A few weeks back, we reported on the possibility of Teva Pharmaceutical Industries ($TEVA) jumping from Nasdaq to the New York Stock Exchange. Today, Teva says those rumors have become reality.
In a statement, the generics giant says it expects to begin trading on the NYSE May 30, under its current stock symbol "TEVA." It will continue to trade on Nasdaq until the transfer takes place.
"Teva is a global pharmaceutical company that combines important generic and specialty pharmaceuticals businesses, as well as an expanding over-the-counter products franchise," said Dr. Phillip Frost, chairman of the board of directors of Teva. "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 NYSE had wooed Teva in the past to make the move. However, Frost is believed to have been a big proponent of the switch. He was named vice chairman of the American Stock Exchange (AMEX) in 2005. AMEX was bought by the NYSE in 2008.
As Globes notes, there might be some chaos as funds focusing on Nasdaq investments start selling their shares in Teva. Meanwhile, funds focusing on the NYSE will start investing in the company. The news service further notes that analysts think the move won't significantly affect the company's share price.
- check out Teva's statement
- read the Globes report