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:

For more on the stock's technical analysis go to:

"Featured Content" profiles are meant to provide awareness of these companies to investors in the small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. BiomedReports is not paid or compensated by newswires to disseminate or report news and developments about publicly traded companies, but may from time to time receive compensation for advertising, data, analytics and investor relation services from various entities and firms. Full disclosures should be read in the 'About Us Section'.

Add this page to your favorite Social Bookmarking websites
Digg! Reddit!! Mixx! Google! Live! Facebook! Technorati! StumbleUpon! MySpace! Yahoo!

blog comments powered by Disqus