This time last year, the chairman and chief executive officer of Israel’s Teva Pharmaceutical Industries Ltd., the world’s biggest generic drugmaker, were foreigners. Miami billionaire Phillip Frost led the board and Jeremy Levin, a South African, was CEO. They were the first non- Israelis to hold those positions.
Actavis Plc, the world’s second- largest generic-drug maker by market value, agreed to buy Forest Laboratories Inc. for about $25 billion in a deal that will transform it into a developer of brand-name drugs.
Teva Pharmaceutical Industries Ltd. is set to rebound from the biggest weekly slump since November as a pledge to overhaul the Israeli company’s board offsets earnings growth concerns, Sanford C Bernstein & Co. said.
Forest Laboratories Inc., maker of the Alzheimer’s drug Namenda, will buy Aptalis Pharma for $2.9 billion, adding treatments for gastrointestinal ailments and cystic fibrosis. Forest rose the most in at least 34 years.
Teva Pharmaceutical Industries Ltd. Chief Executive Officer Jeremy Levin stepped down after less than 18 months on the job in a dispute with Chairman Phillip Frost over how to restructure the world’s biggest generic-drug maker.