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ESLT keeps growing in Europe:
Elbit Systems Acquires the UK Company Ferranti Technologies for GBP15 Million (US$31 Million)
Press Release Source: Elbit Systems Ltd Thursday July 26, 5:20 am ET
Elbit Systems Strengthens its Presence in the UK
Joseph Ackerman: The Acquisition is in Line With our Strategy to Provide Better Support to our Customers in UK and Europe
HAIFA, Israel, July 26 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (NASDAQ: ESLT - News) reported today that it has acquired the entire share capital of the UK company Ferranti Technologies (Group) Limited ("FTL") for GBP15 million (approximately US$31 Million).
FTL is an established supplier of engineering, manufacturing and product support solutions to the Aerospace and Defence markets. FTL designs and manufactures electronic, power and control solutions with emphasis on reliable operation in harsh climatic and electromagnetic environments. FTL's comprehensive customer logistic support services cover: repair, overhaul, modification, integrated logistic support, and post design services.
The acquisition of FTL will enable Elbit Systems to provide enhanced access and support to its customers in the UK and Europe. Together with U-TacS, a UAV Systems company and UEL, the UAV engines' company, the acquisition will strengthen the Group's presence in this important market.
Joseph Ackerman, President of Elbit Systems Ltd., said: "The acquisition of Ferranti Technologies Limited is in line with our strategy of growth through mergers and acquisitions. We have identified in Ferranti a highly capable management team. I believe that FTL and its management will significantly enhance our business base in the UK and enable us to provide better support to our customers, while gaining better market access in the UK and Europe"
Terry Scuoler, Managing Director of FTL said: "Elbit Systems has outstanding technology and a high reputation in the market place and we are excited that the transaction will allow us to further expend our business across the UK and Europe. We are very much looking forward to build on our respective successes to date and continue to serve our customers need.
FTL was sold by The Fifth Causeway Development Fund (advised by ABN AMRO Capital Ltd.) and by FTL's management.
About Ferranti Technologies
Snip
Protalix files for $200 mln shelf offering
Tue Jul 24, 2007 10:54AM EDT
July 24 (Reuters) - Protalix BioTherapeutics Inc. (PLX.A: Quote, Profile, Research) said on Tuesday that the company or some shareholders may periodically sell up to $200 million in its shares.
The company intends to use the proceeds for research and development expenses, clinical trials, establishing an internal sales force, general corporate and administrative purposes and construction and furnishing of a new manufacturing facility, it said in a shelf registration filing with the U.S. Securities and Exchange Commission.
http://www.reuters.com/article/marketsNews/idUKWNAS725120070724?rpc=44
The stock is down some 15% to $17 as I type.
Kind of positive news for TARO. Sun is not backing and increase their stake up to $58M. So here is one player who will not let the company go down the toilet. Now with proper negotiation and spressure, the price could get higher to satisfy FT and the others.
UPDATE 1-InterMune shares fall on hepatitis C drug concern
http://www.reuters.com/article/marketsNews/idUKN2341906920070723?rpc=44
Mon Jul 23, 2007 1:05PM EDT
(Updates with details, rival analyst comment)
By Toni Clarke
BOSTON, July 23 (Reuters) - Shares of InterMune Inc. (ITMN.O: Quote, Profile, Research) fell as much as 8 percent on Monday amid concern its experimental hepatitis C drug may face a development delay.
Leerink Swann analyst Howard Liang said in a report that InterMune's drug, ITMN-191, may begin an early-stage, or Phase 1b, clinical trial later than he had expected.
"Although it is still possible for Phase 1b to start within the third quarter, as guided, there has been at least a slight delay relative to our expectations," he said.
Officials at InterMune, which is developing the drug together with Switzerland's Roche Holding AG (ROG.VX: Quote, Profile, Research), were not immediately available for comment.
While Liang did not cite a specific source for his concerns, he said he believes it has been at least three months since the completion of an earlier trial and that the lag before starting the phase 1b is longer than he had anticipated.
He said new safety findings may be part of the reason for the delay.
InterMune's shares were down $1.76, or 7.1 percent, to $23.18 in early afternoon trading on Nasdaq after going as low as $22.89.
