M&A

2 November, 2009

Pfizer eyes deal with Israel's Protalix-newspaper

TEL AVIV, Nov 2 (Reuters) - Pfizer (PFE.N), the world's largest drugmaker, is considering a cooperation deal with Protalix Biotherapeutics (PLX.A) and may even try to buy the Israeli company, TheMarker financial newspaper said on Monday.

A Pfizer delegation visited the Protalix facilities in Israel last week, TheMarker said.

Protalix officials were not immediately available for comment.

Protalix has a market cap of $726 million and its stock has surged 415 percent so far this year.

Protalix developed the ProCellEx system for producing medical proteins through the genetic engineering of carrot cells. This method is up to 90 percent cheaper than other production methods including the genetic engineering of mammal cells or bacteria, TheMarker said.

Last month Protalix said its experimental drug to treat Gaucher disease, a rare genetic disorder, was successful in a late-stage clinical trial. If approved, the drug, Uplyso, would compete with Genzyme Corp's (GENZ.O) biggest-selling drug, Cerezyme.

Protalix is 19 percent held by Israel's Biocell (BCEL.TA).

Protalix Chief Executive David Aviezer has said he expects Protalix to sign a partnership agreement with another pharmaceuticals company by the end of this year.

(Reporting by Tova Cohen; Editing by Erica Billingham)

Source: http://www.reuters.com