Clal Biotechnology Industries Ltd. (TASE: CBI) acquired the holding of Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) in Transpharma Medical Ltd. for $2.5 million. The purchase doubled Clal Biotech's holding in Transpharma to 12% (on a fully diluted basis).
Transpharma has developed ViaDor (previously called ViaDerm), a transdermal drug delivery technology, which replaces the need for intravenous drug delivery. The company has a licensing and joint development agreement with Eli Lilly & Company (NYSE: LLY) to develop a transdermal version of an osteoporosis drug, which is undergoing a Phase IIb clinical trial.
Clal Biotech CEO Reuven Krupick said, "These acquisitions are required under Clal Biotech's policy of active involvement in its portfolio companies. Our interest in Transpharma is based on its challenge technologically and business-wiseunder its highly qualified management. We believe that the increased holding will allow us to expand our contribution to the company's progress."
Clal Biotech, a unit of Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH), is Israel's largest investment company in the life sciences. Its holdings include 84% of Andromeda Biotech Ltd., 46% of D-Pharm Ltd. (TASE: DPRM), 41% of CureTech Ltd., 20% of Gamida Cell Ltd., 41% of Polyheal Ltd., and 55% of Mediwound Ltd. Clal Biotech's share price 1.9% in morning trading to NIS 23.02, giving a market cap of NIS 2.34 million.
Teva's share price fell 0.5% on Nasdaq yesterday to $51.89, giving a market cap of $46.55 billion, and fell 0.2% on the TASE to NIS 187.60
Published by Globes [online], Israel business news - www.globes-online.com - on February 22, 2011
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