Cuprina to acquire seven-clinic Singapore healthcare group for S$4m

Cuprina Holdings (Nasdaq: CUPR), a Singapore-based biomedical company, has signed sale and purchase agreements to acquire two established clinical businesses: East Coast Podiatry Centre, which runs five podiatry clinics in Singapore, and Orchard Clinic Management, which operates two women's health and wellness sites. The combined purchase consideration is approximately S$4.0 million (around US$3.1 million), with completion expected on or before 1 November 2026.

The deal is structured with S$3.0 million in cash, paid in three tranches: approximately S$0.5 million on signing, S$1.35 million at closing, and S$1.15 million in deferred consideration spread over two years. The remaining S$1.0 million will be satisfied in Cuprina Class A ordinary shares, priced at a 30-day volume-weighted average of US$2.59, and locked up under the terms of the agreements.

The deal rationale

The Target Group reported combined unaudited revenue of S$9.1 million (approximately US$7.0 million) and normalised EBITDA of S$1.2 million (approximately US$0.9 million) for the year ended 31 December 2025. Cuprina noted these figures are drawn from management accounts and have not yet been audited by an independent third party, meaning they remain subject to adjustment.

Cuprina's strategic logic centres on operational fit. East Coast Podiatry's specialism in diabetic foot care and lower-limb wound management aligns directly with Cuprina's core wound-care product portfolio, providing clinical sites where those technologies can be applied and adopted. Orchard Clinic, which launched in 2020 and focuses on postnatal recovery and pelvic wellness, is positioned by the company as a vehicle for integrating collagen-based recovery products into a structured women's wellness setting.

Chief executive David Quek Yong Qi said the acquisition "marks a pivotal step in Cuprina's evolution from a biomedical innovator into a fully integrated healthcare platform," adding that the company gains "the entirety of their earnings and the freedom to integrate them completely."

Market context

The broader podiatry market is being driven by demographic and epidemiological trends that are particularly pronounced in Southeast Asia. Singapore carries a high burden of diabetes-related complications, and an ageing population is supporting sustained demand for specialist lower-limb care. A September 2026 report from Mordor Intelligence estimated the global podiatry services market at US$4.87 billion in 2026 and projected growth to US$5.74 billion by 2031, with Asia Pacific the fastest-growing region at a compound annual growth rate of 4.65%.

The women's health segment is also attracting growing investor and operator interest across Southeast Asia, where rising awareness of pelvic floor health and postnatal recovery is creating space for specialist, programme-based clinical offerings.

For Cuprina, which also operates in infertility treatment, medical waste recycling, and cosmeceuticals, the acquisition represents a meaningful pivot toward recurring clinical revenue. The company is relatively early-stage on its biomedical pipeline, and the EBITDA-positive status of the Target Group is a notable draw: acquiring profitable clinical infrastructure gives Cuprina cash flow to fund ongoing product development and integration. Investors will be watching for an audited set of financials from the Target Group, clarity on post-acquisition integration timelines, and evidence that Cuprina's wound-care and collagen products can be meaningfully embedded into clinical workflows at scale.