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Perrigo Rises to Highest in More Than a Month on FDA Hearing

Perrigo Co. rose to the highest level 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 2.8 percent to 379.30 shekels, the highest since Jan. 19, at the 4:30 p.m. close in Tel Aviv. 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.

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