Business in Brief: Teva in Talks to Sell Medical Equipment Manufacturer at $80 Million

Pluristem cleared by U.S. to charge certain patients for stem-cell treatment ■ Greece’s Energean to complete TA listing

A Teva Pharmaceutical Industries building in Jerusalem, December 14, 2017.
\ Ammar Awad/ REUTERS

Pluristem cleared by U.S. to charge certain patients for stem-cell treatment

Pluristem, which develops stem-cell based treatments, received clearance from the U.S. FDA to charge for treating patients with severe atherosclerosis in the lower limbs who do not meet the criteria to be included in the company’s clinical trials. This clearance is unusual, as it was given out before Pluristem has completed its third-stage, critical clinical trial. This trial includes 246 patients in the United States, Europe and Israel. Its share price rose 3.5% on the Tel Aviv Stock Exchange on Tuesday. (Yoram Gabison)

Teva in talks to sell Migda at $80 million  

Teva Pharmaceuticals is in talks to sell Kiryat Shmona-based medical equipment manufacturer Migda at an estimated valuation of $80 million. The deal is being conducted against the background of demands by the Migda union that the buyer commit not to move the factory for at least five years. The three potential buyers are German companies Fresenius Medical Care and B Brown, and Kibbutz Maabarot. Fresenius, which is traded on the German stock exchange at a valuation of 37.6 billion euros, provides medical equipment and services. B Brown is considered the leading contender and has offered to buy Migda at a valuation of $80 to $90 million. Migda, which has 260 employees, makes laboratory equipment and biodegradable medical equipment. (Yoram Gabison)

Greece’s Energean to complete TA listing

Greek energy firm Energean said on Tuesday it plans to complete the process of a secondary listing on the Tel Aviv Stock Exchange on October 29. Energean, already listed in London, said its shares will be fully transferable and fungible between the two markets and that it will not be issuing any new shares in the secondary listing. Energean is developing the natural gas fields Karish and Tanin offshore Israel. It also has operations in Greece and the Adriatic. The company said it is listing in Tel Aviv to access new investors and improve liquidity of its shares. (Reuters)

Israel Q2 GDP grew 1.8%

Israel’s economy grew an annualized 1.8% rate in the second quarter, unrevised from a prior estimate, with exports rising and consumer spending and investment falling, the Central Bureau of Statistics said in a third estimate. The bureau on Tuesday also raised its first-quarter gross domestic product growth estimate to 5.2% from 5.1%. (Reuters)

Wall Street boosts TASE’s closing

A strong opening on Wall Street lifted shares in Tel Aviv during the final hour of trade. The blue-chip Tel Aviv-35 Index closed at 1,613 points, up 1.4% for the day, while the Tel Aviv-125 Index gained 1.3%. Notable shares included Teva Pharmaceuticals, which closed up 2.7% on Tuesday, putting it ahead 6% for the past two days. (Noam Bar)