XTL Biopharmaceuticals has acquired 4,620,356 shares of Proteologics from Teva Pharmaceutical for nearly NIS6.5m($1.6m).

The company has purchased single share at an amount of NIS1.405($0.36).

The acquired shares represent all the shares of Teva in Proteologics and also represent nearly 31.35%of Proteologics issued and outstanding share capital.

Proteologics is a public traded company listed on the Tel Aviv Stock Exchange.

XTL focuses on late stage clinical development of drugs to treat multiple myeloma,schizophrenia and hepatitis C.