Teva Pharmaceutical Industries Ltd. (TEVA) slumped to the lowest level since December 2006, narrowing the gap with the U.S.-traded shares, after European regulators said they need more time to review its bid for Cephalon Inc.
The stock of the world’s largest maker of generic drugs declined 3.1 percent to 130.30 shekels, the equivalent of $35.19, at the 4:30 p.m. close in Tel Aviv. The New York-traded shares lost 8.6 percent last week to $35.26.
The European Commission on Sept. 23 extended its antitrust review of Teva’s bid for Cephalon, setting a new deadline of Oct. 13. Teva’s $6.8 billion acquisition of the U.S. biotechnology company was supposed to be concluded by the end of the third quarter, according to Natali Gotlieb, a Tel Aviv-based analyst at IBI-Israel Brokerage & Investments Ltd.
“As long as the deal isn’t closed, it will take longer for Teva to include Cephalon’s earnings,” Gotlieb said by telephone.
Monday, September 26, 2011
Teva Falls to Lowest Since 2006 in Tel Aviv, Closing Gap With U.S. Shares - Bloomberg