Biolidics shares sink 22% after calling off US sales of Covid-19 test kits

Singapore

BIOLIDICS shares sank 22 per cent on Monday after the Catalist-listed firm announced on Sunday that it had mutually agreed with Aytu BioScience to terminate a distribution agreement for its Covid-19 antibody test kits in the US, amid increased competition for such kits.

Shares of Biolidics, which ended Friday at 41 Singapore cents, plunged to 29.5 cents as at 8.58am on Monday. The stock recovered to 35 cents as at 9.26am, before closing at 32 cents, down nine cents.