Venus Medtech jumps most in 15 months on Cardiovalve acquisition

Venus Medtech (Hangzhou)

08/12/2021 07:47

** Shares of Chinese medical device manufacturer Venus
Medtech (Hangzhou) Inc  2500.HK  surge 12.3% to HK$29.60, their
biggest daily percentage rise since September 2020 
    ** Stock on course for a second session of gains and is the
fifth-biggest percentage gainer in the Hang Seng Composite Index
 .HSCI  
    ** The Zhejiang, China-based co has agreed to buy 100%
equity interest and corresponding equity in Israel-headquartered
Cardiovalve Ltd for $300 mln, in a bid to expand and enhance its
product pipeline in cardiac valve disease treatment  urn:newsml:reuters.com:*:nFWN2SS10P
    ** Co says it will finance the deal by its own financial
resources
    ** The Hang Seng Composite Index tracking industrials
 .HSCIIG  rises 1.4% and the healthcare index  .HSCIH  jumps
2.3%
    ** Hang Seng Composite Index  .HSCI  gains 0.2%, while the
benchmark Hang Seng Index  .HSI  slips 0.1%
    ** Stock down 66.7% this year, as of last close

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))