NZ's Rua Bioscience acquires rival cannabis co, shares up

Rua Bioscience

29/11/2021 22:37

** Shares of Rua Bioscience Ltd  RUA.NZ  rise as much as
2.6% to NZ$0.40, set for their biggest pct gain since Nov. 18
    ** Medicinal cannabis co to acquire peer Zalm Therapeutics
Ltd for NZ$10 mln ($6.8 mln) through the issuance of new shares
at about NZ$0.41 per share  urn:newsml:reuters.com:*:nFWN2SK16B
    ** Cann Group  CAN.AX , Australia's leading medicinal
cannabis co, is a key shareholder in Zalm Therapeutics  
    ** 109,990 shares change hands, 3x their 30-day average
volume
    ** Stock has fallen 35% this year, as of last close


($1 = 1.4656 New Zealand dollars)

 (Reporting by Aneetta Thomas in Bengaluru)
 ((Aneetta.Thomas@thomsonreuters.com;))