ADRs End Higher; Teva Trades Actively
12 September 2017 - 8:08AM
Dow Jones News
International stocks trading in New York closed higher on
Monday.
The BNY Mellon index of American depositary receipts rose 1.09%
to 148.07, the European index increased 0.91% to 137.83, the Asian
index rose 1.41% to 170.96, the Latin American index rose 1.42% to
257.37, and the emerging-markets index rose 1.51% to 322.67.
Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) was among
those with ADRs that traded actively.
BP PLC (BP, BP.LN) is moving forward with plans to float some of
its vast network of U.S. pipelines, in a move that would spin out
cash from the company's infrastructure assets across America. In a
filing with the Securities and Exchange Commission on Monday, the
company's subsidiary, BP Midstream Partners LP, said it was
planning an initial offering and planned to list its shares on the
New York Stock Exchange. The new entity would be structured as a
master limited partnership, or MLP, a tax-advantaged entity that
has gained popularity among pipeline operators and other
capital-intensive companies. BP had flagged in July that it was
considering such a spinoff and said in a news release Monday it
expected the IPO to take place in the fourth quarter. ADRs rose
0.68% to $35.56.
ADRs in rare disease-drug company Shire PLC (SHPG, SHP.LN) rose
0.99% to $161.67, following upbeat results of advanced tests of a
treatment for severe swelling. Top-line results of its phase three
trial with SHP616 in hereditary angioedema showed a significant
reduction in monthly attacks. Shire says the results are clinically
significant and the drug, if it eventually makes it to market,
would fill a treatment gap.
ADRs of Teva rose 19% to $18.50 after the company said it had
appointed a new chief executive following a months-long search.
Kåre Schultz, who has been CEO of H. Lundbeck A/S (HLUYY, LUN.KO)
after serving as the No. 2 at Novo Nordisk A/S checks off the boxes
that the generic-drug giant was looking for, including experience
running a multinational and shepherding its major restructuring.
After the market closed Monday, Teva disclosed it had reached a
roughly $1.1 billion deal to sell the rights to intrauterine
contraceptive Paragard.
(END) Dow Jones Newswires
September 11, 2017 17:53 ET (21:53 GMT)
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