Business in Brief: FDA Accepts Teva’s New Application for Drug to Help Huntington’s Sufferers

Imperva shares drop on report that selling process has stalled; Most global rights to Pango Plus parking app sold to Spanish company; Tel Aviv shares end mixed in dull trading.

Teva's headquarters in Jerusalem.
Bloomberg

Imperva shares drop on report that selling process has stalled

Shares of Imperva, the U.S.-based cybersecurity company founded by Israeli investors led by serial entrepreneur Shlomo Kramer, tanked on Wednesday after Bloomberg News reported that the company’s efforts to sell itself had stalled. Bloomberg said Imperva was seeking a better price from potential buyers, indicating that  the company didn’t regard initial bids as attractive enough. Shares of Imperva soared three weeks ago after Bloomberg reported that the company, which is headquartered in California and conducts research and development in Israel, was being eyed by Cisco Systems and IBM. Forcepoint, Akamai Technologies and Fortinet also held talks with Imperva, Bloomberg reported at the time. In July, Imperva reportedly hired Qatalyst Partners to explore a sale after receiving takeover interest. Imperva shares closed down nearly 16% lower on Wednesday and were extending their losses Thursday, down 0.7% to $38.92 late morning local time in New York. (TheMarker Staff)

FDA accepts Teva’s new application for drug to help Huntington’s sufferers

Five months after its initial submission was rejected by the U.S. Food and Drug Administration, Teva Pharmaceutical Industries said Thursday the agency had accepted the company’s resubmission of a new drug application to treat the chorea associated with Huntington’s disease. The FDA in June rejected Teva’s original application for SD-809, saying it wanted information on the effects of the drug, in particular about “blood levels of certain metabolites” stemming from the use of the drug, deutetrabenazine. Teva said the affected metabolites were “not novel” and are also seen in an already approved treatment. “We are committed to continuing our collaboration with the FDA to make this potential treatment option available to patients,” said Michael Hayden, Teva’s president of global research and development. Chorea affects about one in every 7,000 to 10,000 people in the West, including 90% of all Huntington’s sufferers. Teva’s U.S. shares were up 0.8% to $43.67 late morning local time in New York. (Yoram Gabison)

Most global rights to Pango Plus parking app sold to Spanish company

Mobydom, an Israeli company that has the rights to the popular Pango Plus parking app outside Israel, has sold most of its worldwide operations to a Spanish rival, ParkingByPhone. Mobydom is keeping its successful operations in Brazil and Poland, but its Pango USA unit failed to penetrate the American market. No purchase price was reported but it was presumably a token sum. Pango Israel was started in 2007 as a joint venture by Mobydom and Milgam Cellular Parking, which bought out its partner three years later and then sold a 50% stake to a unit of Kardan. Mobydom, however, kept the rights to Pango’s technology outside Israel and raised $10 million from a group of investors, most recently a $6.5 million round in 2014, to introduce it in global markets. ParkingByPhone was formed in 2005 and in 2012 it launched service in the Americas. The sale won’t affect Pango Plus in Israel. (Eliran Rubin)

Tel Aviv shares end mixed in dull trading

Tel Aviv shares ended the holiday week on a dull note, with the leading indexes closing mixed and turnover a paltry 568 million shekels ($147.7 million). The blue-chip TA-25 index was virtually unchanged at 1,429.76 points, while the TA-100 eked out an 0.06% gain to finish at 1,251.35. Energy shares led gainers, with Avner ahead 1.5% by the close to 2.63 shekels and Delek Drilling gaining 1.1% to 13.85. El AL Airlines rose 1.9% to 3.74, off its high for the day but closing at an all-time record, Other big gainers were Plasson, which led TA-100 stocks on a 2.9% advance to 112.20 and Liveperson, which gained 2.35% to 32.18. Among volume leaders, Perrigo posted a 1.5% gain to 341. In foreign currency trading, the dollar strengthened 0.4% to a Bank of Israel rate of 3.8350 shekels. The Tel Aviv Stock Exchange resumes trading Tuesday October 25. (Omri Zerachovitz)