Investors are particularly sensitive to any potential delay, however slight, to InterMune's drug because a similar product that was under development by Germany's Boehringer Ingelheim was dropped because of cardiovascular toxicity.
Jason Kolbert, an analyst at Susquehanna Financial Group, said InterMune has tested ITMN-191 extensively in animals in order to check its toxicity and has so far seen no adverse cardiovascular events.
"The bottom line is that InterMune that has learned that it's better to slow down and get the right dosing than to rush to clinical trials with less than optimal dosing," he said.
Another reason for the interest in the trial is that it will give the first sense of the drug's antiviral activity, and that in turn could affect the stock of Vertex Pharmaceuticals Inc. (VRTX.O: Quote, Profile, Research), which is developing a rival product called telaprevir, or VX-950, that is further along in development.
Shares of Vertex were 27 cents lower, down nearly 1 percent, to $29.05 in early afternoon trading on Nasdaq.
Hapoalim bank downgraded today to market perform.
Hapoalim cuts Elbit Systems
"Revenue will grow this year but profitability will be harmed."
Adi Ben Israel 23 Jul 07 13:15
In advance of the company's second quarter financials, Bank Hapoalim has cut its recommendation for Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) to "Market Perform" from "Outperform" and set a target price of $45, 4.5% over the company's current market price. Bank Hapoalim believes that Elbit Systems' revenue has grown in the second quarter, and that its orders backlog is at a record level, but fears that its profitability will remain low.
"We feel that the bottleneck in Elbit Systems' activity is its low profit margins," Bank Hapoalim says. "The company's profitability in 2007 could be harmed as a result of the crisis at Elisra and currency appreciation. Financing costs will increase as a result of the taking of credit to finance the acquisition of Tadiran Communications, as well as the appreciation of the shekel."
Bank Hapoalim believes that while a strong orders backlog will ensure further revenue growth for Elbit Systems this year, the labor dispute at Elisra and the shekel appreciation are likely to harm profitability. "Elbit Systems' revenue for 2007 will total $1.85 billion, with net profit coming in at just $82.4 million (excluding one-time amortizations)," it predicts.
Published by Globes [online], Israel business news - www.globes.co.il - on July 23, 2007
GEVALD! a true catch 22 for Templeton.
Maybe they are better off not seeing those numbers,
might save them a heart attack.
[IBI joins the chorus in praise to TEVA]
IBI raises Teva price target
Teva will publish its second quarter financials on August 1.
Amir Keidan 22 Jul 07 16:24
IBI Investment House Ltd. has released an upbeat report on Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA), which is due to publish its second quarter financials on August 1. IBI analyst Noa Weisberg raised her target price for Teva from $45 to $54, and reiterated her “Buy” recommendation, in a report entitled “The biggest risk is to be outside”.
IBI predicts that Teva will post earnings per share (EPS) of $0.55 for the second quarter, and adds that the company will have to post EPS of $1.10-1.19 for the second half of the year to meet its full-year guidance. The investment house concludes, “We believe that Teva can easily surpass this target.”
IBI predicts that Teva’s share performance will continue to improve during the second half of 2007. “Political pressure to lower healthcare spending will encourage generics. Discussions about biogenerics will continue, and even though it seems that at the start of the discussions, the generics did not have the upper hand, we believe that by 2010 the regulators will reach an arrangement that will encourage the entry of biogenerics by making it worthwhile to develop biogeneric alternatives while keeping fair conditions for the activity of biotechnology companies.”
Published by Globes [online], Israel business news - www.globes.co.il - on July 22, 2007
Taro meeting to take place as planned
The District Court has ordered the company's shareholder's meeting to be held tomorrow. Franklin Templeton has appealed to the Supreme Court.
Gitit Pincas 22 Jul 07 17:33
During last Thursday's hearing in the Tel Aviv District Court, Judge Nurit Ahituv said repeatedly that she did not understand the goal of Franklin Templeton Resources Inc. (NYSE: BEN) in seeking to block the sale of Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF.PK) to India's Sun Pharmaceuticals Industries Ltd. (BSE: 524715). This was the general idea that lay behind her decision the following day to dismiss Franklin Templeton's petition for an injunction against the shareholders' meeting to approve the sale, which will now go ahead tomorrow, as planned. Franklin Templeton filed an urgent appeal this morning with the Supreme Court.
