Algorae Pharmaceuticals rises on Australian distribution deal with India's Umedica

Algorae Pharmaceuticals

Mon 05:26

** Shares of Algorae Pharmaceuticals 1AI.AX rise as much as 11.1% to A$0.01, their highest since September 30
** Drug developer's unit AlgoraeRx signs licensing and supply agreements with India's Umedica Laboratories for Australian market
** Under pact, AlgoraeRx to be Umedica's exclusive importer and distributor of eight pharmaceutical products in Australia
** Stock down 28.6% YTD

 (Reporting by Swetha Lakshmi in Bengaluru)
 ((Swetha.Lakshmi@thomsonreuters.com;))