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Teva Pharmaceuticals plans $5 billion sustainability-linked bond tied to climate and access to medicine targets

Teva Pharmaceutical Industries Ltd. (TEVA.TV) said Wednesday it is planning to execute a $5 billion sustainability-linked bond that will be tied to climate and access to medicine targets. The Israeli generics company said the bond is the biggest of its kind from any sector and first issued by a generics company. The bond will be tied to a 25% reduction in Scope 1 and 2 greenhouse gas emissions and a 150% increase in access to essential medicines for patients in low- and middle-income countries by the end of 2025. Teva said it is also the only drug company to issue a bond with both social and environmental targets. The company recently said it is targeting reducing Scope 3 GHG emissions by 25% by 2030. It will disclose its performance against each target in its annual ESG Progress report. Shares were down 0.8% premarket and have gained about 5% in the year to date, while the S&P 500 has gained 23%.

-Ciara Linnane

 

(END) Dow Jones Newswires

11-03-21 0614ET

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