ADRs End Higher; Telecom Italia Rises

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 [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires