Image: Reuters Berita 24 English - Bubs Australia 's stock soared on Monday after US health officials cleared the import of its infant f...
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| Image: Reuters |
Bubs expects to distribute at least 1.25 million cans of baby formula this year, with 500,000 tins available to ship right now.
In early afternoon trade, its shares were up 40%, or 19 cents, to A$0.68, valuing the company at A$417 million ($300 million).
The baby formula issue in the United States began when Abbott Laboratories withdrew hundreds of items in February after consumers reported their infants suffering bacterial infections.
Abbott was on schedule to restore its main infant formula production in Michigan within one or two weeks, according to the US Food and Drug Administration on May 19.
(1 Australian dollar = 1.3931 dollars)
