Zomedica Corp's (NYSE: ZOM) stock price felt the benefit of the company’s $70.9 million acquisition of Pulse Veterinary Technologies – providers of electro-hydraulic shock wave treatment – as the stock jumped 22% in pre-market trading.
Veterinary health company Zomedica announced its all-cash, stock purchase earlier today, sending the company’s share price soaring soon before the market opened.
Known as PulseVet, the veterinary specialist is a key figurehead in the equine market space, providing cutting-edge shock wave technology for a wide application of conditions in veterinary patients; currently with around 1,500 systems in active use globally.
Robert Cohen, CEO of Zomedica states that the acquisition is part of a much wider plan of product diversification and strategic investment:
“As previously indicated following our fundraising efforts and the establishment of a business development capability, it has been our goal to complement our TRUFORMA product platform, and to accelerate the growth of Zomedica overall, by strategically investing to expand our product offerings, technologies, and product development efforts.”
Although Zomedica has lost roughly 8% of its gains whilst writing, the stock price currently sits at $0.59 – still holding onto strong gains as we enter Friday early trading.
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