Protalix rallies following report of takeover talks

theflyonthewall.com

Shares of Israeli pharmaceutical company Protalix (PLX) are soaring after Israeli website Calcalist reported that the company is in talks to be acquired for $1B. Pfizer has expressed interest in buying Protalix, but at a valuation below the amount that Protalix is seeking, the website added. Protalix's board has selected Citigroup (C) to manage the selling process, according to Calcalist. In early trading, Protalix jumped 94c, or 18%, to $6.34.

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