Canadian Biotech Stock Surges on Nestlé Agreement

Burcon NutraScience Corporation (TSX:BU), a Canadian biotech stock, shot up after announcing a joint development agreement with Nestlé

Sean Mason | January 24, 2020 | SmallCapPower

A joint development agreement involving Nestlé caused a Canadian biotech stock to soar Friday. Here’s some small stocks making big moves on Friday, January 24, 2020 (as of 4 pm EST):

Burcon NutraScience Corporation (TSX:BU), a Canadian biotech stock, powered 35% higher to $1.88 on Friday after announcing that Burcon, Nestlé and Merit Functional Foods Corporation have entered into a joint development agreement to tailor Burcon and Merit’s plant-based proteins for use in Nestlé food and beverage applications.

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As well, shares of Strongco Corporation (TSX:SQP) soared 72% to $3.10 as the multiline mobile equipment dealer said it has agreed to be acquired by Nors, S.A. for C$3.15 per share in cash.

Rokmaster Resources Corp. (TSXV:RKR), meanwhile, reported that it is increasing the size of its proposed non-brokered private placement to up to 11,666,667 units for gross proceeds of up to $700,000. Rokmaster Resources stock moved up 33% to $0.10 following the announcement.

Finally, Aphria Inc. (TSX:APHA) shares eased 9% to $6.93 after the Canadian cannabis company announced that it will receive a $100 million strategic investment from an institutional investor at a price of C$7.12 per unit.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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