ASX Health Stocks: ResApp skyrockets 25% after getting buyout offer from US giant Pfizer
Health & Biotech
Health & Biotech
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Smartphone-based health company ResApp Health (ASX:RAP) surprised the market this morning after revealing that global giant Pfizer wants to buy out the company.
The ResApp share price surged by over 25% to 11c, after Pfizer offered RAP’s shareholders 11.5 cents a share.
The offer price values ResApp at around $100m.
The ResApp Board has unanimously recommended that shareholders vote in favour of the offer.
“We are excited by the prospect of this acquisition by Pfizer, a leading biopharmaceutical company that shares our vision and belief that technology can help transform healthcare and improve patients’ lives,” commented ResApp CEO, Tony Keating.
“The proposed acquisition recognises the years of dedicated work by the ResApp team to build ResApp into a leader in audio- based analysis of respiratory health.”
“We believe that the material premium and certainty of an all cash consideration is an attractive outcome for our shareholders,” he added.
Recce Pharma (ASX:RCE) has been granted a patent in Hong Kong for its RECCE Anti-Infectives drug.
The patent covers the composition and method of manufacturing the RECCE anti-infectives, including the use of drugs R327 or R529 to treat viruses such as SARS-CoV-2.
Recce says the pharmaceutical market in Hong Kong is valued at USD $2.3 billion, with ever rising demand for chronic disease treatment.
“We continue to build our patent portfolio in key geographies and major medical markets,” said Recce CEO, James Graham.
“This newly granted patent by Hong Kong is another endorsement for our commercial and clinical development strategy, highlighting the potential of our Australian anti-infective technology,” he added.
RhinoMed (ASX:RNO) surged over 20% this morning after coming out of a trading halt.
On April 8, RhinoMed announced that it was tapping the market for another $5m in cap raise.
The funds will be used to expand the sale of its Rhinoswab and Rhinoswab Junior in international markets.
RhinoMed earlier said that it had signed a supply deal with BTNX Inc, one of Canada’s largest manufacturers of rapid antigen test (RAT) kits.