Australia's MedAdvisor rises to 2-month high on buyout offer for ANZ business

Adheris Health

07/05/2025 02:15

** Shares of MedAdvisor MDR.AX rise 30% to A$0.13, hitting their highest levels since March 5

** The pharmaceutical co says it received a non-binding letter of intent (LOI) from a listed multinational software business with operations in Australia

** The LOI outlines a proposal to acquire the company's ANZ business division for cash - co

** It did not reveal any other details of the LOI

** Stock is biggest percentage gainer in the ASX All Ordinaries Index .AORD

** Over 1 million shares change hands, vs the 30-day average of almost 700,000

** Stock rose as much as 65% earlier in the day, marking its biggest intraday gain since March 10, 2020

** MDR stock down 55.6%, YTD

 (Reporting by Adwitiya Srivastava in Bengaluru)

 ((Adwitiya.Srivastava@thomsonreuters.com))