Teva Suffers Blow After British High Court Sides With Mylan in Patent Case

Business in Brief | Silverstein Properties eyeing bond offering on the TASE ■ Mellanox’s reports Q3 revenue up 6.5%, but Q4 outlook not as bright ■ Leading indexes inch up on TASE

FILE PHOTO: An employee of Teva Pharmaceutical Industries wears a shirt bearing the company's logo at its Jerusalem oral solid dosage plant
Ronen Zvulun/REUTERS

Teva suffers patent ruling in U.K. court case with Mylan

Teva Pharmaceutical Industries suffered another blow in efforts to protect sales of its most profitable drug, Copaxone, with a ruling by the British High Court of Justice in favor of Mylan and Synthon finding all patent claims relating to Teva’s 40 mg. version of Copaxone, which is used to treat multiple sclerosis, invalid. At the beginning of this month, Mylan, which like Teva, is dual-listed on the Tel Aviv Stock Exchange, received approval from the U.S. Food and Drug Administration to sell generic versions of Copaxone in 20 and 40 mg. doses in the United States. In Europe, Mylan is in a partnership with Synthon, a Dutch company that developed its own generic version of Copaxone. Mylan has exclusive rights to market it. Last year Teva sold $591 million worth of Copaxone in Europe alone. Teva shares closed down 0.33% on Wednesday in Tel Aviv at 48.54 shekels ($13.79) while Mylan shares closed up 0.44% at 137.30 shekels. (Yoram Gabison)

Silverstein Properties eyeing bond offering on the TASE

It looks like the wave of U.S. real estate firms floating bonds on the Tel Aviv exchange is continuing. New York-based Silverstein Properties, founded in 1957 by Larry Silverstein, is preparing to raise a minimum of hundreds of millions of shekels through Tel Aviv-issued bonds, TheMarker has learned. The prospect that the major U.S. real estate firm would take such a step has been on the company’s agenda for some time, but a choice of underwriter is expected soon with the bond issue to follow next year. The leading candidate as underwriter is Leader Capital Markets, which was lead underwriter in a bond issue in May on the TASE that raised 450 million shekels ($128 million) for the U.S. firm Waterstone Properties. (Michael Rochvarger)

Mellanox’s reports Q3 revenue up 6.5%, but Q4 outlook not as bright

Mellanox Industries, the Yokne’am-based computer networking firm, finished the third quarter of the year with revenues of $226 million, up 0.7% from the quarter a year earlier and 6.5% higher than the second quarter, the company reported after the close of trade on the Nasdaq exchange on Wednesday. Mellanox also indicated, however, that it did not expect to finish the year showing revenue growth, predicting fourth-quarter revenues in the $230 to $240 million range. In late morning Thursday trading in New York, Mellanox shares were trading down 2.24% at $44.78. The company, which has a market cap of $2.2 billion, had seen its share price jump 9% over the past year, prior to the Wednesday’s financial results. Mellanox’s third-quarter non-GAAP operating income was $38.5 million, compared to $49.2 million in the third quarter of 2016. Quarterly net income was $36.6 million, compared to $46.2 million in the third quarter of 2016. (Omri Zerachovitz)

Leading indexes inch up on TASE 

The blue chip Tel Aviv 35 index gained just a smidgen Thursday, closing up 0.04% at 1,438.18 points while the Tel Aviv 125 finished up 0.12% at 1,311.46. The Biomed index dropped 1.04% to 418.37 points. Trading volume was 1.389 billion shekels ($396 million). Among shares of note, Kenon Holdings stock jumped 8.1% to 59.52 shekels and Africa-Israel Investments’ stock rose 9.51% to 0.288 shekels. SodaStream International, the maker of beverage dispensers, saw its shares gain 3.83%, closing at 224.80 shekels. Losers included Perion Network, which fell 7.28% to 4.01 shekels and Mannkind, the California-based dual-listed biopharmaceutical company, which dropped 7.36% to 11.84. (Shelly Appelberg)