New briefs on Pfizer interest in Protalix; Novo Nordisk warning letter; Hemispherx' Ampligen; and Idenix' hep C program

6 February 2013

Israeli drug developer Protalix BioTherapeutics (NYSE-AMEX: OLX) saw its shares surge 14.2% yesterday following an Israeli press report that US drugs behemoth Pfizer (NYSE: PFE) has shown an interest in buying the company after it hired Citigroup to start a sale process.

According to the report by the Hebrew newspaper Calcalist, Protalix is looking for some for $1 billion, double its market cap, although Pfizer does not want to pay that much, while an offer of $700-$800 million could be enough to sway Protalix' largest shareholders.

Protalix and Pfizer already have a clinical development deal, which was recently extended, whereby Protalix will continue to manage, administer and sponsor current, ongoing clinical trials relating to Elelyso (taliglucerase alfa; The Pharma Letter December 7, 2012).

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