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.
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.
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.”
Opko Health Inc. agreed to buy Israeli drugmaker Prolor Biotech Inc. for about $480 million to combine two companies that count U.S. pharmaceutical billionaire Phillip Frost as their largest shareholder.