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 saabira.chaudhuri@dowjones.com
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