Business in Brief: Tel Aviv Stock Exchange Considers Turning to English

All companies listed on the Tel Aviv Stock Exchange should be allowed to report in English to help them attract more international investment, Israel’s market regulator proposed on Sunday

Visitors stand in front of a stock market ticker screen in the lobby of the Tel Aviv Stock Exchange (TASE) in Tel Aviv, Israel, on Thursday, Aug. 4, 2016.
Bloomberg

Regulator proposes allowing all listed companies to report in English

All companies listed on the Tel Aviv Stock Exchange should be allowed to report in English to help them attract more international investment, Israel’s market regulator proposed on Sunday. Most companies in Tel Aviv must currently report in Hebrew, with the exception of high-tech and dual-listed firms that are permitted to use English. The new proposal offers the option to all businesses and is meant to bring Tel Aviv in line with leading global exchanges. “Giving the option to report in English is expected to remove the language barrier and further open the Israeli market to the world,” said Anat Guetta, chair of the Israel Securities Authority. If it is accepted and the law is amended, companies making an initial public offering in Tel Aviv could choose English, while those already listed would need board and shareholder approval to switch languages. The public has until January 16 to respond to the proposal. (Reuters)

Teva’s generic EpiPen to face lower-priced rival product from Sandoz

Novartis’ Sandoz unit will launch an emergency allergy-shot product next year in the United States at a price about 16% less than generic versions of the best-selling EpiPen, including one just sold by Israel’s Teva Pharmaceuticals. Sandoz will start selling the pre-filled epinephrine syringes, called SYMJEPI, in the first quarter of 2019 at a wholesale price of $250 for a two-pack of 0.3-milligram injections, Novartis said. The news comes a month after Teva launched a generic version of EpiPen at the wholesale price of $300 for a pack of two auto-injectors – the same price as Mylan’s generic version of its own product. Two years ago, Mylan’s EpiPen sales practices sparked public outrage in the U.S. as consumers saw the price rise six-fold to $600 in less than a decade. Mylan launched its generic version at half that list price in 2016. Teva shares ended down 1.75% at 73 shekels ($19.56). (Yoram Gabison)

Tel Aviv shares decline Tel Aviv shares ended lower, but off their bottoms for the day, in light trading

The benchmark TA-35 index ended down 0.3% at 1,591.71 points, while the TA-125 lost more than 0.2% to 1,440.86, on turnover of just 466 million shekels ($124.9 million). Among the biggest blue chip declines, Perrigo tumbled 5.2% to end at 224.50 shekels and Nice lost 2% to 419.40. Summit led TA-125 gainers, climbing 2.8% to 33.78, with Isramco trailing on a 2.4% gain to 43 agorot. Israel Chemicals advanced 1.2% to 21.40. Afcon rose 1.9% to 195.70 and Minrav Holdings 1.6% to 378.70 after the two companies said they won a 262 million contract to build a new blood bank for Magen David Adom. In the bond market, prices for U.S. real estate companies continued to be pressured lower, paced by a 4.6% drop in Starwood West and a 3.1% decline for All Year. The Tel-Bond Global index, which represents the sector, lost another 0.6%. (TheMarker Staff)