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Teva to end ADS program with 1:1 share swap

Teva is terminating its ADS program and mandating a 1-for-1 exchange of ADSs into NYSE-listed ordinary shares effective September 14, 2026.

(Moderate)
(Negative)
Form Type
8-K

Rhea-AI Filing Summary

Teva Pharmaceutical Industries Ltd. (TEVA) reported a material modification to the rights of its security holders by amending its deposit agreement and updating the form of American depositary receipt in connection with terminating its American depositary share (ADS) program. Each ADS represents one ordinary share, par value NIS 0.10 per share.

The amendment establishes a mandatory exchange under which each ADS will be exchanged for one ordinary share, and all outstanding ADSs will be cancelled in exchange for an equal number of economically equivalent ordinary shares listed on the New York Stock Exchange. The termination of the ADS program is expected to occur at the open of business (New York time) on September 14, 2026.

Positive

  • None.

Negative

  • None.
Item 3.03 Material Modification to Rights of Security Holders Securities
A change was made that materially affects the rights of existing shareholders (e.g., dividend rights, voting rights).
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
ADS-to-ordinary-share exchange ratio 1 ADS for 1 ordinary share Mandatory exchange mechanism in connection with termination of ADS program
Par value per ordinary share NIS 0.10 per share Each ADS represents one ordinary share of this par value
ADS program termination date September 14, 2026 Termination expected at the open of business (New York time)
Date of amendment execution August 31, 2026 Teva executed Amendment No. 1 to the deposit agreement on this date
American depositary shares financial
"all holders and beneficial owners of American depositary shares (“ADSs”)"
American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.
Deposit Agreement financial
"executed an amendment to the Second Amended and restated Deposit Agreement"
A deposit agreement is a written contract between a customer and a financial institution that outlines the terms for opening and maintaining a deposit account, such as a savings or checking account. It explains important details like how funds can be accessed, any fees involved, and the institution’s responsibilities. For investors, understanding this agreement is important because it clarifies their rights and the rules governing their deposited funds.
American depositary receipt financial
"updated the form of American depositary receipt (the “ADR”) evidencing the ADSs"
An American depositary receipt (ADR) is a certificate that represents shares of a foreign company traded on U.S. stock exchanges. It allows investors to buy and sell parts of a foreign company's stock easily, much like purchasing shares of a company based in their own country. ADRs make international investing more convenient and accessible for U.S. investors.
NYSE-listed ordinary shares financial
"exchange for an equal number of economically equivalent NYSE-listed ordinary shares"

FAQ

What change did TEVA announce regarding its ADS program?

Teva announced an amendment to its deposit agreement and ADR form to implement the termination of its American depositary share (ADS) program and to mandate the exchange of each ADS for one ordinary share listed on the New York Stock Exchange.

When will Teva (TEVA) terminate its ADS program?

The ADS program termination is expected to occur at the open of business (New York time) on September 14, 2026, after which all outstanding ADSs will be cancelled and exchanged for an equal number of NYSE-listed ordinary shares.

What is the exchange ratio for TEVA ADSs to ordinary shares?

The amendment provides that each ADS will be exchanged for one ordinary share of Teva Pharmaceutical Industries Ltd. The exchange is described as resulting in an equal number of economically equivalent NYSE-listed ordinary shares.

Do TEVA ADS holders receive ordinary shares after termination?

Yes. In connection with the termination of the ADS program, all outstanding ADSs will be cancelled and exchanged for an equal number of Teva’s ordinary shares that are listed on the New York Stock Exchange.

What is the par value of TEVA ordinary shares involved in the ADS exchange?

Each ordinary share underlying the ADSs has a par value of NIS 0.10 per share, and each ADS represents one of Teva Pharmaceutical Industries Ltd.’s ordinary shares with that par value.

Which agreement did TEVA amend in relation to its ADS program?

Teva executed Amendment No. 1 to the Second Amended and Restated Deposit Agreement dated December 4, 2018, among Teva, Citibank, N.A. as depositary, and all holders and beneficial owners of ADSs, and also updated the form of American depositary receipt.

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Learn about SEC filing dates
TEVA PHARMACEUTICAL INDUSTRIES LTD 00-0000000 false 0000818686 0000818686 2026-08-31 2026-08-31
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 31, 2026

 

 

TEVA PHARMACEUTICAL INDUSTRIES LIMITED

(Exact name of registrant as specified in its charter)

 

 

 

Israel   001-16174   Not Applicable

(State or other jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification Number)

400 Interpace Parkway, #3

Parsippany New Jersey, 07054 USA

(Address of Principal Executive Offices, including Zip Code)

+1-973-658-0301

(Registrant’s Telephone Number, including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Ordinary Share   TEVA   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 


Item 3.03. Material Modification to Rights of Security Holders.

On August 31, 2026, Teva Pharmaceutical Industries Ltd. (the “Company”) executed an amendment (such amendment, the “Amendment No. 1”) to the Second Amended and restated Deposit Agreement, dated as of December 4, 2018, among the Company, Citibank, N.A., as depositary (the “Depositary”) and all holders and beneficial owners of American depositary shares (“ADSs”) issued thereunder, and updated the form of American depositary receipt (the “ADR”) evidencing the ADSs. Each ADS represents one of the Company’s ordinary shares, par value NIS 0.10 per share.

As previously disclosed in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 29, 2026, the Company had informed the Depositary of its intent to list its ordinary shares on the New York Stock Exchange (“NYSE”) and instructed the Depositary to terminate its ADS program. The Amendment No. 1 provides a mechanism for the mandatory exchange of ADSs for ordinary shares in connection with the termination of the ADS program, with each ADS exchanged for one ordinary share. The termination of the ADS Program is expected to occur at the open of business (New York time) on September 14, 2026, from which time all outstanding ADSs will be cancelled in exchange for an equal number of economically equivalent NYSE-listed ordinary shares.

The foregoing descriptions of the Amendment No. 1 and the ADR do not purport to be complete and are qualified in their entirety by reference to the Amendment No. 1 and ADR, which are filed as Exhibits 4.1 and 4.2 hereof, respectively, and are incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit
Number

  

Description

4.1    Amendment No. 1 to Second Amended and Restated Deposit Agreement among Teva Pharmaceutical Industries Limited, Citibank, N.A., as depositary, and the holders from time to time of Shares
4.2    Form of American Depositary Receipt (included in Exhibit 4.1).
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    TEVA PHARMACEUTICAL INDUSTRIES LIMITED
Date: September 3, 2026     By:  

/s/ Eli Kalif

      Eli Kalif
      Executive Vice President, Chief Financial Officer

Filing Exhibits & Attachments

4 documents