MONTREAL, QUEBEC--(Marketwired - Jan. 26, 2017) - Knight Therapeutics Inc. ("Knight") (TSX:GUD), a leading Canadian specialty pharmaceutical company, announced today that it has acquired 6,200,000 common shares ("Shares") of Israeli based Protalix BioTherapeutics, Inc. ("Protalix") at an average price of US$0.57 per share. Knight now owns approximately 5% of the outstanding common shares of Protalix. The Shares were purchased by Abir Therapeutics Ltd ("Abir"), Knight's wholly-owned Israeli headquartered subsidiary, which owns 28.3% of Medison Pharma ("Medison"), Israel's third largest pharmaceutical company ranked by revenues. It is anticipated that Medison will provide selected services to Abir in order to launch innovative pharmaceuticals in Israel.
Protalix, publicly traded on NYSE MKT and the TASE, is a biopharmaceutical company focused on the development and commercialization of recombinant therapeutic proteins expressed through its proprietary plant cell-based expression system, ProCellEx®. Protalix's first product manufactured by ProCellEx, taliglucerase alfa, was approved for marketing by the U.S. FDA. Protalix's development pipeline includes the following product candidates: pegunigalsidase alfa, a modified version of the recombinant human alpha-GAL-A protein for the treatment of Fabry disease; OPRX-106, an orally-delivered anti-inflammatory treatment; alidornase alfa for the treatment of Cystic Fibrosis; and others.
Knight acquired the Shares for investment purposes. Knight may in the future purchase or sell shares of Protalix or otherwise trade in securities of or engage in other transactions with respect to Protalix depending on a number of factors, including but not limited to, Protalix's financial position, the price levels of the common shares of Protalix, conditions in the securities markets and general economic and industry conditions, Protalix's business or financial condition, and other factors and conditions Knight deems appropriate.
"We purchased this position in Protalix to plant a seed for a long and healthy relationship that hopefully blossoms into Canadian and Israeli product rights to Protalix's promising pipeline," said Jonathan Ross Goodman, CEO of Knight. "At a minimum, this will be a GUD investment for Knight. With over $700 million in cash, Knight will continue to grow its portfolio of innovative products for Canada and select international markets, with Abir, supported by our partnership with Medison, leading the charge in Israel."
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at www.gud-knight.com or www.sedar.com.
This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in Knight Therapeutics Inc.'s Annual Information Form for the year ended December 31, 2015. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law.