The merger of Meytav Technological Enterprises Innovation Center Ltd. graduate Protalix Biotherapeutics Ltd. and stock market shell Orthodontix Inc. (OTIX.OB), half of which is owned by former Teva VP Phillip Frost will take place on December 31. The merged company will retain the name Protalix Biotherapeutics.
In the share-swap deal, Orthodontix shareholders will receive 0.84% of Protalix, and Protalix’s existing shareholders (excluding the Frost Group) will hold 85% of the shares of Orthodontix and the current shareholders of Orthodontix and the Frost Group will hold the remaining 15% of the shares of Orthodontix.
Protalix’s shareholders are Biocell Ltd. (TASE: BCEL) (20%), Marathon Venture Capital Fund (TASE: MARA) (12), Pontifax Ltd. (10%), Meytav (controlled by Biomedix Incubator Ltd. (TASE:BMDX)) (2%), Technorov Holdings, Atara Technology Ventures, Ziff Asset Management and Tamarez.
Biocell, for whom Protalix is its only activity, rose 10% today to reach a market cap of NIS 230 million, giving Protalix a company value of $260 million. Orthodontix fell to a reach a market cap of $10.5million.
Published by Globes [online], Israel business news - www.globes.co.il - on December 20, 2006
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