Tiger Brokers

BUZZ-Australia's Healius jumps on $657 mln sale of diagnostic imaging arm

Reuters
Sep 23, 2024

(Updates)

** Shares of Healius rise as much as 6.5% to A$1.715, log biggest intraday percentage gain since Aug. 21

** HLS among top 10 gainers in ASX200 benchmark index

** Healthcare firm signs binding agreement to sell its diagnostic imaging arm, Lumus Imaging, to Affinity Equity Partners

** Says deal implies an enterprise value of A$965 mln ($657.65 mln)

** Says proceeds to be used to reduce debt, among others

** Jefferies cuts price target to A$1.75 from A$1.80, retains "hold" rating

** Brokerage says sale of Lumus will "alleviate balance sheet pressures", allow HLS to focus on pathology and biosciences

** Including session's gains, HLS up 1.8% YTD, underperforming ASX200 that is up 7.7%

($1 = 1.4674 Australian dollars)

(Reporting by Sameer Manekar and Rajasik Mukherjee in Bengaluru)

((Rajasik.Mukherjee@thomsonreuters.com;))

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