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11:17
Soros Fund Management LLC, the family office of billionaire George Soros, increased its holdings in Teva Pharmaceutical Industries Ltd. (TEVA) to the most since 2010.
The firm, based in New York, raised its stake in Teva, the worst-performing pharmaceutical company in the U.S. in the past year, to 1.8 percent of its $7.75 billion U.S. stock portfolio in the third quarter, according to a filing with the U.S. Securities and Exchange Commission on Nov. 14. This would make it the largest allocation since the fourth quarter of 2010, according to data compiled by Bloomberg.
Teva fell to a two-year low on Nov. 4 after a rift over the company’s future with Chairman Phillip Frost led to the Oct. 30 resignation of Jeremy Levin, who was brought on board as chief executive officer less than 18 months before. Concern its best-selling product, the multiple-sclerosis injection Copaxone, will lose traction as it faces stronger competition is also weighing on the shares.
Source : http://www.bloomberg.com/news/2013-11-22/soros-increases-holding-in-teva-to-most-in-three-years.html
