Teva Pharmaceutical Industries Ltd. of Jerusalem said itintends to file for a public offering of 5 million Americandepositary shares (ADRs), of which 2 million will be offered bythe company and 3 million will be sold by W. R. Grace & Co.
Following the offering, Teva will have 24.8 million ADRsoutstanding. Each ADR is equivalent to 12 shares of Teva stock.Underwriters are Lehman Brothers and Merrill Lynch & Co. Theproceeds will be used to reduce Teva's $12.3 million long-termdebt.
W. R. Grace is liquidating the bulk of its 14 percent equitystake in Teva to focus on its specialty chemicals business.
Teva develops and markets products that include humanpharmaceuticals, veterinary products and baking yeast. ItsADRs (NASDAQ:TEVIY) on Thursday closed at $14.25, up 25cents.
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