Mediwound Ltd (MDWD): MediWound jumps on reports of $400m bid...

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Tuesday, 07/09/2024 8:03:04 AM

Tuesday, July 09, 2024 8:03:04 AM

MediWound jumps on reports of $400m bid by Solventum

Ofer Gonen credit: Eran Lavi

7 Jul, 2024 16:20

Shiri Habib-Valdhorn

The Israeli company has developed a pineapple-plant based product for treatment of burns and wounds.
Israeli biopharmaceutical company MediWound (Nasdaq: MDWD) saw its share price jump 35% on Friday on Wall Street to $19.60, giving it a market cap of $182 million. At one point in trading on Friday, the share price was up 60%, after media reports that US company Solventum (NYSE: SOLV) had offered to acquire MediWound for $400 million, or $34 per share.

Last year MediWound, which has developed a pineapple-plant based product for treatment of burns and wounds, almost doubled its market cap. Even so its share price is well below its peak in 2021.

MediWound, which is managed by CEO Ofer Gonen, has made no official comments on the reports of Solventum's offer but market sources believe that any negotiations are still in their early stages and no deal is yet on the table.

Published by Globes, Israel business news - en.globes.co.il - on July 7, 2024.