MustGrow Biologics Corp. (TSX-V:MGRO, OTCQB:MGROF) shares shot higher on Thursday afternoon in heavy trading following its earlier announcement that it had finalized the acquisition of NexusBio.
Shares gained nearly 22% in afternoon trading to reach C$1.40 at the close in Toronto.
The acquisition provides MustGrow with a Canadian sales, marketing, and distribution division, with plans to expand operations into the United States.
NexusBioAg’s product lines, along with MustGrow’s proprietary technologies and potentially other third-party products, will now be marketed and sold under MustGrow.
MustGrow said it anticipates significant synergies, including enhanced market access and reduced distribution costs.