Shineco jumps on deal to buy Beijing Wonner, jointly develop antidepressant

Shineco

05/10/2021 15:26

** U.S.-listed shares of Chinese herbal medicines and hemp
products maker  TYHT.O  jump 13.7% to $11.89
    ** Stock on track for its best day since Aug. 31, if gains
hold 
    ** Co to acquire 51% stake in privately held Beijing Wonner
Biotech Co Ltd to jointly develop SNG, a natural rapid-acting
antidepressant  urn:newsml:reuters.com:*:nFWN2R00ZV
    ** Antidepressant mechanism of SNG is different from
traditional monoamine medicines, and SNG's potential advantages
are rapid-acting, safe and cost-effective with minor side
effects - co     
    ** Final purchase price to be determined by third party
evaluation, co estimates it to be no more than $30 million
 urn:newsml:reuters.com:*:nGNXDRv8M
    ** Up to last close, stock up 264.4% YTD

 (Reporting by Bansari Mayur Kamdar)
 ((BansariMayur.Kamdar@thomsonreuters.com;))