(Reuters] – Bubs Australian shares rose after U.S. Health Authorities approved the import of their infant formula in an effort to address a severe shortage. U.S. President Joe Biden posted “the good news” on Twitter.

Bubs expects to ship 1.25 million baby formula cans and has 500,000 tins available for export immediately.

In early afternoon trade, the shares of this company were up by 40% (or 19 cents) at A$0.68. The stock was valued at A$417 million ($300million).

When the U.S. Baby Formula Crisis was started, Abbott Laboratories (NYSE:) In February, dozens of products were recalled by the company after parents complained about their infants getting bacterial infections.

On May 19, the U.S. Food and Drug Administration stated that Abbott would reopen Michigan’s key baby formula facility within one to two weeks.

($1 = 1.3931 Australian dollars)