About eight months after being acquired by the American chemical company ISP for an amount between 10 to 20 million dollars, the Haifa-based medical research company Finetech is being sold again—this time for 109 million dollars. The buyer is the American generic pharmaceuticals company PRI. The acquisition deal, announced by PRI (which is traded on NASDAQ with a market value of 970 million dollars), is planned to be signed in the coming weeks. As part of the deal, PRI will pay an additional three million dollars for the separation of Finetech from ISP, in addition to the 109 million dollars.
Finetech, a medical research company operating in Haifa and Ohio, develops new processes for the synthesis of drugs. The company was founded in 1990 by Professor Aryeh Gutman, a chemistry researcher from the Technion, in collaboration with Dimotech, the Technion’s commercialization company. Gutman, a former immigrant from the Soviet Union, established the company at the beginning of the immigration wave, recruiting about 40 scientists, most of whom are new immigrants from the former Soviet Union holding doctorates in exact sciences. Gutman held 25% of the company’s shares at the time of its sale. The company Lumenis also held 6% of its shares.
Teva Chairman Purchases Israeli Finetech for 100 Million Shekels
Dr. Phillip Frost, a 74-year-old American Jew, has previously invested in Israeli companies such as Protalix, “Optical Imaging,” and others. In 2011, Teva Chairman Dr. Phillip Frost decided to invest his personal money in the Israeli Finetech of Nesher. Finetech, which is involved in the development of raw materials for pharmaceuticals, will be acquired by the American medical device manufacturer Opko, controlled by Frost, for a total amount of 100 million shekels (27.5 million dollars). For the acquisition, Opko will pay 10 million dollars in cash and the remainder in shares of the company worth 17.5 million dollars.