New Zealand's AFT Pharma rises on distribution deal with ASX-listed McPherson's

McPherson's

05/11/2021 02:44

** Shares of AFT Pharmaceuticals Ltd  AFT.NZ  rise as much
as 4.1% to NZ$4.87, highest level since May 6
    ** The drugmaker signs distribution agreement with
ASX-listed McPherson's Ltd  MCP.AX  to drive growth of co's
over-the-counter (OTC) products in Singapore  urn:newsml:reuters.com:*:nFWN2RV2PW
    ** Says agreement part of AFT's strategy to grow its
presence in Asia 
    ** Singapore's OTC market is worth about $600 mln and is
expected to reach $800 mln by 2026, according to Market Data
Forecast
    ** Volumes are nearly 2x the 30-day avg of about 26,000
shares
    ** Stocks hits second consecutive session of gains
    ** Health and beauty products maker's  MCP.AX  shares climb
as much as 7.1% to A$0.91 - biggest intraday pct gain since
April 29
    ** AFT down ~15.1% this year as of last close 
    


 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))