This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Protalix Shares Fall Following Pfizer Deal

NEW YORK (AP) ¿ Shares of Protalix BioTherapeutics Inc. fell Tuesday as a newly announced licensing deal with Pfizer Inc. appeared to dispel hopes of a buyout.

Investors had been hoping Pfizer would make a move to buy Protalix. Instead, on Tuesday New York-based Pfizer licensed rights to a developing Gaucher's disease treatment, prompting a $60 million payment to Protalix.

"There were some expectations that it (Protalix) would be outright acquired," said Oppenheimer & Co. analyst Dr. Brian Abrahams. "But aspects of the collaboration itself are quite positive."

Protalix shares sank $1.09, or 11.1 percent, to $8.77 in afternoon trading. The stock has ranged from 96 cents to $12.50 over the past year.

Under the deal, New York-based Pfizer will gain worldwide licensing rights to Protalix's taliglucerase alfa, or Uplyso, while Protalix retains exclusive commercialization rights in Israel, where the company is based.

Taliglucerase alfa is an enzyme replacement therapy which has been designated an orphan drug by the Food and Drug Administration. Orphan drug status is given to drugs aimed at rare conditions or conditions that have a lack of treatments on the market. Incentives include seven years of market exclusivity following FDA approval, assistance in clinical trial design, a reduction in user fees, and tax credits.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
PFE $35.01 0.00%
PLX $2.05 0.00%
AAPL $127.60 0.00%
FB $83.09 0.00%
GOOG $535.38 0.00%

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs