Business in Brief: Teva Faces U.S. Setback on Migraine Drug

Teva faces U.S. setback on migraine drug ■ Indigo signs $100 m digital printer deal ■ TASE dips slightly

A man cleans near the logo of Teva Pharmaceutical Industries at their plant in Jerusalem, December 14, 2017.
REUTERS/Ammar Awad/File Photo

Teva faces U.S. setback on migraine drug

Express Scripts Holding Co., one of the largest U.S. prescription benefits managers, will cover new migraine drugs from Eli Lilly and Amgen Inc., but is excluding a rival medication made by Teva Pharmaceutical Industries. The decision represents a setback for Teva, which is in the midst of a corporate restructuring and had hoped to capture a sizable stake of the multibillion-dollar migraine market. Teva’s share price fell 4.4% in trading in Tel Aviv on Wednesday. The new migraine drugs were approved for the U.S. market within a few months of each other this year. All three drugs have a list price of $575 a month, or $6,900 a year. That gave Express Scripts more leverage in demanding a discount in exchange for putting a therapy on its “formulary,” or list of covered drugs. “These products are fairly interchangeable,” Harold Carter, clinical solutions director at Express Scripts, told Reuters. “It comes down to manufacturers providing the best value.” The three drugs work in a similar manner. (Reuters and TheMarker)

Indigo signs $100 m digital printer deal 

Digital printing company Indigo signed a deal to sell 20 digital printers to an American buyer for $50 million, and expects to make $100 million from the deal all told. Israel-based Indigo was bought by HP 17 years ago. The deal, for Indigo’s HP Indigo 2000 printers, is with packaging company ePac. Indigo also earns revenues from each print the machines make, bringing its total income up to an estimated $100 million. Indigo, founded in 1977, overhauled how the world uses printers, first by manufacturing small printing machines and later by hooking them up to computers. Indigo stated that ePac has growing demand for its printing services, particularly from natural food and organic food companies. The partnership with Indigo will enable the company to complete orders within 10 days, compared to the 6 to 12 weeks it takes to print with standard machines. In addition, the machines are environmentally friendly, ePac stated. (Eran Azran)

TASE dips slightly

The Tel Aviv Stock Exchange finished Wednesday’s trading session with small losses, as the blue-chip Tel Aviv-35 Index closed down 0.2% at 1,609 points, and the broader Tel Aviv-125 Index lost a scant 0.06% to close at 1,455 points. Notable shares included Teva Pharmaceuticals, which lost 4.4% on the news that U.S. prescription benefit giant Express Scripts would not be covering its new migraine treatment. (Yasmin Gueta)