Pharmaxis shares experienced a significant increase of as much as 21.2%, reaching A$0.040, marking their highest level since September 7.

The company appears to be on track for its best day since November 2, 2020, if current gains persist.

Pharmaxis announced the sale of its mannitol respiratory business to pharmaceutical manufacturing specialist Arna Pharma, a significant move that has likely contributed to its stock rise.

The company also revealed that it would undergo a name change to Syntara, and it will be reducing its board size.

There were further changes on the board as current Chair Malcolm McComas announces his retirement, with Kathleen Metters stepping in to fill his position.

There has been a significant trading activity, with 451,753 shares changing hands, noticeably higher than the 30-day average volume of 400,496 shares.

Despite this recent success, the stock has still seen a decrease of 45.9% this year, as measured from the prior close.

Pharmaxis is a pharmaceutical company focusing on respiratory diseases.