Clal Biotechnology Industries - Israeli science, worldwide presence

We are initiating coverage on Clal Biotechnology Industries (CBI), an Israel/Boston-based healthcare investment company with an extensive portfolio incorporating a diverse range of technologies, indications and stages of development. CBI holds direct investments in 10 companies (nine biotech and one medical device company), most importantly MediWound, a NASDAQ-listed wound care company, and Gamida Cell, which is developing a universal bone marrow transplant (BMT) product. Also, BioCanCell and Biokine have programmes in Phase III or Phase III ready. We value the company at NIS918m or NIS5.87 per share.