The company currently has a market cap on AMEX of $1.3 billion.
Israeli biopharmaceutical company Protalix Biotherapeutics Inc. (AMEX:PLX) will raise $100 million in its upcoming offering. The company value for the offering has not yet been set. Protalix said previously that it would aim for a value of $500 million, but given its success in maintaining a high market cap on AMEX, coupled with the progress it is making in its activity and the securing of FDA approval to proceed to Phase III clinical trials, the company will probably aim for the $800 million mark. The final value will depend on the pricing vis-à-vis the leading investment institutions that will participate in the offering.
Protalix develops protein-based drugs using plant-cell culture technology. It is currently conducting Phase III clinical trials for its drug for the treatment of Gaucher Disease. At the end of 2006, Protalix was merged into the market shell Orthodontix, after Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) vice chairman Dr. Philip Frost invested $17 million in the company at a value of $110 million.
Published by Globes [online], Israel business news - www.globes.co.il - on June 20, 2007
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