Australia's Ellex Medical Lasers rises most in nearly 2 decades on $69 mln divestment

Lumibird SA

24/12/2019 02:22

** Shares of Ellex Medical Lasers Ltd  ELX.AX  rise as much
as 41.31% to A$0.862, posting their biggest intraday pct gain
since Aug. 17, 2000
    ** Medical equipment maker divests its lasers and ultrasound
business to French laser manufacturer Lumibird SA  LBIRD.PA  for
A$100 mln ($69.14 mln) (http://bit.ly/372E1iU)
    ** Co says after transaction, it will be debt-free, and will
focus on devices to treat glaucoma and its retinal therapy for
macular degeneration
    ** Lumibird will also acquire a manufacturing facility of
Ellex in Adelaide
    ** Shares of Ellex hit their highest since Sept. 21, 2018
    ** More than 450,000 ELX shares change hands, compared with
the 30-day average of about 29,000 shares
    ** Ellex shares had fallen 11.6% this year, as of last close
on Nov. 27
($1 = 1.4463 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com;))