Teva chairman buys shares for $2m

Sol Barer  photo: Teva website

Sol Barer's vote of confidence has helped Teva's share price rise 10% over the past few days from last week's 20-year lows.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA)chairman Sol Barer, who spent $1 million on Teva shares yesterday in stock exchange deals, bought more shares yesterday. Barer bought 105,000 more Teva shares at an average price of $9.60 (the price range for his deals was $9.57-9.63), spending another $1 million in the process, after buying 111,000 shares at lower prices for $1 million the previous day.

Following his purchases in the past two days, Barer now holds 220,000 Teva shares. Teva's previous reports indicated that Barer held 46,000 blocked and not-yet-vested shares at the end of 2018.

Teva's share price, which last week fell to its lowest point in almost two decades, recovered in the past two days of trading on the New York Stock Exchange, rising 10.1% to $9.53, reflecting a $10.4 billion market cap.

Barer, founder of Celgene, has been a director at Teva since early 2015. He was appointed chairman in February 2017 when former chairman Yitzhak Peterburg was appointed temporary CEO in place of Erez Vigodman.

Published by Globes, Israel business news - en.globes.co.il - on June 5, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Sol Barer  photo: Teva website
Sol Barer photo: Teva website
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