Graft Polymer (UK) experienced a surge in shares on Wednesday following the announcement of its distribution agreement with U.S. veterinary products company, Inter-Technologies.
At 0744 GMT, shares were up by an impressive 22% at 1.95 pence, indicating a promising development for the company.
Graft Polymer specializes in polymer modification and drug-delivery systems, and this new agreement presents an exciting opportunity for expansion in the high-growth sector. Specifically, Graft Polymer aims to penetrate the U.S. veterinary food supplements market through the distribution of its GraftBio Snedds products.
The first batch of GraftBio Snedds has already been dispatched to the U.S. this week, marking a significant milestone for the company.
According to Graft Polymer, the pet supplements market is valued at approximately $2.02 billion as of 2022 and is expected to exhibit a compound annual growth rate of 5.9% from 2023 to 2030.
Victor Bolduev, Chief Executive and Chief Technology Officer of Graft Polymer, expressed his enthusiasm about this opportunity. He emphasized the company’s ability to establish strong partnerships with leading operators in new markets, which opens up additional growth channels.
