Stocks of the Hour: Kazia Therapeutics, Mesoblast, BHP & Oz Minerals

Company News

by Abbey Phillipps

Kazia Therapeutics Limited (ASX:KZA) an oncology-focused drug development company, is pleased to announce the presentation of promising new data from an ongoing phase 1 clinical trial of paxalisib in combination with radiotherapy for the treatment of brain cancer. Shares are trading at 12 per cent higher at 28 cents.

Mesoblast (ASX:MSB) today requested voluntary suspension for its shares. Mesoblast shares went into a trading halt on August 4th to allow the capital raising to take place in an orderly fashion. Mesoblast is still trying to finalise the capital raising and needs more time to complete that process, particularly given the global nature of the placement. The company anticipates that the voluntary suspension will cease upon it announcing the outcome of the capital raising, which is expected to occur on or before Wednesday. Shares last traded at 93 cents.

BHP (ASX:BHP) today submitted a non-binding indicative proposal to the Board of OZ Minerals ( ASX:OZL) to acquire 100% of the issued share capital by way of a scheme of arrangement. BHP’s Proposal to acquire all of OZL’s shares for cash consideration of A$25.00 per share. Oz minerals board was quick to respond and rejected the bid , saying that the indicative proposal significantly undervalues OZL and is not in the best interests of shareholders. Shares in BHP are trading 0.1 per cent lower at $38.79. Shares in Oz Minerals are trading 35.4 per cent higher at $25.61.

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