Singapore's SciGen looks to sell Israel operations

SciGen Israel produces hepatitis vaccines, which are sold locally.

SciGen Israel Ltd., which develops and produces hepatitis B vaccines for the domestic market is up for sale, according to the financial report of Singapore-based SciGen Ltd. (ASX: SIE). SciGen has a market cap of $63 million.

Sources inform ''Globes'' that Scigen's parent company, Poland-registered Bioton SA, is in financial trouble and had originally sought a buyer for SciGen Israel's Rehovot facility, but that it now wants to sell the entire company as a going concern. $10 million has reportedly been invested in SciGen Israel since the plant was opened in 2006.

SciGen Israel only manufactures hepatitis B vaccines, which are sold only in Israel for $164,000 a year. Although the vaccine is approved for use in several Asian countries, it is not marketed in any of them.

As is the case of many Israeli biotech companies, SciGen Israel's roots lie in Biotechnology General (BTG), which gave rise in time to US company Savient Pharmaceuticals Inc. (Nasdaq: SVNT). Savient closed its Israeli operations, which were taken over by Switzerland's Ferring Pharmaceuticals AG, and later sold the hepatitis vaccine operation to SciGen.

Published by Globes [online], Israel business news - www.globes-online.com - on April 6, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018