Franklin Templeton, which in the meantime has lowered its holding in Taro to 7.9% is seeking an injunction under which a special manager will be appointed for Taro, and the initial share allocation to Sun, which was made ahead of the sale, as well as the sale by Taro's controlling shareholders of their stakes will be made contingent on the approval of the court. It is also seeking a court ruling cancelling or postponing tomorrow's shareholders' meeting, since Taro's shareholders do not have the data and information, including the company's financials for 2006 and the first quarter of 2007, that would enable them to make the decision.
In her ruling Judge Ahituv held that the share allocation to Sun could not be revoked, since the Indian company had relied on Franklin Templeton's willingness to consent to a lowering of the price, and had "paid a considerable sum for its shares." Franklin Templeton would suffer no irreversible damage if the meeting went ahead as planned, she said, and even if the votes of Sun itself tipped the balance in its favor, Franklin Templeton would still have sufficient time to file for an injunction to stop the merger from going ahead.
In addition, Judge Ahituv did not order Taro to publish its financials for 2006 and the first quarter of 2007, and merely ruled that if Franklin Templeton was willing to sign a confidentiality agreement, it could see the financials before the meeting is held tomorrow.
Published by Globes [online], Israel business news - www.globes.co.il - on July 22, 2007
All I read In the SEC is "The Cubist product pipeline includes our lipopeptide program and our natural products screening program."
They are conducting several more clinical trials with Daptomycin but I don't see any news from their research collaboration with Ilypsa to develop a non-antibiotic therapy for Clostridium difficile associated diarrhea (CDAD).
Since they had discontinued the development of HepeX-B, I'm afraid they are still looking for new candidates in preclinical.
We use to give Oxytocyin to pregnant mice before milking them as it induces milk production. How it is overcoming shyness is a mystery worth pursuing… But I can't stop wondering about possible side effects.
NutriCognia in venture with Singapore co
The glycol-analysis company is raising $3-4 million from private investors.
Gali Weinreb 19 Jul 07 17:44
Biotechnology start-up NutriCognia Ltd. is setting up a $3 million joint baking venture with a Singapore company. The joint venture will control the baking process by analyzing glycoproteins used in baking.
NutriCognia CEO Dr. Ofer Markman spun the company off from ProCognia (Israel) Ltd. (TASE:PRCG) in 2004. Markman was a founder of ProCognia. The two companies have the same technology: the analysis of glycoproteins as part of the control process in biological production. The difference is in products tested: ProCognia checks quality in the manufacturing of pharmaceuticals, whereas NutriCognia does the same for food products. The company can provide food companies with information such as whether certain protein supplement has changed during production and lost its effectiveness in terms of taste or texture, or whether a probiotic bacteria survived during production.
NutriCognia has $270,000 in sales, which it hopes to boost to $500,000 this year. The company is also raising $3-4 million from private investors. The company focuses on the dairy and baking products industries, and plans to enter the beer industry soon.
NutriCognia operates in Israel, Europe, and Asia. The company has obtained a Israel-United States Binational Industrial Research and Development Foundation (BIRD-F) grant for a project for monitoring dairy manufacturing with Chromadex.
Published by Globes [online], Israel business news - www.globes.co.il - on July 19, 2007
Taro and Templeton continue to spar
http://www.globes.co.il/serveen/globes/docview.asp?did=1000234122&fid=942
Judge Nurit Ahituv: The case is a "hot potato passing between the judges.”
Gitit Pincas 19 Jul 07 19:09
A decision by Tel Aviv District Court Judge Nurit Ahituv may determine whether the Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF.PK) general shareholders meeting, scheduled for Monday, will go ahead as planned. Ahituv today heard the petition for an injunction against the meeting filed by Franklin Templeton Resources Inc. (NYSE:BEN), but said, “I hope to give a decision by Monday. I hope I’ll have enough time.”
Judge Ahituv gave no commitment to have a decision by the time the Taro shareholders meeting takes place. She noted that the case “is a hot potato passing between the judges.”
