NEW YORK, NY / ACCESSWIRE / November 28, 2017 / Israeli-based Teva (NYSE: TEVA) saw big gains on Monday after the company announced it would be revealing a detailed restructuring plan next month. This news comes on the heels of reports last week indicating that the company will be cutting a lot of its workforce. Shares of Biogen (NASDAQ: BIIB) were little changed but managed to close in the green still after announcing that it has licensed Alkermes Plc's MS drug, ALKS 8700.

RDI Initiates Coverage on:

Biogen Inc. (NASDAQ: BIIB)
http://www.rdinvesting.com/report/?ticker=BIIB

Teva Pharmaceutical Industries Limited (NYSE: TEVA)
http://www.rdinvesting.com/report/?ticker=TEVA

Biogen Inc. shares closed up a modest 0.89% on Monday with around 1.3 million shares traded. The company announced yesterday that it has licensed Alkermes Plc's multiple sclerosis (MS) drug. While shares of Biogen were little changed after the announcement, shares of Alkermes saw gains of over 5% in pre-market trading. ALKS 8700 is in Phase 3 development currently to treat relapsing forms of MS. As part of the agreement, Biogen will have an exclusive, worldwide license to commercialize the treatment and will pay Alkermes a mid-teens royalty on the global net sale of the drug. Biogen will also be able to reimburse Alkermes for 50% of the 2017 development costs of ALKS 8700. Alkermes is also eligible to receive milestone payments up to $200 million for the drug.

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Teva Pharmaceutical Industries Limited shares closed up 7.60% on Monday with about 40 million shares traded. It was an exciting day for the Israel-based company after Teva announced a new restructuring plan that will take effect immediately. The company's recently appointed CEO Kare Schultz remarked, "Teva is taking decisive and immediate action to address external pressures and internal inefficiencies. Our new company structure will enable stronger alignment and integration between R&D, operations, and the commercial regions, allowing us to become a more agile, lean and profitable company." It was last week that a report indicated the company would be cutting many jobs in the U.S. and across the globe. The detailed restructuring plan will be revealed next month. Analyst Louise Chen of Cantor Fitzgerald wrote that Teva's announcement is "good news...and the first step in additional cost cuts to come."

Access RDI's Teva Pharmaceutical Industries Limited Research Report at: http://www.rdinvesting.com/report/?ticker=TEVA

Our Actionable Research on Biogen Inc. (NASDAQ: BIIB) and Teva Pharmaceutical Industries Limited (NYSE: TEVA) can be downloaded free of charge at Research Driven Investing.

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