Business in Brief: Teva Set to Launch New Copaxone in Europe

IDB group’s buyers may end partnership; Tel Aviv shares finish up 0.4%.

Bloomberg

Teva set to launch new Copaxone in Europe

 

Teva Pharmaceuticals is close to launching a new version of its flagship drug, Copaxone, in Europe. This follows positive results in its process of seeking approval for the multiple sclerosis medication from European regulatory authorities. The new version of the medication is administered by injection three times a week, while the older version necessitates daily injections. Rob Koremans, chief executive of Teva Europe, said he expected the new version to start becoming available in some European nations in the first quarter of 2015. The new version of Copaxone has been available in the United States since last January. Global Copaxone sales totaled $1.1 billion in the third quarter. (Yoram Gabison)

IDB group’s buyers may end partnership

The controlling shareholders of the IDB group, Eduardo Elsztain and Moti Ben-Moshe, are likely to part ways following a further deterioration in their relationship, according to associates of the two. Until now, the partners – who took control of IDB from Nochi Dankner – had tried to gloss over their troubles. But sources close to Ben-Moshe said he initiated a talk with Elsztain and stated that things could not continue in their current state. Meanwhile, sources close to Elsztain said that the Argentine businessman believes the IDB group companies need further financing, and that Elsztain is seeking Ben-Moshe’s cooperation in this regard. The question remains as to which of the two partners has enough capital to buy the other’s share. (Michael Rochvarger)

Tel Aviv shares finish up 0.4%

The Tel Aviv Stock Exchange finished yesterday’s trading session with slight gains, even as Europe closed with losses. The dollar weakened slightly against the shekel, closing at 3.985 shekels, after a week of gains. The blue-chip Tel Aviv-25 Index gained 0.4% to close at 1,485 points, while the broader Tel Aviv-100 Index also gained 0.4% to close at 1,319 points. Real estate shares lost 0.7%, while oil and gas shares gained 1.5%, as did communication shares, led upward by Bezeq Telecommunications, which was up 2%. Total turnover was 1.5 billion shekels, well above the average as of late. (Omri Zerachovitz