Business in Brief: TA-35 Down Only 1 Percent, After Rocky Week

Could have been worse: TA-35 down only 1 percent ■ Bristol-Myers to invest in Compugen ■ FDA panel backs Celltrion-Teva copycat drug

A stock market ticker displays financial information and world time zones in the lobby of the Tel Aviv Stock Exchange (TASE) in Tel Aviv, Israel, on August 4, 2016.
Rina Castelnuovo/Bloomberg

Could have been worse: TA-35 down only 1%

The Tel Aviv Stock Exchange finished the final day of the trading week with significant losses, but the declines in Tel Aviv were still less dramatic than those in some of the world’s major markets. The blue-chip Tel Aviv-35 Index closed down 1% at 1,588 points, while the broader Tel Aviv-125 Index closed off 1% as well at 1,435 points. In comparison, Tokyo’s Nikkei index closed down 4%, and Taiwan’s index was off more than 6%. The pan-European Stoxx 600 closed down 2%. On Wednesday, Wall Street had booked its biggest single-day selloff in eight months, with the S&P 500 off 3.3%. Markets have been jittery amid the mounting trade tensions between the United States and China, combined with steadily climbing U.S. interest rates as well as fears that a 10-year bull market may be ending. Wall Street indexes extended their decline Thursday, with the S&P down 2% by late afternoon. (Michael Rochvarger, TheMarker and Reuters)

Bristol-Myers to invest in Compugen

Bristol-Myers Squibb Co. and Israel’s Compugen said on Thursday they will collaborate in clinical trials for patients with advanced solid tumors. The trials will evaluate the safety and tolerability of Compugen’s COM701, an investigational antibody, in combination with Bristol-Myers Squibb’s immune checkpoint inhibitor Opdivo. In conjunction with the collaboration, Bristol-Myers Squibb will invest $12 million in Compugen, purchasing 2,424,243 shares – equal to a 4.1% stake – at $4.95 each. The investment represents a 33% premium over the average closing price on the last 20 trading days and is expected to close on or about Oct. 12. (Reuters)

FDA panel backs Celltrion-Teva copycat drug

Celltrion Pharm Inc.’s biosimilar of Roche Holding AG’s blockbuster cancer drug, Rituxan, on Wednesday won unanimous backing from an advisory panel to the U.S. Food and Drug Administration. The panel vote comes after the FDA staff reviewers here said Cellltrion’s biosimilar, CT-P10, is highly similar to Rituxan. The FDA usually, but not always, follows the advice of its advisory panels. Celltrion has partnered with Israel’s Teva Pharmaceutical Industries Ltd to commercialize CT-P10 in the United States and Canada. (Reuters)