Canaccord Adams Reiterates a 'Buy' on Protalix BioTherapeutics (PLX)
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Canaccord Adams reiterates a 'Buy' on Protalix BioTherapeutics (NYSE Amex: PLX), price target $13.
Canaccord analyst says, "Positive efficacy and clean safety suggest high chance of approval. Uplyso, Protalix’s Phase 3 drug for Gaucher’s disease, had positive top-line data in mid-October from an SPAsanctioned pivotal trial. The trial achieved its primary endpoint with very good safety.
GENZ’s Cerezyme is now the sole approved Gaucher’s enzyme drug ($1.2B 2008 sales), but
is experiencing severe manufacturing-related shortages...We anticipate strong enrollment in Uplyso expanded access program...We think Phase 3 data will drive a rich Uplyso partnership soon...Uplyso NDA filing in Q4/09, but partnership is the next catalysUplyso catalyst. We think Protalix will partner Uplyso in the US and EU for rich terms around the start of 2010, get US approval in mid-2010 and EU approval in H2/10. We think Cerezyme will lose major market share due to the shortage and damaged Gaucher’s community relationships. We think Uplyso data gives good proof of concept to Protalix’s plant-based protein expression platform, which could be the basis of additional clinical programs and partnerships."
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Protalix BioTherapeutics, Inc., a biopharmaceutical company, engages in the development and commercialization of recombinant therapeutic proteins based on its proprietary ProCellEx protein expression system in the United States.
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Takeover speculaton
Land on Nov 10, 2009 05:36 PMWhen one reads the statement that accompanied the Q3 financials, it is clear that protalix is much more than a one trick pony. Not only is a drug now ready for finai approval for Gauchers disease with potential annual sales of $120 to 200,000,000 but the company is making excellent progress on another enzyme treatment, a biological weapons defense medication, a rhematoid arthritis treatment, and at least one other drug for an undisclosed ailment. All are bio-idential to existing drugs (except the bio-defense one) with existing markets so the clinical trials a little less complicated. They might partner withanother company to license the basic method of production they should continue to develop and sel leverything they can produce. If the bio-defense medication is effective, it willl be ordered by every army in the world. If the other drugs are effective, their sales could easily be (like Gensyme) in the billions. If antoher company wants everything including the entire pipeline, the price has to be very very high.