Teva seeks to divest Medis

Teva’s shares (Wall Street) rose by over 5% as trading opened, as rumors about an impending divestiture of its Icelandic subsidiary Medis started circulating. Teva has reportedly hired Citibank to sell Medis before the end of Q1 2018. Medis is a generics producer that generated revenues of $300m in 2016, with an EBITDA of approximately €60m. Teva has already divested its Women’s health division for $703m, but it still has over $35bn in debt.