Perrigo Heads for Highest in More Than a Month on FDA Hearing

Perrigo Co. (PRGO) headed for the highest close in six weeks in Tel Aviv as the U.S. Food & Drug Administration is considering rule changes that would allow more prescription drugs to be sold over-the-counter.

The shares of the maker of over-the-counter drugs rose 2.9 percent to 379.50 shekels at 1:56 p.m. in Tel Aviv, poised for the highest close since Jan. 19. The shares have gained 7.5 percent this week.

“It’s definitely an interesting development to see the FDA proactive about switching drugs and not just responding to requests or applications,” said Jonathan Kreizman, analyst at Clal Finance Batucha Brokerage Ltd.

The FDA will hold a public hearing on the matter next month, it said on its website earlier this week.

To contact the reporter on this story: Gwen Ackerman in Jerusalem at gackerman@bloomberg.net

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

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