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Shares of Ascendis Health were on track for their best day in seven months on Tuesday, after reaching terms on a R410m sale of its pharmaceutical business to its latest financier, Austell, one of two competing offers on the table.

The sale, still to be approved by shareholders, is necessary to avoid a ratcheting up of debt payments, and follows months of uncertainty for a group that has seen multiple board shake-ups and new lenders...

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