Business

Teva no Longer Largest Company on TASE After US Legal Troubles Sink Stock


Teva Pharmaceutical Industries Ltd. is no longer the largest company in terms of market capitalization on the Tel Aviv Stock Exchange.


The Israeli drugmaker closed 10.7% down on the exchange on Sunday, after 44 U.S. states filed lawsuits on Friday against former and current executives of several generic drugmakers, including Teva, alleging all were part of a drug price-fixing cartel.


NYSE-listed IFF listed on the exchange in October following its $7.1 billion acquisition of Israel-headquartered flavor and fragrance company Frutarom Industries Ltd.


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