Teva active as settlement reportedly nears; Gulfport Energy rises on production news

By James McCandless

San Antonio, Oct. 17 – The distressed debt space on Thursday continued to focus on pharmaceutical names.

Teva Pharmaceutical Industries Ltd.’s notes were active but varied in trading direction on news that the company is inching closer to a settlement over all opioid-related claims against it.

The 6¾% senior notes due 2028 lost 1 point to close at 87 bid. The 3.15% senior notes due 2026 added 1 point to close at 73½ bid.

Both tranches combined to see about $76 million on the tape by the close.

On Thursday, reports indicated that the Petach Tikva, Israel-based generic drug producer is inching closer to a settlement on all legal claims against it related to the opioid epidemic.

The company is offering to give away $15 billion in medication to the entities that have pursued legal action against it, along with a 10-year distribution deal that it values at $28 billion.

Sector peers Mallinckrodt plc’s and Endo International plc’s issues saw gains.

In oil and gas, Gulfport Energy Corp.’s paper spiked after the company reported higher production numbers for the third quarter.

The 6 5/8% senior notes due 2023 gained 6½ points to close at 77½ bid.

After the close on Wednesday, the Oklahoma City-based independent oil and gas producer released a third-quarter production update.

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