MONTREAL, QC- Montreal’s Knight Therapeutics says it is taking a small stake in Israeli-based Protalix BioTherapeutics, through the acquisition of 6,200,000 common shares of the company at an average price of US$0.57 per share.
With the purchase, Knight now owns approximately five per cent of the outstanding common shares of Protalix.
The shares were purchased by Abir Therapeutics Ltd., Knight’s wholly-owned Israeli headquartered subsidiary, which owns 28.3 per cent of Medison Pharma (Medison), Israel’s third largest pharmaceutical company ranked by revenues. It is anticipated that Medison will provide selected services to Abir in order to launch innovative pharmaceuticals in Israel.
“We purchased this position in Protalix to plant a seed for a long and healthy relationship that hopefully blossoms into Canadian and Israeli product rights to Protalix’s promising pipeline,” said Jonathan Ross Goodman, CEO of Knight. “At a minimum, this will be a GUD (good) investment for Knight. With over $700 million in cash, Knight will continue to grow its portfolio of innovative products for Canada and select international markets, with Abir, supported by our partnership with Medison, leading the charge in Israel.”
Protalix, a publicly traded biopharmaceutical company is focused on the development and commercialization of recombinant therapeutic proteins expressed through its proprietary plant cell-based expression system, ProCellEx®. Protalix’s first product manufactured by ProCellEx, taliglucerase alfa, was approved for marketing by the U.S. FDA.