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Pfizer eyes cooperation with Protalix, if it doesn't snap it up first
By Yoram Gabison
Tags: israel news

Pfizer, the world's largest pharmaceutical company, is considering forging a cooperation deal with Protalix Biotherapeutics and may even try to buy the Israeli company. A Pfizer delegation visited the Protalix facilities in Carmiel last week, TheMarker has learned.

Pfizer, which recently snapped up fellow U.S. drugmaker Wyeth in a $64 billion deal, has a market cap of $115 billion. Protalix is a veritable minnow, with a market cap of $725 million, but its stock has surged 415% so far this year.

Protalix developed the ProCellEx system for producing medical proteins through the genetic engineering of carrot cells. This method is up to 90% cheaper than other production methods including the genetic engineering of mammal cells or bacteria. The new method avoids exposure to potential contaminants involved in the use of mammal or bacterial cells, increases the capacity to reproduce identical molecules, and makes it possible to quickly increase production.
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New York-listed Protalix is also held by Biocell (19%), Teva vice chairman Phillip Frost (10%) and Teva chairman Eli Hurwitz's Pontifax (4%). It has successfully completed its third and decisive clinical-trial phase of the drug Uplyso for Gaucher's disease.

That genetic ailment is caused by the impaired production of enzymes that break down fats. A lack of these enzymes causes an accumulation of fat cells in organs such as the spleen and liver and damages blood platelets. Protalix is expected to soon file an application with the Food and Drug Administration for approval to sell Uplyso in the mammoth U.S. market.

The drug market for treating Gaucher's disease is currently dominated by Genzyme's treatment Cerezyme, which had sales of $1.25 billion over the past 12 months. Revenues have been stung, however, by the discovery of contamination at the company's production plant in the United States, which led to a halt in manufacturing and deliveries. After the incident, the FDA authorized Protalix and another Gaucher drug manufacturer, Britain's Shire, to provide their drugs to Gaucher patients even before final FDA approval.

Pfizer is probably interested in Protalix because of both Uplyso and the ProCellEx technology. According to Protalix, the ability to produce similar versions of biological drugs through an entirely different production method allows it to bypass patent restrictions on many biological medications.

Protalix's approach could make production of biogeneric versions of biological drugs possible at a vastly reduced cost. Pfizer, which focuses on proprietary drugs, has in recent years begun producing generics and is beginning to close the gap with Teva, the world's largest generics producer. Teva inked a cooperation deal in September 2006 with Protalix for developing generic versions of two biological drugs, each of which has sales of $1 billion.
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