A New Pharma Giant Goes Public as a Sector Leader Makes Moves in Neuroscience

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1. Ownership and Share Structure Information

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Teva Pharmaceutical Industries Ltd. (TEVA:NYSE) reported new clinical and real-world data for AUSTEDO (deutetrabenazine) and AUSTEDO XR (deutetrabenazine) extended-release tablets while continuing to advance a portfolio of late-stage pipeline programs across neuroscience, immunology, and respiratory diseases.

Teva describes itself as a global pharmaceutical company with approximately 37,000 employees across 57 markets. The company traces its origins to 1901 and states that it provides medicines to about 200 million people around the world every day. According to the company, its portfolio includes 1,800 unique molecules and 3,500 products spanning generic, specialty, and over-the-counter medicines.

On June 5, Teva announced new data from what it described as the first and only real-world, decentralized study evaluating patient- and caregiver-reported quality of life impacts of Huntington's disease chorea and the effect of AUSTEDO or AUSTEDO XR on symptom management. The findings were presented at the Advanced Therapeutics in Movement & Related Disorders Congress held June 4-8, 2026, in Washington, D.C.

According to the company, 74% of patients reported improvements in chorea movements since initiating treatment as measured by the Patient Global Impression of Change scale. More than 85% of surveyed patients reported improvements in goals related to daily activities and social life, while 77% of caregivers reported improvements in goals related to social life and emotional well-being.

"What we are seeing reinforced from these real-world data is how deeply Huntington's disease chorea affects patients physically, emotionally, and in their ability to function day-to-day and the strain it can place on their care partners," said Eric Hughes, MD, PhD, Executive Vice President, Global R&D and Chief Medical Officer at Teva, in a company news release.

Three days later, Teva reported additional AUSTEDO and AUSTEDO XR findings at Psych Congress Elevate in Las Vegas. The data package included results from three separate studies focused on tardive dyskinesia.

According to the company, the IMPACT-TD Registry showed reductions in Abnormal Involuntary Movement Scale scores among participants with mild symptoms who started treatment with AUSTEDO or AUSTEDO XR. A separate analysis from the three-year RIM-TD study found that more than 50% of patients achieved improvement within 15 weeks, while an additional 23% improved after week 15.

"The data presented at Psych Congress Elevate represent Teva's pursuit to better understand the full human experience of tardive dyskinesia," Hughes said in a company news release.

Teva also reported first-quarter 2026 revenue of US$4.0 billion. The company reported global AUSTEDO revenue of US$578 million, up 41% year over year, UZEDY revenue of US$63 million, up 62%, and AJOVY revenue of US$196 million, up 35%.

Additionally, the company reported on June 10 that it had closed its acquisition of Emalex Biosciences, adding ecopipam to its late-stage neuroscience pipeline. Ecopipam is an investigational treatment for pediatric Tourette syndrome and is described by the company as a first-in-class selective dopamine D1 receptor antagonist. The asset has received FDA Orphan Drug and Fast Track designations, and Teva said a U.S. New Drug Application submission is anticipated in the second half of 2026.

At closing, Teva paid US$700 million in consideration and said the agreement includes the potential for up to an additional US$200 million in commercial milestone payments, as well as net sales-based royalties upon commercialization, subject to regulatory approval.

"This acquisition reflects our Pivot to Growth strategy in action, advancing our innovative pipeline through focused, capital-efficient business development," said Richard Francis, President and Chief Executive Officer of Teva, in a company news release. "It adds a late-stage opportunity with potential to address a significant unmet need in Tourette syndrome, and with our deep neuroscience expertise, we are well-positioned to advance this program."

According to Teva, Emalex Biosciences was created by Paragon Biosciences to develop treatments for central nervous system disorders. The company said Emalex advanced ecopipam through clinical development and compiled the NDA submission for pediatric Tourette syndrome. Phase 3 data for ecopipam were recently published in JAMA Neurology.

