(MENAFN Editorial) HERTFORDSHIRE, England and PITTSBURGH, Nov. 10, 2017 /PRNewswire/ --Mylan N.V. (NASDAQ, TASE: MYL) today announced that it is voluntarily delisting the company's ordinary shares from trading on the Tel Aviv Stock Exchange (TASE). Under Israeli law, the delisting of Mylan's ordinary shares from the TASE will become effective in three months, on Feb. 12, 2018.
When Mylan first listed its shares on the TASE in November 2015, in connection with its attempt to acquire Perrigo, it committed to maintaining the listing for at least one year. Mylan has been listed on the TASE for more than two years.
Mylan's Chairman of the Board Robert J. Coury noted: "Over the last two years, we have learned that many of our Israeli institutional shareholders actually hold their shares in Mylan on the NASDAQ. Further, Mylan's holding on the TASE represents less than 3.5% of our total shareholdings and the average trading volume on the TASE is less than 3.5% of our global trading volume. Given these factors and the fact that the TASE's trading hours and days are different from other markets, our board of directors decided at this time that it would not be in Mylan's best interests to continue our listing on the TASE. That said, we do appreciate the ties we have forged with the Israeli institutional market."
Coury continued, "More importantly, over the last two years, I have had the privilege of becoming acquainted with the dynamic Israeli business environment and the strong work ethic of its people. As a result, we remain committed to considering future investments and other business development opportunities in Israel."
Mylan's shares will continue to be listed on the NASDAQ, and all of its ordinary shares now traded on the TASE may be transferred to the NASDAQ.
Mylan is a global pharmaceutical company committed to setting new standards in healthcare. Working together around the world to provide 7 billion people access to high quality medicine, we innovate to satisfy unmet needs; make reliability and service excellence a habit; do what's right, not what's easy; and impact the future through passionate global leadership. We offer a growing portfolio of more than 7,500 marketed products around the world, including antiretroviral therapies on which more than 40% of people being treated for HIV/AIDS globally depend. We market our products in more than 165 countries and territories. We are one of the world's largest producers of active pharmaceutical ingredients. Every member of our more than 35,000-strong workforce is dedicated to creating better health for a better world, one person at a time. Learn more at Mylan.com. We routinely post information that may be important to investors on our website at investor.mylan.com.
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SOURCE Mylan N.V.