All the parties at the hearing made claims: Templeton, Taro, and India’s Sun Pharmaceuticals Industries Ltd. (BSE: 524715), which is seeking to acquire Taro. The main argument was made by Templeton, which said, “We’ve reached the last minute of uncertainty. The public doesn’t know what will happen. Taro has put the gun on the table and declared that it will collapse if it isn't sold. It’s like Russian roulette, only they know if there’s a bullet or not, but they want the shareholders to play with them.”
Templeton is also demanding that Taro publish its unaudited financial reports for 2006 and the first quarter of 2007. “It’s unacceptable that the shareholders have to make a decision, while information is being concealed from them and they are being told, ‘Trust us, and vote in favor.’ If that is the case, why isn't Taro publishing its financial reports for 2006 and the first quarter of 2007, which it has and which it showed to 20 potential buyers who signed confidentiality agreements? Taro’s answer is, ‘They’re worthless. There are four pages of numbers and one page of text, which we already published when we summoned the shareholders meeting’.”
I hope you're right about the pipeline.
Alternatively there is a good chance that the company will be sold for a nice premium.
I think the job should go to Telephonics
Will you sell today with a 10% pop?
I'm still worried from the thin pipeline.
idit
Rosetta Genomics Announces Expansion of its Research Facility
Tue Jul 17 05:45:42 2007
REHOVOT, Israel and NORTH BRUNSWICK, New Jersey, July 17 /PRNewswire-FirstCall/ -- Rosetta Genomics Ltd (Nasdaq: ROSG), a leading microRNA company, announced today the expansion of its Israeli research facility. The company is adding the new laboratories to its state-of-the-art facilities in order to meet its research and development needs for its microRNA-based diagnostic programs. The company expects to grow to approximately 70 employees by the end of the year.
"This expansion will enable us to advance new development programs, and accommodate the large number of scientists that have joined Rosetta recently and those we expect to add in the future," said Amir Avniel, Rosetta Genomics' Chief Executive Officer. "Our proprietary discovery platform is capable of utilizing over twelve thousand predicted and validated microRNAs, including over 1000 proprietary microRNAs, which are expressed in different tissues. This platform provides us with the foundation upon which we can advance microRNA-based diagnostic products in key oncology indications. The new lab space is essential for the success of these efforts."
About microRNAs
MicroRNAs (miRNAs) are recently discovered, naturally occurring (endogenous), molecule that initiates the RNAi process. These small RNAs act as protein regulators and have the potential to form the basis for a new class of diagnostics and therapeutics. Since many diseases are caused by the abnormal activity of proteins, the ability to selectively regulate protein activity through microRNAs could provide the means to treat a wide range of human illnesses. In addition, microRNAs have been shown to have different expression levels in certain pathological versus normal tissues. As a result, these differences may provide the basis for a novel diagnostic strategy for a wide range of diseases.
About Rosetta Genomics
Rosetta Genomics (NASDAQ:ROSG) is a leader in the development of microRNA-based diagnostics and therapeutics. Founded in 2000, the company's integrative research platform combining bioinformatics and state-of-the-art laboratory processes has led to the discovery of hundreds of biologically validated novel human microRNAs. Building on its strong IP position and strategic alliances with leading biotechnology companies, Rosetta Genomics is working to develop a full range of diagnostic and therapeutic products based on microRNAs. The company's primary focus is in the development of microRNA-based products to diagnose and treat different forms of cancer and infectious diseases. For more information please visit: http://www.rosettagenomics.com
http://www.omniomix.com/inthenews.php?id=80612
"BiolineRX has said in the past that it wants to conduct as many tests as possible for BL1020 in the early stages, in order to rule out as many poor candidates as possible and to improve recruitment of the best candidates for advanced and costly trials."
That is what Dew would call the anti Zebra law approach!
The phase III slide is not important because since then they got a SPA.
The drug will be given to untreated, symptomatic Gaucher patients (no healthy control required) and the relief in symptoms such as spleen size etc will be measured. This will prove efficacy in sick humans.
There was no efficacy in phase I, just safety and Pharmacology in healthy subjects.
Apart from that, they have shown via 3D crystallography that their molecule is similar to Cerezyme .
They have shown in vitro enzymatic activity and superiority in 2 models.
