Soros Fund Management LLC increased its quantum of investment in Teva Pharmaceutical Industries Limited (NYSE: TEVA), resulting in the Israeli company becoming its biggest holding in the fourth quarter. Soros Fund Management is administered by the billionaire George Soros. According to the US Securities and Exchange Commission,the New York-headquartered-company added another 5.7 million shares of Teva to its portfolio, making its total investment about $373 million.
As per Bloomberg data, the Israeli company contributed to the biggest increase in the market value of the fund during the last three months of 2013 and represented about four percent of the total $9.2 billion Soros investment fund.
Teva started commercial operations in 1901 and is currently ranked among the top 10 global pharmaceutical companies. The drug maker has a presence in 60 countries and has an employee strength of 46,400 people. Teva is currently the biggest generic drug manufacturer in the world.
Teva prides itself as a forward-looking international company and actively participates in the development, production and marketing of a substantial range of specialty medicines, OTC and generic products, new therapeutic entities and also active pharmaceutical ingredients (API).
Teva follows the corporate policy of organic growth. This is realized by making alliances with partners who themselves are leaders in their respective fields and geographies. The Israeli company is very selective in what it does and balances investment with growth when it comes to investor return. Teva challenges the medical, patient and societal requirements of the day.
The market value the company has gained is about 10.3 percent in 2014 after Erez Vigodman became its new chief executive officer. His predecessor, Jeremy Levin, resigned in October 2013. The company is compelled to overhaul its top management and trim expenses as it faces competition from much cheaper generic versions of Copaxone, its multiple sclerosis drug. According to analysts, Copaxone contributes to more than 50 percent of the company’s total profit.
The fourth quarter earnings of Teva rose by 5.5 percent, surpassing the estimate of analysts, as the drug manufacturer marketed new kinds of generic medicines and Treanda cancer treatment sales showed a marked increase.
Shares increased by 4.8 percent during the last three months of last year, the company’s first quarterly increase if calculated from March. Shares accumulated 0.1 percent to reach 154.80 shekels at close in Tel Aviv. Before Teva, as per data collated by Bloomberg, Microsoft Corporation was the biggest holding in the Soros Fund Management portfolio in the third quarter period.