Protalix Confirms It's Considering Options; Shares Surge

   By Saabira Chaudhuri 
 

Protalix BioTherapeutics Inc. (PLX) confirmed it is exploring strategic options, although it didn't specify as to whether these include the possibility of selling itself.

The Israeli biopharmaceutical company's shares were up 22% to $6.55 in recent trading. The stock has risen 26% so far this year.

Protalix said it has hired Citigroup Inc. (C) to assist it in "reviewing a broad array of product partnering, technology sharing and other strategic alternatives."

The Carmiel-based company added that it "will not comment further on this initiative unless future events would make doing so appropriate."

The share surge came after Israeli business newspaper, Calcalist, reported that Protalix has hired Citi to consider a possible sale. Bloomberg News reported on Calcalist's report, which also said Pfizer Inc. (PFE), Novartis AG (NVS, NOVN.VX) and Merck & Co. (MRK) are among the drug companies that have expressed an interest in buying Protalix.

The Israeli publication reported that while the drug company is looking for a price of $1 billion in a sale, its largest shareholders may be willing to settle for between $700 million and $800 million.

Write to Saabira Chaudhuri at [e-mail]

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