New Management At Clal Of Israel
New management has moved into Clal of Israel, one of the country'slargest conglomerates, and is taking a hard look at investments made in the pharmaceutical sector.
The previous management invested around $30 million in the sector in recent years. The first major investment was the acquisition of an 11.5% stake in the US firm Pharmaceutical Resources (PRI) for $20 million two years ago.
The new management notes that as a result of the growing competition in the US generics market and the absence of new products, there was a worsening of PRI's results. As a consequence, PRI has decided to implement a wide-ranging recovery program designed to reduce its costs. As a result, Clal has reduced PRI's book value by NIS 29 million ($8.7 million).
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