The Billionaire businessman Len Blavatnik has been looking at investing in Israeli drug maker Teva Pharmaceutical Industries (TEVA.TA), according to Israeli media reports.
The reports seem to be true as two of Israel’s leading financial news outlets which are Globes and The Marker, have stated that the businessman has been looking at buying a large share purchase in Teva, which saw a stock price drop that was last hit 17 years ago. The decline in stock price was due to the company yet again cutting their annual profit forecast.
Blavatnik’s spokesman who is based in the US and who works for Access Industries refused to comment on the details.
Reports suggest that Blavatnik was considering acquiring $3 billion stake in Teva, which presently has a $12.3 billion market cap.
In most cases, an investment such as this will be undertaken through a private stock listing which would help Teva deal with its debt of nearly $35 billion. Another option would be for the shares to be bought from the pharmaceutical firm Allergan.
Allergan has purchased 10 percent stake in Teva as a deal in which Teva bought its generics business. However, Allergan said last week that it would be selling its stake.
Blavatnik’s Access comprises of many businesses which include Blavatnik media, real estate, chemicals, and technology with Warner Music. Access industries are one of the most profitable businesses in the world with a strong portfolio of companies under its belt.