Avanos Medical gains on agreement to sell respiratory health business

Avanos Medical

08/06/2023 12:32

** Shares of Avanos Medical Inc  AVNS.N  rise 6.8% to $27.30
premarket
    ** Medical device maker agrees to sell its respiratory
health (RH) business to SunMed Group Holdings for $110 mln
    ** Transaction includes sales of almost all of the assets
primarily used in the RH business, including fixed assets,
inventory, intangible assets
    ** Deal will help improve balance sheet and also employee
capital in the company's core categories and markets - AVNS
    ** Transaction is expected to close in late 2023
    ** Up to Wednesday's close, stock down ~5% YTD

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))