Shares of Protalix rising on report from Brazil Print E-mail
By Staff and Wire Reports   
Wednesday, 29 September 2010 09:03

Shares of Protalix BioTherapeutics Inc. (AMEX:PLX) were rising on Wednesday morning after a report from Rio De Janeiro indicated that Brazil signed a deal on Tuesday with the world's leading pharmaceutical company Pfizer and the Israel-based Protalix to produce a medicine for treating Gaucher's disease.

Brazilian Health Minister Jose Gomes Temporao said the medicine, called the enzyme taliglucerase alfa, would be produced at a lab in Rio under the 1.25-billion-real (730-million-U.S. dollar) agreement.

Back in December of 2009, Pfizer Inc. struck a commercial pact with Protalix BioTherapeutics Inc. for an experimental treatment of the rare genetic disorder, ending weeks of speculation that the pharmaceutical giant was eyeing a takeover of the Israeli firm.

Under the deal, Pfizer paid Protalix $60 million upfront, plus scheduled up to $55 million in milestone payments. The companies are supposed to split future revenue and costs on a 60-40 basis, with Pfizer taking the majority so this news development is expected impact PLX's revenues- thus sending prices higher.

The stock has been trneding higher since August and technical indicators show strong support at $8.15 with some resistance at $8.84. In addition several other technical indicators are displaying a very bullish sentiment on the stock.  $12.50 is the 52-week high for shares of the company.

See the story from Xinhuanet here: http://news.xinhuanet.com/english2010/health/2010-09/29/c_13535374.htm

For more on the stock's technical analysis go to: http://www.stockta.com/cgi-bin/analysis.pl?symb=PLX




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