The Ticker: U.S.’s Global Net Lease Plan Giant Offering of Preferred Shares in Israel

FDA rejects Perrigo’s generic version of Teva’s ProAir asthma treatment ■ Ituran shuts user section of web page due to hacking concerns ■ Tech stocks take TASE higher

The entrance to the Tel Aviv Stock Exchange.
Bloomberg

U.S.’s Global Net Lease plan giant offering of preferred shares in Israel

Global Net Lease, a U.S. publicly traded real estate investment trust, or REIT, is planning a giant offering of preferred shares on the Tel Aviv Stock Exchange, TheMarker has learned. The company, which is led by James L. Nelson, an associate of the Wall Street corporate raider Carl Icahn, is planning to raise 900 million shekels ($252 million) and will begin a road show with Israeli institutions next week. If the offering succeeds, GNL will be second North American REIT to list on the TASE after CIM Commercial Trust Corporation’s 950 million shekel offering at the end of last year. GNL holds a portfolio of 321 office, industrial and commercial properties in the United States and Europe valued at $3.2 billion. The proceeds of the offering will be used by GNL to acquire 10 properties used in logistics and for offices for $500 million. The shares will carry a coupon paying 5.5% annually plus pay a dividend. (Eran Azran)

FDA rejects Perrigo’s generic version of Teva’s ProAir asthma treatment

Teva Pharmaceuticals got some welcome relief for its ProAir asthma inhaler after the U.S. company Perrigo said it expected the U.S. Food and Drug Administration to reject its generic version of the product. Perrigo said in a statement on Friday that it expected to receive what is known as a Complete Response Letter from the FDA, delaying its plans to start selling the inhaler in the fourth quarter. ProAir is Teva’s fourth-biggest-selling proprietary drug, registering revenues for the company in North America of $130 million in the first quarter, up 7% year on year. But along with Bendeka / Treanda, its No. 3 best-seller, Teva was bracing for the end of market exclusivity later this year, which would have cut sharply into its ProAir revenues and profits. Teva shares rose 1.3% on the Tel Aviv Stock Exchange on Sunday to 69.68 shekels ($19.54). Shares of Perrigo, which also trade on the TASE, ended up 0.9% at 269 shekels. (TheMarker Staff)

Ituran shuts user section of web page due to hacking concerns

Ituran, which provides a service for recovering stolen vehicles, closed the users’ area of its web page over the weekend after a software developer revealed how easy it would be far hackers to access customers’ private data. The developer, who asked not to be identified, said that hackers taking advantage of a security vulnerability would have been able to see a customers’ home address; telephone, identify and license numbers as well as the last four numbers of his or her credit card in some case where the customer’s car is and even a history of the vehicle’s movement. The developer said he was informed of the vulnerability from a friend who had recently signed up for the service and tested it himself. Ituran said in response: “Our investigation indicates that the password-management policy requires upgrading to prevent attempts at infiltration, so we are working to reduce the exposure immediately and at the same time introduce a new password mechanism.”(Amitai Ziv)

Tech stocks take TASE higher

Tel Aviv stocks ended higher on Sunday, paced by technology shares. The TA-35 and TA-125 indices both rose nearly 0.9% to end at 1,485.21 and 1,340.72 points, respectively, on turnover of 481 million shekels ($135 million). Gains for tech stocks were led by a 5.4% advance for Opko Health to 16.20 shekels and 3.6% for Mazor Robotics to 101.50. Matrix gained 3.5% to 41.97 after it reported a 21% rise in first-quarter net to 34.2 million shekels. Kitov jumped 21.5% to 52 agorot after it said that Changshan had agreed to take commercial rights for its flagship KIT- 302 drug in China and pay it up to $9.5 million in milestone payments hinging on approvals. Nice advanced 2.7% to 357.70 after dropping last week on its quarterly earnings report. Property development Israel Canada close 7.2% up at 37.2 after Apax Capital Markets assigned it a target price of 5.46 shekels. Volume leader Frutarom finished down 1.6% at 341 shekels. (Guy Erez)