interchange service provider
for Sigma wholesale, and Chemist Warehouse retail operations across Australia and New Zealand, according to a Monday Australian bourse filing.
Pharmx will pay Sigma an establishment fee of around AU$8.7 million. Sigma will renew its existing agreements for the provision of electronic data interchange services for its wholesale business for a further five years.
Sigma will also subscribe for around 60 million Pharmx shares, or 10% of Pharmx's issued share capital, and will obtain a seat on the firm's board. Sigma will have the opportunity to acquire up to an aggregate holding of 19.9% in PharmX by subscribing for further shares over the term of the alliance.
Under the second stage of the alliance, Pharmx will expand the scope of services available to Sigma across additional international markets and new solution areas.
The firms will collaborate on global electronic data interchange capabilities and other digital services.
PharmX's shares jumped 25% in recent trading on Monday, while those of Sigma rose 1%.
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