Ellex Medical Lasers (ASX:ELX) is to sell Ellex Lasers & Ultrasound business for $100 million in cash to the Lumibird Group SA.
Ellex is a world leader in medical technologies for the diagnosis and treatment of eye disease.
Lasers and ultrasound accounted for 80 per cent of group sales.
The board is committed to the returning majority of net funds received to shareholders.
Ellex Medical Lasers (ASX:ELX) are trading 38.1 per cent higher at 84 cents.