Teva Jumps to Five-Month High in Tel Aviv Closing Gap With U.S.

Teva Pharmaceutical Industries Ltd. (TEVA) rose to the highest level in more than five months, closing the gap with U.S. shares (TEVA) of the world’s largest generic drugmaker.

The stock gained (TEVA) 3.1 percent to 165.60 shekels, the equivalent of $43.10, at 10:35 a.m. in Tel Aviv, the highest intraday level since July 18. The U.S. shares soared 6.8 percent to close at $43.10 yesterday.

RBC Capital Markets LLC said today it is “confident” Teva’s newly appointed chief executive Jeremy Levin will have the ability to “refocus and revitalize” the Petach Tikva, Israel-based company.

“We expect that Dr. Levin will focus the company towards areas of greatest opportunities in the future regardless of whether these exist in the generics or branded business,” RBC analysts wrote in a report today.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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