Deal Desk
M&A deals, 14 October 2026
· 3 deals
Our view: Buyers, from Chinese and Japanese strategics to a small listed acquirer, are paying for established Singapore and Asian businesses with proven operations, approvals or revenue, and they use staged payments and retained founder stakes to bridge valuation gaps.
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Singapore · Food manufacturing · $30.474 million for 60.0005% (100% equity valued at $50.7895 million)
Anjoy Foods to take 60% control of Singapore frozen bakery group IFC
Anjoy Foods announced on the evening of October 12 that it plans to acquire a 60.0005% equity stake in International Foodgnostics Corporation Pte. Ltd. (IFC) for about $30.474 million in cash, funded from its own capital. The deal values 100% of IFC's equity at $50.7895 million and remains subject to closing conditions in the equity purchase agreement.
The Growth Alliance Capital view
Chinese food majors are buying Singapore-headquartered producers as a ready platform for Southeast Asian expansion, which is good news for founder-led F&B manufacturers with export capability. Because some existing shareholders keep a meaningful minority, the structure shows buyers will accept founders staying on as partners rather than demanding a clean exit.
Source: BigGo Finance
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Singapore · Healthcare services · approximately S$4.0 million (approximately US$3.1 million)
Cuprina to acquire two Singapore clinic groups for about S$4.0 million
Cuprina Holdings (Cayman) Limited is acquiring the entire issued and paid-up share capital of East Coast Podiatry Centre Pte. Ltd. and Orchard Clinic Management Pte. Ltd., which together operate seven clinics, for approximately S$4.0 million, paid about 75% in cash (part of it deferred over two years) and 25% in Class A ordinary shares subject to lock-up. The target group reported unaudited FY2025 revenue of about S$9.1 million and normalised EBITDA of about S$1.2 million, with completion expected on or before November 1, 2026.
The Growth Alliance Capital view
on the stated figures this is a small multiple of normalised EBITDA, a reminder that small clinic groups are often priced on scale and on how much of the earnings depend on the owner. Deferred cash and locked-up shares are now standard tools for bridging valuation gaps, so founders should model what they receive at closing, not just the headline price.
Source: BiopharmaWatch (reproducing Cuprina's GlobeNewswire release of October 2, 2026)
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Global · Pharmaceuticals / Rare disease · $2 billion upfront consideration
Shionogi to acquire IntraBio for US$2 billion upfront
On 5 October 2026, Shionogi Inc., the New Jersey-based subsidiary of Shionogi & Co., Ltd., signed an agreement to acquire all outstanding shares of IntraBio Inc. for an upfront consideration of $2 billion payable to IntraBio shareholders. IntraBio will become wholly owned by Shionogi Inc., and the deal is subject to customary closing conditions.
The Growth Alliance Capital view
Japanese strategic buyers are still writing large cheques overseas for de-risked, already-approved products, and that appetite reaches mid-market healthcare and life sciences across Asia too. For founders, regulatory approval and proven revenue are what turn buyer interest into a firm price.
Source: Kirkland & Ellis
Deal Desk summarises publicly announced transactions from the sources linked. "The Growth Alliance Capital view" is our opinion, not investment advice, and implies no involvement in any transaction mentioned.