Teva transferring to NYSE from Nasdaq

The pharmaceutical giant said that it plans to list its shares on the NYSE on May 30.

Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) announced today that it is transferring the listing of its American Depositary Shares to the New York Stock Exchange (NYSE) from Nasdaq.

The pharmaceutical giant said that it expects to begin trading on the NYSE on May 30, 2012 retaining its current stock symbol “TEVA” and that it will continue to trade on Nasdaq until the transfer takes place.

Teva chairman Dr. Phillip Frost said, “Teva is a global pharmaceutical company that combines important generic and specialty pharmaceuticals businesses, as well as an expanding over-the-counter products franchise. As we continue to grow, the NYSE, the world’s largest stock exchange will provide a state of the art trading platform, as well as greater market reach. We are proud to take our place on the NYSE alongside many of our key customers, suppliers and peers.”

Frost, a former chairman of the AMEX stock exchange, which was acquired by the NYSE, is believed to be behind the move.

Most of the world's major pharmaceutical firms and America's major industrial enterprises trade on the NYSE, while Nasdaq is often the arena for high tech companies and younger and innovative pharmaceutical firms. Teva reported revenue of $18.3 billion in 2011.

In the short term, there is likely to be a chaotic situation with funds focusing on Nasdaq investments selling their shares in Teva, while funds focusing on the NYSE will be able to invest in the Israeli pharmaceutical firm. In the long run, most analysts believe that the move will have no significant effect on Teva's share price.

Published by Globes, Israel business news - - on March 21, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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