Neuroscience Research and Treatment Development Continue to Expand

According to a May 25 report from Fortune Business Insights, the global neuroscience market was valued at US$50.16 billion in 2025 and was projected to grow to US$82.58 billion by 2034. The report stated that "rising prevalence of neurological disorders, increasing adoption of AI-enabled diagnostic technologies, and growing investments in personalized neurotherapies" had been driving growth across the sector.

The report also noted that "the global Neuroscience Market has witnessed significant advancements, driven by rising research in neurodegenerative diseases, mental health disorders, and brain injury treatments." According to Fortune Business Insights, increasing investment in neurotechnology and wider use of advanced diagnostic and therapeutic tools have accelerated market expansion, while hospitals, research institutes, and pharmaceutical developers continue deploying neuroscience technologies to support diagnosis, treatment, and research programs.

Fortune Business Insights reported that the United States remained the largest neuroscience market due to its healthcare infrastructure, research ecosystem, and investment in brain research. The firm stated that the rising prevalence of neurological disorders, including Alzheimer's and Parkinson's diseases, had continued to support demand for diagnostic and treatment technologies.

More recently, Healthcare Asia reported on June 15 that artificial intelligence remained largely in the pilot stage across pharmaceutical manufacturing despite increasing interest in applying the technology to production and quality monitoring processes. Citing a GlobalData report, the publication stated that companies had faced challenges including outdated systems, uneven data quality, and the complexity of implementing AI within regulated manufacturing environments.

"Success will depend on execution and the ability to combine manufacturing expertise with digital infrastructure in day-to-day operations," Edita Hamzic, Healthcare Analyst at GlobalData, said, according to Healthcare Asia.

The publication reported that manufacturers had been testing digital twins, predictive maintenance systems, and real-time quality monitoring tools to reduce downtime, limit waste, and improve consistency. Hamzic added that "Companies that see AI as part of their operational model, not as a standalone technology project, are most likely to benefit."

According to Healthcare Asia, regulators had also been evaluating the role of artificial intelligence within pharmaceutical manufacturing environments. The publication reported that the U.S. Food and Drug Administration had been using AI to help set inspection priorities under a one-day inspection pilot, while the European Medicines Agency had focused on transparency and human oversight.

Taken together, the reports described a neuroscience and pharmaceutical landscape characterized by continued investment in neurological research, expanding use of advanced diagnostic technologies, and growing efforts to integrate digital tools into healthcare and manufacturing operations.

Positive Rating Reflected Strong Power Score Despite Target Below Trading Price

In a June 9 report, John Lafferty of Price Target Research assigned Teva Pharmaceutical Industries a "B (Positive)" Value Trend Rating. Lafferty wrote that the rating reflected "contradictory signals" from the firm's proprietary measures, noting that the company had "a slightly negative Appreciation Score of 38 but a good Power Rating of 85, triggering the Positive Value Trend Rating."

Price Target Research reported that Teva's shares were trading above its targeted value, stating that "The current stock price of US$33.26 compares to the targeted value 12 months forward of US$27." The report added that this "moderately low appreciation potential results in an appreciation score of 38."

Despite that assessment, Lafferty highlighted the company's Power Rating of 85, writing that "TEVA's good Power Rating indicates that it has a better chance of achieving favorable investment performance over the near to intermediate term than all but 15% of companies in the universe." According to the report, one factor supporting the rating was that "recent price action has been extremely favorable."

The report also described Teva as a company that "develops, manufactures, markets, and distributes generic medicines, specialty medicines, and biopharmaceutical products" and noted that it focused on "the central nervous system (CNS), respiratory, and oncology areas."

According to data compiled from 12 analysts by S&P Global Market Intelligence and TipRanks as of June 1, Teva carried a consensus "Strong Buy" rating with an average price target of US$40.90, representing approximately 21.4% upside from the stock's then-current price. Price targets ranged from US$33 to US$50.

