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The Ticker: Teva Gets U.S. Approval for Austedo Drug to Treat Tardive Dyskinesia

Enzymotec takes Frutarom CEO to task over behavior in takeover; Wall Street pushes Tel Aviv shares higher in final two hours

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Teva's headquarters in Jerusalem.
Teva's headquarters in Jerusalem.Credit: Bloomberg

Teva gets U.S. approval for Austedo drug to treat tardive dyskinesia

Teva Pharmaceuticals said on Thursday the U.S. Food and Drug Administration had approved its proprietary drug Austedo for the treatment of tardive dyskinesia in adults. The drug had already been approved for the treatment of chorea associated with Huntington’s disease last April. The new approval covers a condition that affects about 500,000 people in the United States who suffer from tardive dyskinesia, a movement disorder characterized by repetitive and uncontrollable movements of the tongue, lips, face, trunk and extremities. RBC Capital Markets’ Randall Stanicky has estimated that the product will reach peak sales of $1.33 billion in 2022 for all its indications, while Wells Fargo’s David Maris sees a more modest $1 billion. The Teva product also faces competition from Neurocrine Bioscience’s Ingrezza, which was approved in April, giving it a leg up of several months in the market. Teva shares ended up 4% at 58.08 shekels ($16.19). (Yoram Gabison)

Enzymotec takes Frutarom CEO to task over behavior in takeover

Enzymotec urged shareholders earlier this week to wait until its board decides how to respond to a tender offer by Frutarom to buy control of the comp;any. In an angry letter to Frutarom CEO Ori Yehudai, Enzymotec’s board took him to task for failing to make contract with it after announcing the takeover plan, speaking about Enzymotec in “inaccurate and gratuitously derogatory” terms in an interview with the financial daily Globes and refusing to respond promptly to requests for a meeting. Enzymotec’s board didn’t reject the Frutarom offer outright, but in a move that might be aimed at undermining the bid, the company said Wednesday it had acquired five nutritional products from Union Springs Healthcare. Union Springs will get $3.6 million in cash as well as warrants for 200,000 shares of Enzymotec common stock, royalties and milestone payments of up to of $22 million. Enzymotec shares were trading 0.9% higher at $$11.50 late morning local time in New York. (Yoram Gabison)

Wall Street pushes Tel Aviv shares higher in final two hours

Wall Street gave a lift to Tel Aviv shares in the final two hours after a dull session of sideways trading on Thursday. That left the TA-35 and TA-125 indices both about 0.7% higher at 1,400.94 and 1,271.11 points, respectively, on turnover of 1.43 billion shekels ($400 million). After three days of sharp rises on the back of a power struggle for control of the company, ADO shares tumbled 8.3% on Thursday to 63.05 shekels on huge turnover of 237 million shekels. Housing & Construction Limited fell 0.3% to 8.26 after reporting a 3.2 million shekel second-quarter loss. Kenon Holdings fell 0.65% to 50.30 after it eked out a 9-million shekel profit for the quarter. In the fixed-income market the government’s 10-year Shahar bond fell 0.46% to raise its yields to 1.72%. In foreign currency trading, the dollar gained 0.6% to a Bank of Israel rate of 3.5960 shekels. (Omri Zerachovitz)

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