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.
Opko Health Inc., the Tel Aviv- traded drug developer headed by billionaire Phillip Frost, tumbled the most in five years after short seller Lakewood Capital Management said the stock is “grossly overvalued.”
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.
The shares of Teva Pharmaceutical Industries Ltd., the world’s largest generic-drug maker, have plunged 42 percent since their 2010 peak. Now the man hired to turn the company around just 18 months ago is gone, and analysts say it may be tough to find a replacement.
Teva Pharmaceutical Industries Ltd. Chairman Phillip Frost said he backed the management’s strategy following criticism from Goldman Sachs Group Inc. and Morgan Stanley analysts who are advising investors to sell.
Teva Pharmaceutical Industries Ltd. chose board member Erez Vigodman to run the world’s biggest generic-drug maker, seeking to revive earnings growth and the stock after the previous CEO left in a dispute with the board.
Teva Pharmaceutical Industries Ltd. failed to win backing from the European Union drug regulator for a new pill to treat multiple sclerosis, hurting the company’s effort to introduce a successor to its best-selling injection Copaxone.