Recent analyst updates included David Amsellem of Piper Sandler reiterating a Buy rating and US$42 price target on June 1, Dennis Ding of Jefferies maintaining a Buy rating and US$40 price target on May 27, and Glen Santangelo of Barclays maintaining a Buy rating while raising his price target from US$38 to US$40 on May 6. On April 30, Salveen Richter of Goldman Sachs maintained a Buy rating and increased her price target from US$45 to US$50, while Chris Schott of J.P. Morgan maintained a Buy rating and raised his price target from US$35 to US$40.

Multiple Programs Advance Across Neuroscience, Immunology, and Respiratory Diseases

Teva's first-quarter 2026 presentation outlined several development programs and regulatory milestones across its late-stage pipeline.

For olanzapine long-acting injectable (TEV-749) for schizophrenia, Teva reported that a New Drug Application was submitted to the U.S. Food and Drug Administration in December 2025 and accepted in February 2026. The company stated that European Union Marketing Authorization Application acceptance is expected in the second quarter of 2026 and that it remains on track for an FDA action in the fourth quarter of 2026.

In respiratory disease, Teva said enrollment has been completed in the Phase 3 FLAIR study evaluating its Dual-Action Asthma Rescue Inhaler (DARI). The study includes more than 2,700 pediatric, adolescent, and adult patients with moderate to severe asthma. As of April 15, 2026, approximately 60% of required events had been achieved in the study.

The company and Sanofi are also advancing duvakitug for ulcerative colitis and Crohn's disease. Teva reported that Phase 3 UC Sunscape and CD Starscape studies were initiated in October 2025, with site activations and enrollment on target, and European Clinical Trial Applications approved.

For its anti-IL-15 antibody program, Teva reported that vitiligo Phase 1b topline results are expected in the first half of 2026, and celiac disease Phase 2a topline results are expected in the second half of 2026. The company also noted that a Royalty Pharma deal was signed to provide funding for vitiligo Phase 2/3 development.

Teva's emrusolmin program for multiple system atrophy received FDA Fast Track designation in September 2025 and previously received Orphan Drug designation. The company reported enrollment of more than 200 patients in the TOPAS-MSA trial and said a futility analysis remains on track for the fourth quarter of 2026. 

The company's 2026 milestone schedule includes anticipated FDA approval activity for olanzapine LAI, vitiligo Phase 1b topline results, celiac Phase 2a topline results, targeted completion of pivotal Phase 3 studies for DARI, and a Phase 2 futility analysis for emrusolmin.

¹0.52% of Teva is held by management and insiders, with 1.66% owned by strategic entities. 21.28% is held by institutions. The rest is retail.

Teva Pharmaceutical Limited has a market cap of US$40.617 billion, 1.164 million shares outstanding, and a 52-week trading range of US$14.99 to US$37.35.

While Teva continues advancing its neuroscience portfolio and specialty medicine business, investors recently gained a new publicly traded company working in the same space with the Toronto Stock Exchange debut of Apotex Health. Like Teva, Apotex operates a diversified pharmaceutical business spanning generic medicines and specialty products, with product offerings across multiple therapeutic areas, including neuroscience.

Apotex Health Corp. 

Apotex Health Corp. (APTX:TSX) entered the public markets following an upsized initial public offering on the Toronto Stock Exchange, positioning the Canadian-based global health company as a newly listed pharmaceutical issuer focused on generic, biosimilar, branded pharmaceutical, and consumer health products.

The company is headquartered in Toronto and describes itself as the largest Canadian-based pharmaceutical company. Apotex stated that it improves everyday access to affordable, innovative medicines and health products for millions of people around the world, with regional offices globally, including in the United States, Mexico, and India.

The public listing gives investors a new way to evaluate a large generics-focused pharmaceutical company in a market that also includes global pharmaceutical issuers such as Teva Pharmaceutical Industries, which similarly operates across generic medicines, specialty medicines, and biopharmaceutical products. Apotex's stated portfolio includes generic, biosimilar, and innovative branded pharmaceuticals, as well as consumer health products.