Please take the time to read their 8-k from 5 May 07
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0000891092-07-001770&Type=HTML
Dubi, if I was more of a trader perhaps I would play the in and out game. I usually don't do that. Biolite is an exception were i played a stock and never took a long position.
Yes.
I have great confidence in PLX platform. I think we'll see nice fruits from their project with TEVA in the biosimilarities arena.
One more step for CAN-FITE today,
They published the data from phase IIb of CF101 with RA.
Data looks interesting and promising.
Protalix BioTherapeutics, Inc. Receives Special Protocol Assessment Approval from FDA for its Phase III Clinical Study of prGCD
Friday July 13, 3:23 pm ET
http://biz.yahoo.com/prnews/070713/clf059.html?.v=67&printer=1
Company Expects to Begin Enrolling Gaucher Disease Patients for Phase III Clinical Trials of prGCD in Third Quarter of 2007
CARMIEL, Israel, July 13 /PRNewswire-FirstCall/ -- Protalix BioTherapeutics, Inc. (Amex: PLX - News) today announced that it has reached an agreement with the United States Food and Drug Administration on the final design of its pivotal phase III clinical trial for its lead product candidate, prGCD, through the FDA's Special Protocol Assessment (SPA) process. The Company expects to initiate enrollment of patients for its phase III clinical trials during the third quarter of 2007.
prGCD is a proprietary plant cell expressed recombinant form of human Glucocerebrosidase (GCD), for the treatment of Gaucher disease, a lysosomal storage disorder in humans.
The phase III clinical trial will take place in leading medical centers in the United States, Israel, where approval from the Israeli Ministry of Health has been received, and other locations worldwide. The clinical trial will initially consist of male and female adult patients with Gaucher disease.
About Protalix BioTherapeutics, Inc.
snip
I believe the drug is determinedness :)
OT- firefox
Try Erik's way (No-script).
Edit: I forgot a tiny detail, I'm using the Hebrew version of the fox
OT
A firefox user Erik, my kind of guy!
genisi (idos at SI)
OT-
I'm not a subscriber. Try firefox it blocks adds better and the tabs are irreplaceable IMO.
I'm using firefox with its adblockplus add-on and don't have this problem.
15 Israeli biomed cos to attend Johns Hopkins conference
The MarketReach America conference aims at helping Israeli biomedical companies penetrate international markets.
Gali Weinreb 12 Jul 07 18:45
http://www.globes.co.il/serveen/globes/docview.asp?did=1000231560&fid=942
15 Israeli biomedical companies will attend the MarketReach America conference, which Johns Hopkins University will hold in Baltimore later this month. The conference is being organized by the Maryland/Israel Development Center and Trendlines International Ltd. The conference is intended to help Israeli biomedical companies penetrate international markets.
Participating companies include Rad BioMed Incubator, Lavi Cardiovascular Ltd., NanoVibronix Inc., Pro-IV Ltd., and Immunovative Therapies Ltd., which is based at Misgav Technology Center (owned by Trendlines).
Participating US companies include Medtronic Inc. (NYSE:MDT), Becton Dickinson & Co. (NYSE:BDX), Martek Biosciences Corp. (Nasdaq:MADK), Novation, AstraZeneca plc (NYSE; LSE:AZN), MedImmune Inc. (Nasdaq:MEDI) and Hanger Orthopedic Group Inc. (NYSE:HGR).
Maryland Governor Martin O’Malley and Israel Ambassador to the US Sallai Meridor will also attend the conference. Maryland is a center of the US life sciences industry, since the state is the home of the Food and Drug Administration (FDA) and the National Institutes of Health (NIH).
Dubi, this is better than "The young and restless", makes me think I might actually escape my TARO loss.
http://www.globes.co.il/serveen/globes/docview.asp?did=1000231563&fid=942
Analyst Investment joins Taro dissenters
Mark Mobius: Templeton is prepared to consider providing Taro with the necessary funding to help it avoid insolvency.
Gitit Pincas 12 Jul 07 19:08
The likelihood that the Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF.PK) general shareholders meeting on July 23 will approve the sale of the company to India’s Sun Pharmaceutical Industries Ltd. (BSE: 524715) appears to be diminishing.
