Clal Biotech already owns 75% of Biocancell and 64% of D-Pharm.
The share price of Biocancell Therapeutics Ltd. (TASE:BICL) rose 76.4% in thin trading to NIS 0.46, giving a market cap of NIS 24 million, after announcing that it will bring forward the publication of the results of clinical trials for its bladder cancer and pancreatic cancer drugs. Before investors could react to this news, it announced that it would make an important announcement and trading in the share was suspended. Just before the session ended, the company announced that it received an offer to merge with Clal Biotechnology Industries Ltd. (TASE: CBI), which already owns 75% of it.
Clal Biotech made the same offer D-Pharm Ltd. (TASE: DPRM), in which it owns 64%. The mergers will be in the form of share-swaps on terms to be decided in negotiations between the companies, which will take several months. If the deals are closed, and the two companies are delisted, Clal Biotech will own no public companies.
D Pharm's share price fell 2.3% to NIS 0.58, giving a market cap of NIS 29 million. Clal Biotech's share price rose 0.7% to NIS 9.06, giving a market cap of NIS 918 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 31, 2012
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