ADRs End Higher; Teva Trades Actively

International stocks trading in New York closed higher on Monday.

The BNY Mellon index of American depositary receipts rose 1.09% to 148.07, the European index increased 0.91% to 137.83, the Asian index rose 1.41% to 170.96, the Latin American index rose 1.42% to 257.37, and the emerging-markets index rose 1.51% to 322.67.

Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) was among those with ADRs that traded actively.

BP PLC (BP, BP.LN) is moving forward with plans to float some of its vast network of U.S. pipelines, in a move that would spin out cash from the company's infrastructure assets across America. In a filing with the Securities and Exchange Commission on Monday, the company's subsidiary, BP Midstream Partners LP, said it was planning an initial offering and planned to list its shares on the New York Stock Exchange. The new entity would be structured as a master limited partnership, or MLP, a tax-advantaged entity that has gained popularity among pipeline operators and other capital-intensive companies. BP had flagged in July that it was considering such a spinoff and said in a news release Monday it expected the IPO to take place in the fourth quarter. ADRs rose 0.68% to $35.56.

ADRs in rare disease-drug company Shire PLC (SHPG, SHP.LN) rose 0.99% to $161.67, following upbeat results of advanced tests of a treatment for severe swelling. Top-line results of its phase three trial with SHP616 in hereditary angioedema showed a significant reduction in monthly attacks. Shire says the results are clinically significant and the drug, if it eventually makes it to market, would fill a treatment gap.

ADRs of Teva rose 19% to $18.50 after the company said it had appointed a new chief executive following a months-long search. Kåre Schultz, who has been CEO of H. Lundbeck A/S (HLUYY, LUN.KO) after serving as the No. 2 at Novo Nordisk A/S checks off the boxes that the generic-drug giant was looking for, including experience running a multinational and shepherding its major restructuring. After the market closed Monday, Teva disclosed it had reached a roughly $1.1 billion deal to sell the rights to intrauterine contraceptive Paragard.

(END) Dow Jones Newswires

September 11, 2017 17:53 ET (21:53 GMT)

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