Australia's Incannex rises on deal to acquire U.S.-based pharma firm
12/05/2022 04:09
** Shares of Incannex Healthcare Ltd IHL.AX rise as much
as 19.2% to A$0.435, their highest since April 28
** The pharmaceutical co says it entered agreement to
acquire APIRx Pharmaceuticals USA, a co dedicated to
manufacturing natural cannabinoid pharmaceutical ingredients
urn:newsml:reuters.com:*:nASX7F61LK
** Stakeholders in APIRx to be issued about 218.2 mln new
shares at A$0.573 per share; APIRx to become a unit of Incannex
** Incannex stock posts its biggest intraday pct gain since
May 5
** Over 5.1 mln shares change hands, compared with the
30-day average volume of 4.7 mln shares
** Stock down 41.6% this year, as of last close
(Reporting by Anan Ashraf)
((Anan.Ashraf@thomsonreuters.com;))
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