Bio-Light Israeli Life Sciences Investments Ltd. (TASE:BOLT) has acquired 100% of Micromedic Technologies Ltd. (TASE:MCTC) portfolio company Zetiq Technologies Ltd. in exchange for 3.94 million shares - 21% of Micromedic - allotted to Bio-Light, giving it the controlling interest in Micromedic. Micromedic also allotted 1.21 million options exercisable for the same number of shares, amounting to 6.15% of the company, within five years. Zetiq is developing cancer diagnostic techniques
Bio-Light chairman Israel Makov, the former CEO of Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA), will become chairman of Micromedic when the deal is completed. He will replace Reuven Kuvent.
Micromedic CEO Orna Pollack said, "Mircomedic's new controlling shareholder will help the company move forward and position itself in its industry. Our ability to leverage Zetiq's technology, on the basis of the current expertise, will help create synergy and optimal joint ventures that will be greater than the sum of its parts."
Bio-Light CEO Suzana Nahum Zilberberg said, "Cancer diagnostics is a developing field that aims to meet an existing and growing need. We see great potential in creating value through strategic clusters based on the sharing of knowledge between companies tacking a medical condition from different angles. This is the first of a series of business measures designed to create added value for our shareholders."
Zetiq's CellDetect technology is a technique for fast and precise identification of cancer cells. Bio-Light's other portfolio company is IOptima Ltd., which is developing surgical treatments for glaucoma.
Micromedic's share price rose 4.1% by early afternoon to NIS 2.41, giving a market cap of NIS 34 million, and Bio-Light's share price rose 3.7% to NIS 0.22, giving a market cap of NIS 38 million.
Published by Globes [online], Israel business news - www.globes-online.com - on September 25, 2011
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