XTL Biopharma buys Teva's stake in Proteologics

In a second M&A deal this year, Israel‘s XTL Biopharmaceuticals (TASE: XTL) announced that it has acquired 4,620,356 shares, of Proteologics (TASE: PRTL) from Teva Pharmaceutical Industries for  6.5 million shekels ($1.7 million), which represents an amount of 1.405 shekels per share (around 22% premium).

The shares represent all of the Proteologics held by Teva, the world’s leading generics drugmaker whichis also headquarterd in Israel, and represent about 31.35% of Proteologics issued and outstanding share capital.

Proteologics is a biopharmaceutical publically traded company listed on the Tel Aviv Stock Exchange, which is in the business of discovery and research of drugs that are active on various components of the Ubiquitin system, which was discovered by Avram Hershko and Aaron Ciechanover - 2004 Nobel Prize in Chemistry laureates for the discovery of the Ubiquitin system, to which Teva acquired certain rights in 2008.