Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has made another investment in Rexahn Pharmaceuticals Inc. (AMEX: RNN), a US drug development company.
Teva bought 2,334,515 Rexahn shares in a private placement at $1.692 per share for a total of $3.95 million. The purchase was made on the basis of a Securities Purchase Agreement from June 2009. The purchase increases Teva's holding in the company to 6.29%.
Rexahn will use the proceeds to finance the preclinical stage of its anti-cancer compound RX-3117.
Teva's share price fell 0.9% at the opening on Nasdaq to $53.44, giving a market cap of $48.1 billion, after rising 0.9% on the TASE to NIS 194.30. Rexahn's share price jumped 14% at the opening on the American Stock Exchange to $1.39, giving a market cap of $116 million.
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