JERUSALEM — Israel-based Teva Pharmaceutical Industries is switching stock exchanges, the company said.
The world's largest generic drug manufacturer — and increasingly a player in branded and specialty drugs — announced Wednesday that it would transfer the listing of its shares from the Nasdaq to the New York Stock Exchange, with plans to start trading on the NYSE on May 30 under its current ticker symbol, "TEVA."
"Teva is a global pharmaceutical company that combines important generic and specialty pharmaceuticals businesses, as well as an expanding over-the-counter products franchise," Teva chairman Phillip Frost said. "As we continue to grow, the NYSE, the world's largest stock exchange will provide a state-of-the-art trading platform, as well as greater market reach. We are proud to take our place on the NYSE alongside many of our key customers, suppliers and peers."
The news closely follows Monday's announcement by another Israeli generic drug manufacturer, Taro Pharmaceutical Industries, that it would begin listing shares on the NYSE starting on Thursday. Taro had been listing shares on the over-the-counter Pink Sheet markets.