With approval for taliglucerase (tali) expected to be given by the US on its February 25 PDUFA date, it could be a major catalyst for the company in the first quarter of 2011.
Canaccord said, "We think taliglucerase (tali) from Protalix and partner Pfizer (NYSE:PFE) for Gaucher disease will be approved in the US on its Feb. 25 PDUFA date. Q1/11 tali pivotal extension and full switch study data may be key catalysts, likely in mid-February 2011. We expect a strong US launch in late Q1/11 driven by EAP patients and Phase 3b data. We think tali will capture - 15+% of the $1.2B+ Gaucher market, taking Cerezyme market share by effective marketing. Our $10 target is based on a pNPV analysis."
In the EU, the application has been submitted and tali EMEA could be approved in the early part of 2012.
Canaccord reiterates a 'Buy' rating on Protalix BioTherapeutics, which closed Tuesday at $8.74, falling slightly by $0.06, or 0.68 percent. They have a price target of $10 on them.
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