ResApp rockets 22% on Pfizer takeover news

This takeover approach comes less than three weeks after ResApp announced positive results for a new novel smartphone-based COVID-19 screening test, which also made positive impact on its share price last month. These results appear to have caught the attention of Pfizer, which has moved quickly to acquire the company. According to the release, ResApp has entered into a binding scheme implementation deed with Pfizer, under which it will be acquired by way of a scheme of arrangement for 11.5 cents per share in cash. This represents a total equity value of approximately $100 million.