As the details of Warren Buffet’s Berkshire Hathway report emerged, shares of Teva Pharmaceutical Industries Ltd., with North American headquarters based in North Wales, skyrocketed.
CNBC reports Berkshire disclosed in a regulatory filing some changes in its holdings including a $358 million stake in Teva, which is based in Israel and has its North American headquarters in Montgomery County, writes Alison Burdo in the Philadelphia Business Journal.
Teva – the world’s largest manufacturer of generic drugs – has been undergoing some changes of its own recently. A major restructuring overhaul means the elimination of thousands of jobsand a recent SEC filing shows plans to raise $5 billion through a debt sale with the money slated for “general corporate purposes, which may include additions to working capital, investments in or extensions of credit to our subsidiaries and the repayment of indebtedness.”
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