International stocks trading in New York closed higher on
Thursday.
The BNY Mellon index of American depositary receipts rose 0.8%,
to 146.57. The European index increased 0.98%, to 144.87; the Asian
index improved 0.27%, to 153.73; the Latin American index rose
1.18%, to 220.73; and the emerging markets index increased 0.68%,
to 264.72. Telecom Italia SpA (TI, TIA, TIT.MI) was among the
companies with ADRs that traded actively.
Telecom Italia said it has completed the sale of a 40% stake in
Infrastrutture Wireless Italiane SpA, or Inwit, through an initial
public offering as part of the tower unit's listing on the Italian
stock exchange. ADRs rose 5.1%, to $13.09.
The U.S. Court of Appeals has again ruled that Teva
Pharmaceuticals Ltd.'s (TEVA, TEVA.TV) patent for its blockbuster
multiple-sclerosis treatment Copaxone is invalid. The Thursday
decision means Novartis AG (NVS, NOVN.VX) and Momenta
Pharmaceuticals Inc. (MNTA) could launch generic versions of
Copaxone two months earlier than expected, analysts say. Howver,
since Teva has switched roughly 70% of Copaxone users to a new,
more convenient Copaxone formulation, it may be difficult to have
them switch again. A Teva spokesperson said the company is
"committed to pursuing all legal pathways including seeking further
appellate review." Teva ADRs rose 18 cents, to $60.33, and Novartis
ADRs rose 46 cents, to $101.56.
Write to Tess Stynes at tess.stynes@wsj.com
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