MannKind Corp. rose in its first day of trading on the Tel Aviv Stock Exchange, the third U.S.-based bio-technology stock to dual list in Israel in less than two months.
The biopharmaceutical company that develops therapies for diseases such as diabetes and cancer gained 2 percent. The stock, which has declined 31 percent this year in New York, will be included the TA-75, TA-100, TA-BlueTech, TA-Tech-Elite and TA-Biomed indexes.
The listing is an opportunity for MannKind to expand and diversify its shareholders base. It also suits TASE Chief Executive Officer Yossi Beinart, who is seeking to create an “ecosystem” for foreign technology companies to help reverse lower trading volumes and a decline in new share listings. New offerings on the exchange are on pace for the lowest in three years, down from a record 62 in 2007.
MannKind shares rose to 14 shekels at 10:46 a.m. in Tel Aviv. Israeli shares of two smaller biotech companies, BioTime Inc. and Navidea Biopharmaceuticals Inc., began trading on Sept. 8.