In its search for sources of growth, US pharmaceuticals giant Pfizer (PFE) made an acquisition approach to Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) at the end of last year, according to a report by Bloomberg on Friday. Bloomberg cites "people familiar with the matter". According to the anonymous sources, Teva rejected the approach.
In response to the report, Teva's share price rose sharply in New York on Friday, by 2.38% to $59.88. During the session, it climbed by as much as 5.8%. Pfizer's share price fell 1.1%, closing at $32.45. On the Tel Aviv Stock Exchange this morning, Teva is up 2.34%, at NIS 236.
Pfizer has been looking for deals that will help it to grow, after its $120 billion takeover bid for UK company AstraZeneca failed last year.
In the past year, there have been several speculative reports on Bloomberg about possible merger and acquisition deals involving Teva. Canadian company Valent and US company Mylan have been mentioned in this connection. The reports indicate that companies around the world are eyeing Teva and see it as a valuable target.
Last week, the US Supreme Court ruled in Teva's favor in its battle to retain patent protection for its flagship multiple sclerosis drug Copaxone, effectively preventing generic competition to Copaxone until after September 2015. Teva's rivals in this respect are Novartis and Mylan.
Published by Globes [online], Israel business news - www.globes-online.com - on January 25, 2015
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