The value is lower than the figure investors had been hoping for.
Biopharmaceutical company Protalix Biotherapeutics Inc. (AMEX:PLX) is to complete the offering it announced earlier this month after the close of trading in New York this evening. Market sources expect the offering to be held at a value of $600-800 million, or $11-12 per share. Sources close to the company said in recent weeks that Protalix could raise as much as $1 billion in the offering, so the figures now being quoted will be slightly disappointing.
If, however, the offering does raise this sum, it will be a most impressive value for a company, in which Teva vice chairman Dr. Philip Frost invested $17 million at a value of $110 million less than a year ago. Protalix's initial investors, Pontifax Ltd., Marathon Venture Capital Fund (TASE: MARA), Biocell Ltd. (TASE: BCEL), and Technorov Holdings are likely to earn a substantial return on their investment if Protalix holds the offering at this value.
Biocell's value will probably be equal to 20-22% of that Protalix, its sole holding, following the completion of the offering.
Published by Globes [online], Israel business news - www.globes.co.il - on October 23, 2007
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