ICL Postpones Perio Prods Public Offering
Israel Chemicals Ltd says it has postponed the US public offering forits pharmaceutical subsidiary Perio Products. The company's explanation was that potential US investors believe that a higher valuation would be possible when the firm receives Food and Drug Administration approval for its as-yet only product, the Perio-Chip. This product is designed to slowly release chlorhexidine from a chip placed in the periodontal cavities for the treatment of periodontitis. The valuation of Perio for the intended issue was $175 million, but some analysts believe that this is an unrealistic figure in view of the company's product range and financial results so far.
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