Australia's Microba Life Sciences surges as Sonic Healthcare agrees to buy stake

Microba Life Sciences

29/11/2022 24:51

** Shares of precision microbiome co Microba Life Sciences
 MAP.AX  soar as much as 90.9% to A$0.420 - set for best day
ever if gains hold
    ** Co says medical diagnostics provider Sonic Healthcare
 SHL.AX  agreed to invest A$17.8 mln ($11.83 mln) to acquire a
19.99% shareholding in MAP
    ** Says it will issue shares to SHL at a price of A$0.26 per
share, an 18.2% premium to the stock's last close
    ** Says SHL is seeking to acquire options for an additional
5% stake in co
    ** MAP shares hit their highest since April 20
    ** Trading volumes 8.4 times the 30-day average of 272,246
shares
    ** SHL shares rise as much as 1% to A$31.990
    ** As of last close, MAP down 37.1% since April debut
($1 = 1.5042 Australian dollars)
 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))