Teva Pharmaceutical Industries Ltd. (TEVA:US), the world’s largest maker of generic drugs, rallied in New York on prospects the company will benefit from the busiest year for health-care acquisitions since 2009.
Shares of Petach Tikva, Israel-based Teva added 3.2 percent to $47.5 at 2:10 p.m., the highest since July 2011. The shares increased 18 percent this year. The Bloomberg Israel-US Equity Index of the largest Israeli companies traded in New York retreated 0.2 percent.
Actavis Plc (ACT:US), the world’s second-largest generic-drug maker by market value, agreed yesterday to buy Forest Laboratories Inc. for about $25 billion. Pharmaceutical and biotechnology deals totaled about $110 billion in the 12 months through February, data compiled by Bloomberg show. That’s the most for any 12-month period since 2009, the data show.
“What we see is Teva’s reaction to the Actavis acquisition of Forest Laboratories,” Kevin Kedra, a health-care analyst at Gabelli & Co., who rates Teva a buy, said by phone from Rye, New York today. “There’s this general excitement; there is an expectation of further acquisitions.”
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