** Shares of Australia's Recce Pharmaceuticals RCE.AX rise as much as 3.3%, their highest since December 8

** The pharmaceutical co receives Advanced Overseas Finding approval for up to A$85 million ($56.47 million) for Synthetic Antibiotic R&D

** Co receives confirmation that its R&D activities undertaken outside Australia are eligible and qualify for the 43.5% R&D Tax Incentive

** RCE up 28% YTD

($1 = 1.5053 Australian dollars)

(Reporting by Keshav Singh Chundawat in Bengaluru)

((Keshav.singhchundawat@thomsonreuters.com))