Pontifax raises stake in incubator holding co Biomedix

Pontifax has bought 2.9% of Biomedix for NIS 2.8 million, reflecting a value of NIS 96 million.

Pontifax Ltd. yesterday announced that it has increased its stake in Biomedix Incubator Ltd. (TASE:BMDX.M), which controls Meytav Technological Enterprises Innovation Center Ltd. Pontifax bought 2.9% of Biomedix for NIS 2.8 million, reflecting a company value of NIS 96 million. One of Pontifax’s owners is Teva chairman Eli Hurvitz.

Biomedix has a market cap of NIS 90.9 million. Pontifax will also receive a three-year potion to buy the same quantity of Biomedix shares at a strike price of NIS 1.81 per share, compared with its current share price of NIS 1.42.

The present transaction was part of a private allocation, after which Pontifax will own 19% of Biomedix, the largest shareholder in the company. Biomedix will use the proceeds to buy the stakes of BioLineRx Ltd. and the Galilee Development Company Ltd. in Meytav for $400,000 each. When these transactions are completed, Biomedix will increase its stake in Meytav from 67% to 84%.

Published by Globes [online], Israel business news - www.globes.co.il - on July 6, 2006

© Copyright of Globes Publisher Itonut (1983) Ltd. 2006

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