Business in Brief

Bloomberg

Teva reaches settlement over generic form of alertness drug Nuvigil

Teva Pharmaceuticals said Tuesday it had reached settlements with Sandoz, Actavis, Lupin and Apotex that will allow them to market their generic versions of Teva’s Nuvigil, which is used to prevent daytime sleepiness. The settlements come after Teva successfully defended its so-called “570 patent” for the drug in a U.S. court. Under the agreement, Sandoz, Actavis, Lupin and Apotex will drop their appeal of the suit and in exchange will begin marketing their version of Nuvigil after Mylan and Actavis, the first companies to file to market their generic versions, loses their 180-day period of exclusivity. Teva had earlier settled with Mylan. Myland and Actavis will both start selling their version of generic Nuvigil, which generated sales of $338 million for Teva in the year to March 31, starting in June 2016. Teva shares fell 0.2% to 178.20 shekels ($51.63) in Tel Aviv. (Yoram Gabison)

Ben-Dov may lose Scailex as debt talks start

Bondholders of Ilan Ben-Dov’s indebted holding company Scailex named a negotiating team on Tuesday to start talks on another bailout that is likely to strip Ben-Dov of the business. The talks will likely include the Korean electronics company Samsung, whose cellphones are imported and distributed in Israel by Scailex, as well as with Haim Saban, the U.S.-Israeli media magnate, who controls Partner Communications. Scailex’s main asset, besides the Samsung distributorship, is its 12.6% stake in Partner. Bondholders, who are owed a combined 900 million shekels ($261 million), demanded the talks after Scailex stopped payments on bonds due to June and July amid disputes with Samsung. Meanwhile, the financial services company Excellence said it was calling in a 50 million-shekel loan to Scailex and expected to get some 3.2 million Partner shares in lieu of repayment. Scailex shares fell 0.3% to 92 agorot (27 cents) in Tel Aviv. (Michael Rochvarger)

PhotoMedex sees acquisition boosting skincare business

PhotoMedex is looking to leverage the dozens of new clinics it gained across the United States after it purchased the eye surgery firm LCA-Vision for $106 million last month to boost revenue from its skin disease treatments. The Israeli company will use LCA-Vision clinics, which it says have been under-utilized, to offer dermatological treatments using PhotoMedex’s products and services. That will broaden the company’s reach and cut costs. “[This] is a market we can control. And we will control, by growing it, by adding more clinics, whether they are consignment or owned clinics, and by combining the infrastructure that support these two things,” CEO Dolev Rafaeli told Reuters. The acquisition will shift focus away from medical devices, like hair removal products sold directly to consumers. PhotoMedex closed down 0.3% at 41.12 shekels ($11.91) in Tel Aviv. (Reuters)

TA-25 index ekes out a gain as security worries weigh on market

Security jitters at home and in Iraq weighed on the Tel Aviv Stock Exchange on Tuesday, but the TA-25 index still managed to eke out a 0.07% gain by close to finish at 1,398.15 points. The TA-100 rose 0.2% to 1.258.87 as turnover reached 785 million shekels ($227 million). “So far the situation has not paralyzed the Israeli home front or the economy. If it does, we are likely to see a hit to the economy that will lead to a big drop in the local share market,” said Erez Tzadok of Aviv Hedge Funds. Compugen rallied for a second day, adding 6.7% to close at 31.05 shekels after reporting a successful cancer therapy trial. EZchip closed up 4.7% to 88.49 shekels after the U.S. brokerage Feltl & Company raised it to a Strong Buy from a Buy, with a $31 target price. Brack Capital also rallied for a second day, adding 3.3% to close at 238 shekels. In the fixed income market, the government’s 10-year shekel bond declined 0.31% to raise its yield to 2.92% while its inflation-linked bond due in 2023 dropped 0.34% to a yield of 0.78%. (Eran Azran)