White & Case advises Teva on direct listing of ordinary shares on the NYSE and transition from its ADS program

Global law firm White & Case LLP has advised Teva Pharmaceutical Industries Limited (Teva) on the direct listing of its ordinary shares on the New York Stock Exchange (NYSE) and the company's planned transition from its American Depositary Share (ADS) program. Teva's shares continue to trade under the ticker symbol TEVA on both the NYSE and the Tel Aviv Stock Exchange (TASE).

Teva is one of the world's leading pharmaceutical companies, with a market capitalization of more than US$40 billion and investment-grade credit ratings. Its portfolio includes innovative and generic medicines, biosimilars and over-the-counter products worldwide across a broad range of therapeutic areas. Teva serves patients and healthcare providers in markets around the world through its global manufacturing, research and commercial operations.

The White & Case team was led by partners Maia Gez and David Johansen (both in New York), and associate Adrien Dumoulin-Smith (Paris) and included support from partners Scott Fryman and Henrik Patel (both in New York).

This complex corporate transaction follows the success of TotalEnergies' ADS-to-ordinary share conversion in December 2025 led by Philippe Herbelin and Adrien Dumoulin-Smith (Paris), establishing White & Case's proficiency in this highly technical, unique and sought-after transaction in the market.

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