(Bloomberg) -- Teva Pharmaceutical Industries Ltd. is getting some much-needed support.
Warren Buffett’s Berkshire Hathaway Inc. disclosed a position in the world’s largest generic drugmaker on Wednesday afternoon, becoming the tenth largest shareholder. The disclosure sent Teva’s American depositary receipts up 8 percent in after-hours trading, and comes weeks after Jana Partners LLC built a long position in the stock.
The Israel-based company is working on a turnaround, with new Chief Executive Officer Kare Schultz tightening belts aggressively as competition to Teva’s top medicine is intensifying. The drugmaker is also struggling with an approximately $33 billion debt burden while expecting sales to slump further this year amid escalating pressure on generic prices in the U.S.
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