The roll call of opponents to the deal is growing. It includes Templeton Resources Inc. (NYSE:BEN), which owns 9.5% of Taro; Brandes Investment Partners LP, which owns 10.8%; and now Analyst IMS Investment Management Services Ltd. (TASE:ANLT), which owns 1.3% of Taro has joined them.
Sources inform ''Globes'' that another Taro investor, Harel Insurance Investments Ltd. (TASE: HARL), has not yet decided how it will vote, but is leaning toward voting against the merger. Harel’s stake in Taro is about the same size as Analyst’s, and it is also a bondholder. Harel declined to comment on the report; Analyst confirmed its decision to oppose the sale.
Meanwhile, Templeton continues to express it dissatisfaction with the conduct of Taro’s management. Templeton Emerging Markets Fund president Dr. Mark Mobius yesterday sent a letter to Taro chairman Dr. Barry Levitt, in which he noted the legal action that Templeton has taken in Israel to prevent the erosion of the rights of Taro’s minority shareholders. He added that Templeton was urging Taro’s directors, managers, advisors, and other persons to cancel the merger with Sun Pharmaceuticals and the stock allocation which diluted shareholders’ stakes.
In the letter, Mobius called on Levitt to disclose critical information about Taro’s financial circumstances, and not to share this information only with family members and Sun’s advisors.
Mobius concluded his letter by saying that Templeton is prepared to consider providing Taro with the necessary funding, after conducting due diligence, to help the company avoid insolvency.
Analyst Exchange and Trading Services managing director Shai Vodovoz said, “We feel that the price tag for the deal is too low. As partners in Taro, which is how we see ourselves, we’re not getting answers from them.”
Vodovoz declined to say whether Analyst’s opposition to the deal was based on the losses from its investment in Taro, or how much the company had lost, merely saying, “We have no complaints against them on this point. It isn't a question if we lost 5% or 10%. The problem is this deal, which we think is unfair.”
The activism of Analyst and other Taro investors is definitely worth noting. Whether it is justified or not, it shows a welcome development in the Israeli capital market that institutional investors are expressing opinions about companies’ management.
Nope, not the same but from the same origin - Yemenite.
Anyway, in case of emergency one can find a decent pizza here, so don't let any culinary issues stop you from visiting us.
Shalom,
Idit
Pardon my interruption but I would recommend some of our local stuff such as jahnun and melawah. Very tasty and not less bad for your coronaries than pizza :-0
Idit
"PLX, down to earth ???"
Not enough. It still has a market cap of 1.49B that's 3 time more than the market cap reflected by Biocell and real world estimations. BTW, I did not sell any of my Biocell shares yet (they were up over 300%) because I feel the gap between those two will close somewhere in the middle. I may sell some in the future.
TOTAH is the slang for big shot.
So am I right or what?
Thanks Trisha and yes, Dubi is indeed what we call TOTAH in Hebrew.
>I need to get my hands on some of these placebos in pain trials<
LOL
On the more serious side, if DEPO will dive to $1.7 it might be a buy?
DEPO is off 60% pre market on this:
July 10 (Reuters) - Depomed Inc. (DEPO.O: Quote, Profile, Research) said late-stage trials of Gabapentin GR to treat postherpetic neuralgia did not meet its main goal.
http://biz.yahoo.com/ap/070710/depomed_trial.html?.v=1
I was just looking for a place to park the item jewtube...
Bear Stearns upgrades Teva to “Outperform”
Bear Stearns: Teva valuation is attractive
Gil Shlomo 9 Jul 07 18:02
http://www.globes.co.il/serveen/globes/docview.asp?did=1000230142&fid=942
Bear Stearns has upgraded Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) to “Outperform” from “Peer perform”, noting that the “valuation is attractive”.
The investment bank says that “in 2007, there are higher margin opportunities for Lotrel and that this should place upside pressure on earnings per share. Generic Lotrel penetration is 58.4% after five weeks, with Teva’s 97.4% generic share moderating at Novartis/Sandoz ramp following its mid-June launch and the entrance of additional competitors after the 180-day exclusivity period ends on November 18.”
Last week, Goldman Sachs gave a very favorable recommendation for Teva.