13D Filing: Brosh Capital Partners L.P. and Kamada Ltd (KMDA)

UNITED STATES

SECURITIES AND EXCHANGE
COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED
IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No.  )¹

Kamada Ltd.

(Name
of Issuer)

Ordinary Shares, par value of NIS 1.00

(Title of Class of Securities)

M6240T 10 9

(CUSIP Number)

Amir
Efrati

Brosh
Capital PARTNERS, L.P.

11 Menachem Begin Rd.

Ramat-Gan, Israel 5268104

+972-77-3206050

STEVE
WOLOSKY, ESQ.

OLSHAN
FROME WOLOSKY LLP

1325
Avenue of the Americas

New
York, New York 10019

(212)
451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices
and Communications)

September 1, 2017

(Date of Event Which Requires
Filing of This Statement)

If
the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule
13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following
box ¨.

Note:  Schedules
filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See
§ 240.13d-7 for other parties to whom copies are to be sent.

1
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided
in a prior cover page.

The information required
on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities
Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however, see the Notes).

The following constitutes
the Schedule 13D filed by the undersigned (the “Schedule 13D”).

This statement relates
to the Ordinary Shares, par value of NIS 1.00 (the “Shares”), of Kamada Ltd., an Israeli corporation (the “Issuer”).
The address of the principal executive offices of the Issuer is 2 Holzman Street, Science Park, P.O. Box 4081, Rehovot 7670402
Israel.

(a)       This
statement is filed by:

Each of the foregoing
is referred to as a “Reporting Person” and collectively as the “Reporting Persons.” Each of the Reporting
Persons is party to that certain Joint Filing Agreement, as further described in Item 6. Accordingly, the Reporting Persons are
hereby filing a joint Schedule 13D.

(b)       The
address of the principal office of each of the Reporting Persons is 11 Menachem Begin Rd., Ramat-Gan, Israel.

(c)       The
principal business of Brosh is investing in securities. The principal business of Exodus GP is serving as the general partner of
Brosh and as a portfolio manager for the Exodus Managed Account. The principal occupation of Mr. Efrati is serving as the portfolio
manager of each of Brosh and Exodus GP. The principal occupation of Mr. Biram is serving as the chairman of Sunflower Sustainable
Investments Ltd. and as a private investor. The principal occupation of Ms. Deutsch is a medical doctor.

(d)       No
Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).

(e)       No
Reporting Person has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations
of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to
such laws.

(f)       Messrs.
Efrati and Biram and Ms. Deutsch are citizens of Israel.

The Shares purchased
by Brosh and held in the Exodus Managed Account were purchased with working capital (which may, at any given time, include margin
loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted in Schedule
A, which is incorporated herein by reference. The aggregate purchase price of the 1,873,146 Shares owned directly by Brosh is approximately
$9,701,346, excluding brokerage commissions. The aggregate purchase price of the 135,791 Shares held in the Exodus Managed Account
is approximately $700,546, excluding brokerage commissions. The Shares purchased by Mr. Biram were purchased with personal funds,
in open market purchases, except as otherwise noted in Schedule A, which is incorporated herein by reference. The aggregate purchase
price of the 213,665 Shares owned directly by Mr. Biram is approximately $1,056,297, excluding brokerage commissions. The Shares
purchased by Ms. Deutsch were purchased with personal funds, in open market purchases, except as otherwise noted in Schedule A,
which is incorporated herein by reference. The aggregate purchase price of the 273,020 Shares owned directly by Ms. Deutsch is
approximately $1,328,498, excluding brokerage commissions.

The Reporting Persons
purchased the securities of the Issuer reported herein based on the Reporting Persons’ belief that such securities, when
purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other
investment opportunities available to the Reporting Persons, and the availability of securities of the Issuer at prices that would
make the purchase or sale of securities of the Issuer desirable, the Reporting Persons may endeavor to increase or decrease their
position in the Issuer through, among other things, the purchase or sale of securities of the Issuer on the open market or in private
transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.

No Reporting Person
has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) – (j) of
Item 4 of Schedule 13D except as set forth herein or such as would occur upon completion of any of the actions discussed herein.
The Reporting Persons intend to review their investment in the Issuer on a continuing basis and may from time to time engage in
additional discussions with management and the Board. Depending on various factors including, without limitation, the Issuer’s
financial position and investment strategy, the price levels of the securities of the Issuer, conditions in the securities markets
and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment
in the Issuer as they deem appropriate including, without limitation, making proposals to or concerning the Issuer, purchasing
additional securities of the Issuer, selling some or all of their securities of the Issuer, engaging in short selling of or any
hedging or similar transaction with respect to the securities of the Issuer, or change their intention with respect to any and
all matters referred to in Item 4.

The aggregate percentage
of Shares reported owned by each person named herein is based upon 40,254,740 Shares outstanding, which is the total number of
Shares outstanding as reported in the Issuer’s Prospectus Supplement filed with the Securities and Exchange Commission on
August 1, 2017.

Percentage: Approximately
4.7%

Percentage: Approximately
4.99%

Percentage: Approximately
6.2%

Percentage: Less than
1%

E.       Ms.
Deutsch

Percentage: Less than
1%

The filing of this
Schedule 13D shall not be construed as an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities
Exchange Act of 1934, as amended, the beneficial owners of any of the securities reported herein. Each of the Reporting Persons
specifically disclaims beneficial ownership of the securities reported herein that are not directly owned by such Reporting Person,
except to the extent of their pecuniary interest therein.

(d)           No
person, other than the Reporting Persons and the Exodus Managed Account, is known to have the right to receive, or the power to
direct the receipt of dividends from, or proceeds from the sale of, the Shares.

(e)            Not
applicable.

On September 13, 2017,
the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf
of each of them of statements on Schedule 13D with respect to securities of the Issuer, to the extent required by applicable law.
The Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Other than as described
herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting
Persons and any other person, with respect to the securities of the Issuer.

SIGNATURES

After reasonable
inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement
is true, complete and correct.

Dated: September 13, 2017

SCHEDULE A

Transaction in
the Shares During the Past Sixty (60) Days

BROSH CAPITAL
PARTNERS, L.P.

EXODUS MANAGEMENT
ISRAEL LTD. (THROUGH THE EXODUS MANAGED ACCOUNT)

AHARON BIRAM

ESTHER DEUTSCH