Australia's Pharmaxis surges on sale of business, board restructure

Syntara

03/10/2023 01:51

** Shares of Pharmaxis Ltd  PXS.AX  rise as much as 21.2% to
A$0.040, hitting their highest level since Sept 7
    ** Stock on track for best day since Nov 2, 2020, if current
gains hold
    ** Co announces sale of mannitol respiratory business to
pharmaceutical manufacturing specialist Arna Pharma
    ** Co to be renamed Syntara, announces board size will be
reduced
    ** PXS says current Chair Malcolm McComas retires, Kathleen
Metters appointed in his place
    ** 451,753 shares change hands, compared with the 30-day
average volume of 400,496 shares
    ** Stock has fallen 45.9% this year, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))