On June 9, Apotex announced the pricing of its upsized initial public offering of 54,166,670 common shares at CA$24.00 per share, for gross proceeds of CA$1,300,000,080. The offering followed the filing of the company's final base PREP prospectus with securities regulators in each Canadian province and territory, receipt of the final prospectus, and the signing of an underwriting agreement.

The offering included a treasury offering by Apotex of 35,416,666 common shares at CA$24.00 per share, for gross proceeds of CA$849,999,984 to the company. It also included a secondary offering by certain shareholders of 18,750,004 common shares at the offering price, for gross proceeds of CA$450,000,096 to the selling shareholders.

The selling shareholders granted the underwriters an overallotment option to purchase up to an additional 8,125,000 common shares at CA$24.00 per share. The option is exercisable for 30 days after the closing date of the offering to cover over-allotments, if any, and for market stabilization purposes.

The offering was led by RBC Capital Markets, TD Securities Inc., and Scotiabank as co-lead managers, joint global coordinators, and joint lead bookrunners. BMO Capital Markets and Jefferies Securities Inc. acted as joint bookrunners, with additional firms acting as co-managers.

The common shares began trading on the TSX on an "if, as, and when issued" basis on June 10 under the symbol APTX. Closing of the offering was expected to occur on or about June 16, subject to customary closing conditions. The TSX conditionally approved the listing of the common shares, subject to customary requirements.

Apotex's public listing provides a near-term market milestone for the company as its common shares began trading on the TSX under the symbol APTX on June 10. The closing of the offering was expected to occur on or about June 16, subject to customary closing conditions.

The company also stated that a supplemented PREP prospectus containing pricing information and other information relating to Apotex, the common shares, and the offering would be available on or about June 10. Copies of the supplemented prospectus and any amendments were expected to be available on SEDAR+ within two business days.

Apotex's recent product developments included expansion of its type 2 diabetes treatment portfolio with the U.S. launch of sitagliptin and sitagliptin and metformin hydrochloride tablets. The products were described as eligible for 180-day shared exclusivity.

The company also continued to position its portfolio across multiple disease and treatment areas, including cancer, type 2 diabetes, high cholesterol, glaucoma, infections, neuroscience, and pain management. Additional areas listed in the provided material included dermatology, oncology, ophthalmology, osteoporosis, pain management, and women's health.

Apotex was also described as having launched Apo-Semaglutide Injection, a generic equivalent to Ozempic, in Canada. The company operates across generic, biosimilar, and branded pharmaceutical products and has a global footprint spanning more than 75 countries.

Before the final pricing announcement, Apotex stated on June 8 that, assuming an offering size of approximately CA$1.3 billion and an offering price of CA$22.00 per common share, the midpoint of the offering range, an aggregate of 231,726,671 common shares would be issued and outstanding on a non-diluted basis following completion of the offering. On a fully diluted basis, 247,662,946 common shares would be outstanding.

The final offering was priced at CA$24.00 per common share and included 54,166,670 common shares. The company said the offering would generate CA$849,999,984 in gross proceeds to Apotex through the treasury portion and CA$450,000,096 in gross proceeds to selling shareholders through the secondary portion.

Approximately 50.6% to 54.3% of Apotex Health Corp. is held by strategic entities, including SK Artemis Holdings II LLC and API Investment LP, depending on whether the underwriters' overallotment option is exercised. The company has not separately disclosed management and insider ownership or institutional ownership percentages. The remaining shares represent the public float, including general public investors and certain selling shareholders from the secondary offering.

Apotex Health Corp. has approximately 228 million to 232 million common shares outstanding on a non-diluted basis following completion of its IPO. Based on the CA$24.00 IPO price, the company had an implied market capitalization of approximately CA$5.5 billion.