Australia's ResApp Health hits 1-1/2-year high on deal with Pfizer unit

Raptor Metals

11/04/2022 03:18

** Shares of ResApp Health  RAP.AX  rise as much as 22.2% to
A$0.11, hitting their highest since Oct 2020
    ** Co eyes best day since March 22, if gains holds
    ** The digital healthcare services provider says it entered 
 into a binding scheme implementation deed with a unit of
U.S.-listed drugmaker Pfizer  PFE.N   urn:newsml:reuters.com:*:nFWN2W708Q
    ** Under deed, Pfizer's unit will buy all ResApp shares in a
deal for about A$100 mln ($74.32 mln)
    ** The cash price of A$0.115 per share represents a premium
of nearly 28% on Friday's close price, which is the last trading
price prior to announcement of the scheme
    ** Trading volumes are nearly 3 times the 30-day average of
2.8 mln shares 
    ** Stock up 38.5% so far this year, as of last close 
    
    ($1 = 1.3455 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))