Biopharmaceutical company Proteologics Ltd.'s (TASE: PRTL) share price has risen sharply in heavy trading on the Tel Aviv Stock Exchange (TASE) after reporting that XTL Biopharmaceuticals Ltd. (Pink Sheets:XTLBY); TASE:XTL) acquired 4,620,356 of its shares from Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA). This represents a 31.3% stake in Proteologics at a 20% premium on today's opening price.
Before the deal Teva was the controlling shareholder in Proteologics.
XTL probably conceived the idea of acquiring the stake in Proteologics after the company's chairman Dr. Aharon Schwartz recently proposed a merger with Biocancell Therapeutics Ltd. (TASE:BICL). This proposal possibly brought Proteologics to XTL's attention.
Proteologics is a drug development company focuses primarily on discovering inhibitors for specific E3 ubiquitin ligases.
Proteologics share price was up 21.85% in afternoon trading on the TASE to NIS 1.40 after rising 4.5% yesterday.
Published by Globes [online], Israel business news - www.globes-online.com - on November 22, 2012
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