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pportunity. AGN A Pfd: $861.00 (6.4% strip yield) TEVVF Pfd: $883.25 (8.1% strip yield) EFTA00820341 With TEVA confirming the loss on 2 of its 5 Copaxone patents from yesterday's IPR decisions & MYL confirming that the third IPR decision is expected by 1-Sept, our analyst Sumant has notes out on TEVA,
. Links to Notes • Link to TEVA Note • Link to MYL Note • Link to MNTA Note Quick Background on Copaxone 3TW Litigation (from Sumant's note) Copaxone 3TW has new product exclusivity through 1/28/17 and is protected by five patents: '250, '413, '302, '776 and '874, which expire on 8/19/30. Today's IPR
pportunity. AGN A Pfd: $861.00 (6.4% strip yield) EFTA00820350 TEVVF Pfd: $883.25 (8.1% strip yield) With TEVA confirming the loss on 2 of its 5 Copaxone patents from yesterday's IPR decisions & MYL confirming that the third IPR decision is expected by 1-Sept, our analyst Sumant has notes out on TEVA,
. Links to Notes • Link to TEVA Note • Link to MYL Note • Link to MNTA Note Quick Background on Copaxone 3TW Litigation (from Sumant's note) Copaxone 3TW has new product exclusivity through 1/28/17 and is protected by five patents: '250, '413, '302, '776 and '874, which expire on 8/19/30. Today's IPR
lobal generic capabilities, vertical integration into the active pharmaceutical ingredients (API) business, and a branded specialty pharma business (Copaxone, Treanda, Ai lett, Nuvigil and other products). Investment Rationale We believe Teva is a compelling investment opportunity as we like the company'
uct diversity are increasingly Important. • Our updated model is conservative vs. TEVA's issued 2017-19 outlook as we assume generic competition to Copaxone 3TW in '17. Company Description Teva, an Israeli/US generics company, is one of the largest companies in the global generic pharma industry and is beco
as a buying opportunity. AGN A Pfd: $861.00 (6.4% strip yield) TEVVF Pfd: $883.25 (8.1% strip yield) With TEVA confirming the loss on 2 of its 5 Copaxone patents from yesterday's IPR decisions & MYL confirming that the third IPR decision is expected by 1-Sept, our analyst Sumant has notes out on TEVA,
s EFTA00665657 • Link to TEVA Note • Link to MYL Note • Link to MNTA Note Quick Background on Copaxone 3TW Litigation (front Sumant's note) Copaxone 3TW has new product exclusivity through 1/28/17 and is protected by five patents: '250, '413, '302, '776 and '874, which expire on 8/19/30. Today's IPR
Entities connected to both Copaxone and Copaxone 3TW

Jeffrey Epstein
PERSON
Richard Kahn
PERSON
Marc Rich
PERSONPierce, Fenner & Smith Incorporated
ORGANIZATIONAmanda
PERSONAmanda Ens
PERSONTEVVF Pfd
ORGANIZATIONMYL & MNTA
ORGANIZATIONSandoz/NVS
ORGANIZATIONMYL Note
ORGANIZATIONCopaxone 3TW Litigation
ORGANIZATIONMNTA/Sandoz
ORGANIZATIONSynthon/Pfizer
ORGANIZATIONCopaxone Copaxone US
ORGANIZATIONIP &
ORGANIZATIONMNTA/Sandoz/MYL
ORGANIZATION4 Net
ORGANIZATIONCopaxone Litigation Timeline
ORGANIZATIONHealthcare Specialist Sales
ORGANIZATIONEpiPen
ORGANIZATION