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Pfizer To Pay Protalix Up To $115 Million In Gaucher's Deal

DOW JONES NEWSWIRES Pfizer Inc. (PFE) has reached an agreement to help Protalix Biotherapeutics Inc. (PLX) develop and commercialize a treatment for Gaucher's disease, getting up to $115 million in the process. Shares of Protalix jumped 10% to $10.85 premarket on the news, and Pfizer was up 0.8% to $18.32. The move comes as Genzyme Corp. (GENZ) in June had to suspend production of its Gaucher's treatment after a virus was found. The FDA in late August gave Protalix fast-track status, speeding up review of its product, which in October was reported to have met its primary goal in a late-stage trial. Gaucher's disease affects about one in 20,000 live births and causes a fatty substance to develop in cells primarily in the liver, spleen and bone marrow. Pfizer will pay Protalix $60 million up front and may make milestone payments of up to $55 million during development of the drug. The two companies will share future revenue and expenses for the development and commercialization of the drug, with Pfizer's share 60%. "Pfizer and Protalix expect to quickly deliver an alternative treatment for people suffering from Gaucher's disease," said Pfizer executive David Simmons. The company will receive exclusive worldwide licensing rights for the commercialization of the drug, while Protalix will keep its commercialization rights in Israel. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com Order free Annual Report for Genzyme Corporation Visit http://djnewswires.ar.wilink.com/?link=GENZ or call 1-888-301-0513

Stock News for Protalix Biotherapeutics (PLX)
DateTimeHeadline
06/19/201309:17:54U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
06/19/201308:26:20Protalix Reaches Pact to Transfer Technology for Gaucher Disease...
04/29/201308:40:57Protalix BioTherapeutics Treatment for Gaucher Disease Approved...
12/06/201208:36:34Protalix Signs Deal With Pfizer to Continue Managing Elelyso...
06/22/201209:50:54EMA Recommends Against Marketing Authorization to Pfizer and...
06/11/201208:29:40Protalix Gets $25 Million Milestone Payment For Rare-Disease...
05/02/201216:17:45US Stocks Trade Lower Late On Concerns Over Hiring, Europe
05/02/201214:40:14US Stocks Edge Lower On Weak Private-Sector Hiring
05/01/201217:37:05CORRECT: FDA Approves Protalix, Pfizer Drug To Treat Gaucher...
05/01/201217:07:24FDA Approves Protalix, Pfizer Drug To Treat Gaucher Disease
08/17/201108:57:24FDA Accepts Protalix Resubmission For Gaucher Disease Drug; Shares...
02/25/201107:31:34Protalix: FDA Requests More Information On Gaucher's Drug
10/01/201011:53:15Genzyme Efforts To End Cerezyme Shortage Proceeding
09/15/201013:31:11Genzyme To End Fabrazyme Rationing By Mid-2011
07/12/201007:02:50FDA May Not Rule On Protalix's Gaucher's Treatment Until 2011
02/19/201007:52:16Shire 4Q Profit Up 23% As Drug Sales Offset Generic Losses
12/01/200912:10:05Pfizer-Protalix Deal Strengthens Competition For Genzyme
12/01/200907:25:14Pfizer To Pay Protalix Up To $115 Million In Gaucher's Deal

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