Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - Protalix BioTherapeutics, Inc. | y04677e8vkza.htm |
Exhibit 5.1
[LETTERHEAD OF MORRISON & FOERSTER LLP]
March 23, 2011
Protalix BioTherapeutics, Inc.
2 Snunit Street, Science Park
POB 455
Carmiel, Israel 20100
2 Snunit Street, Science Park
POB 455
Carmiel, Israel 20100
| Re: | Protalix BioTherapeutics, Inc. — Offering of 4,000,000 Shares of Common Stock |
Ladies and Gentlemen:
We have acted as counsel to Protalix BioTherapeutics, Inc., a Florida corporation (the
“Company”), in connection with the offering by the Company of 4,000,000 shares of the
Company’s common stock, $0.001 par value (the “Shares”) pursuant to a registration
statement on Form S-3 (Registration Statement No. 333-171615) (the “Registration
Statement”) filed with the Securities and Exchange Commission (the “Commission”) under
the Securities Act of 1933, as amended (the “Securities Act”), the prospectus dated January
13, 2011 (the “Base Prospectus”), and the prospectus supplement dated March 17, 2011, filed
with the Commission pursuant to Rule 424(b) of the Rules and Regulations of the Securities Act (the
“Prospectus Supplement”). The Base Prospectus and the Prospectus Supplement are
collectively referred to as the “Prospectus.” This opinion is being rendered in connection
with the offering and sale by the Company of the Shares pursuant to an underwriting agreement (the
“Underwriting Agreement”) dated March 17, 2011 between the Company and the several
Underwriters named in Schedule II thereto, acting through Citigroup Global Markets Inc. and
Barclays Capital Inc. as their Representatives. The Shares were sold by the Company in the manner
described in the Registration Statement and the Prospectus.
In connection with this opinion, we have examined such corporate records, documents,
instruments, certificates of public officials and of the Company and such questions of law as we
have deemed necessary for the purpose of rendering the opinions set forth herein.
In such examination, we have assumed the genuineness of all signatures and the authenticity of
all items submitted to us as originals and the conformity with originals of all items submitted to
us as copies.
Based on the foregoing, and subject to the further assumptions and qualifications set forth
below, it is our opinion that when the necessary corporate action on the part of the Company has
been taken to authorize the issuance and sale of the Shares, and when the Shares are issued and
delivered in accordance with the Underwriting Agreement against payment therefor for the
consideration approved by the Company’s Board of Directors, the Shares will be validly
issued, fully-paid and non-assessable.
Please note that we are opining only as to the matters expressly set forth herein, that no
opinion should be inferred as to any other matter. We are opining herein as to the Florida
Business Corporation Act as in effect on the date hereof, which includes the statutory provisions
and also all applicable provisions of the Florida Constitution and reported judicial decisions
interpreting those laws, and we express no opinion with respect to any other laws, rules or
regulations. In rendering the foregoing opinion, we have relied, for matters involving Florida
law, solely on the opinion of Shutts & Bowen LLP, Miami, Florida. This opinion is based upon
currently existing laws, rules, regulations and judicial decisions, and we disclaim any obligation
to advise you of any change in any of these sources of law or subsequent legal or factual
developments which might affect any matters or opinions set forth herein.
We hereby consent to the use of this opinion as Exhibit 5.1 to the Company’s amended Current
Report on Form 8-K/A to be filed with the Commission on or about March 23, 2011, which will be
incorporated by reference in the Registration Statement, and to the reference to us under the
caption “Legal Matters” in the prospectus included in the Registration Statement. In giving such
consent, we do not hereby admit that we are acting within the category of persons whose consent is
required under Section 7 of the Securities Act or the rules or regulations of the Commission
thereunder.
Very truly yours,
/s/ Morrison & Foerster LLP
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