Daily Roundup / Customs officers cry fowl at oligarch's wife
Teva buys Huntington's drug, UK broker gets slammed, tech companies face different fates and gas company orders new rig.
No petit ptitsa: Customs officials at Ben Gurion International Airport thought they'd seen it all, and then they found a humongous dead turkey in the suitcase of a Russian oligarch's wife flying in from Moscow on Yom Kippur eve. Asked to explain the presence of the plucked, raw fowl, which filled the entire interior of the valise, she explained she intended to cook and eat it while in Israel. Customs confiscated the suitcase and its fowl content and let the lady go.
Teva buys rights to Huntington's disease drug under development: Teva Pharmaceutical Industries has acquired the rights to a brand drug for the treatment of the symptoms of Huntington's disease. On Thursday, the Israeli company announced an Asset Transfer Agreement with the Danish company NeuroSearch, covering all the rights to Huntexil, which is being developed to alleviate hand-movement, balance and gait impairment, without the side effects, like sedation and depression, common to other drugs. Teva agreed to pay $26 million over six months, the company said, plus additional sums based on milestones. Huntington's disease is a hereditary neurodegenerative disease that is fatal. It usually manifests in middle age, but can appear at any time of life. It is characterized by uncoordinated and uncontrollable movements, cognitive deterioration, and mental problems.
UK broker admits to fraud, including of Igal Ahouvi: Star UK stockbroker Nicholas Levene on Thursday admitted to 14 counts of fraud, including of Igal Ahouvi, a real estate investor and former Israeli citizen. Levene will face "substantial" time for bilking investors out of 32.3 million pounds, London Crown Court Judge Martin Beddoe frowned, unimpressed by Levene's admission of guilt. Ahouvi alone was taken for nearly 15 million pounds through the broker's Ponzi-type scheme. According to the Telegraph, Levene led a lavish lifestyle, including fast cars, pheasant hunting – not a cheap pleasure in England – and heavy gambling.
Maayav Ventures warns of possible default: Maayan Ventures is the latest company to warn that it may not be able to meet its liabilities. On Thursday the technology incubator stated in a presentation to investors that it may have to reschedule debt if its business plans don't work out by year's end. To put things in perspective, the Maayan people have begun negotiations with bondholders, owed NIS 40 million. The money is due in five payments between 2013 and 2015. Its bonds are trading at yields of about 25%, deep in junk territory. Maayan, which has 22 companies in its portfolio, reported losing NIS 21.4 million in the first half of 2012.
Needham starts Radware with Buy rating: the U.S. brokerage Needham & Company has started analytical coverage of the Israeli technology company Radware with a Buy recommendation. The equity analysts set their 12-month price target for the stock at $45, compared with Radware's opening share price on Nasdaq on Thursday of $35.89. A week before the research move, Radware reported netting 43 cents per share, exactly as forecast by analysts. Following the results, analysts at Barclays repeated a Buy rating for the Israeli networking technology company, but their target is a lower $41. Barclays had started covering Radware in June with an Overweight rating, postulating that the company's growth might outstrip that of its market.
Noble Energy will be leasing a deep-sea drilling rig from fellow American oil driller Atwood, Nobel said on Thursday. The rig is being built by Daewoo in South Korea and should be supplied in September 2013, after which it will take some 80 days to tug to the Mediterranean. The rig will be able to drill at water depths up to 12,000 feet and reach a total depth of 40,000 feet, said Texas-based Noble, which is a partner in a number of Israeli gas and oil explorations.