Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) said it is moving the listing of its American depositary shares to the New York Stock Exchange from the Nasdaq Global Select Market in May, in the latest round in the stock exchanges' battle for listings.
NYSE Euronext (NYX) and Nasdaq OMX Group Inc. (NDAQ) have battled for years to bring in, or poach, listings by offering promotions and other incentives. Much of the recent rivalry between the exchanges has focused on grabbing the listings of newly public companies, including a high-profile crop of technology initial public offerings.
Teva, the world's largest maker of generic drugs, recently had a U.S. market capitalization of about $40.5 billion, according to FactSet Research data. The Israel-based company also has been diversifying into brand-name and over-the-counter drugs.
Teva last month reported higher fourth-quarter net profit and underscored its aim to reduce its dependence on just a few medicines and markets.
Teva's ADSs were down five cents at $43.02 in recent trading.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com