XTL Biopharmaceuticals purchases 4,620,356 shares of Proteologics from Teva

Published on November 27, 2012 at 12:57 AM · No Comments

XTL Biopharmaceuticals Ltd. (TASE: XTL) (OTC: XTLBY) (the "Company"), a biopharmaceutical development company, announced on November 21st that it has acquired 4,620,356 shares, of Proteologics Ltd. (TASE: PRTL) (hereinafter: "the Shares" and "Proteologics", respectively), from Teva Pharmaceutical Industries Ltd. (NYSE: TEVA, TASE: TEVA) (hereinafter: "Teva") in consideration for an amount of approximately NIS 6.5 million, which represents an amount of NIS 1.405 per Share (approximately 22% premium). The Shares represent all of Teva's shares in Proteologics and represent approximately 31.35% of Proteologics issued and outstanding share capital.

Proteologics is a biopharmaceutical publically traded company listed on the Tel Aviv Stock Exchange, which is in the business of discovery and research of drugs that are active on various components of the UBIQUITIN system, which was discovered by Drs. Avram Hershko and Aaron Ciechanover - 2004 Nobel Prize in Chemistry laureates for the discovery of the UBIQUITIN system.

SOURCE XTL Biopharmaceuticals Ltd

Posted in: Business / Finance

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