Teva Pharmaceutical Industries Limited filed a Form 8-K with the SEC on September 11, 2026, disclosing the pricing and underwriting agreement for a multi-tranche senior notes offering totaling approximately $4.7 billion equivalent across USD and Euro denominations.

Key Highlights

  • Five tranches priced: The offering includes two Euro-denominated tranches and three USD-denominated tranches, issued by three Teva Finance subsidiaries and guaranteed by Teva Pharmaceutical Industries Limited.
  • 2032 USD Notes: Teva Finance IV is offering $1,200,000,000 aggregate principal of 5.250% Senior Notes due 2032, priced at 98.993% of principal.
  • 2034 and 2037 USD Notes: Teva Finance III is offering $1,000,000,000 of 5.500% Senior Notes due 2034 at 98.659% and $1,000,000,000 of 5.750% Senior Notes due 2037 at 98.520%.
  • Euro Notes: Teva Finance II is offering EUR 1,000,000,000 of 4.250% Senior Notes due 2033 at 98.756% and EUR 500,000,000 of 4.625% Senior Notes due 2036 at 98.327%.
  • Expected closing: According to the filing, the sale of the securities is expected to close on September 16, 2026.
  • Underwriting Agreement dated September 9, 2026: Representatives include BNP PARIBAS, Citigroup Global Markets Inc., Goldman Sachs Bank Europe SE, J.P. Morgan SE, and J.P. Morgan Securities LLC, among others.

Teva Finance Subsidiaries Price Five-Tranche Debt Offering Across USD and Euro Markets

According to the Form 8-K filed on September 11, 2026, Teva Pharmaceutical Industries Limited (NYSE:TEVA) disclosed that three of its financing subsidiaries entered into an underwriting agreement on September 9, 2026, covering the offer and sale of senior notes across five tranches. The company acts as guarantor on all tranches. The filing states the offering was registered under the Securities Act of 1933 and made pursuant to a Registration Statement on Form S-3ASR (File No. 333-284770) originally filed February 7, 2025, along with a prospectus supplement dated September 7, 2026, and filed September 8, 2026.

The three USD-denominated tranches total $3,200,000,000 in aggregate principal. Teva Finance IV is issuing $1,200,000,000 of 5.250% Senior Notes due 2032, while Teva Finance III is issuing $1,000,000,000 each of 5.500% Senior Notes due 2034 and 5.750% Senior Notes due 2037. The two Euro-denominated tranches, both issued by Teva Finance II, total EUR 1,500,000,000 in aggregate principal: EUR 1,000,000,000 of 4.250% Senior Notes due 2033 and EUR 500,000,000 of 4.625% Senior Notes due 2036. All tranches were priced below par, with discounts ranging from approximately 1.007% to approximately 1.480% of principal.

The filing notes that the underwriting agreement "contains customary representations, warranties and covenants of the Company and the Issuers" and "provides for customary indemnification by each of the Company, the Issuers and the Underwriters against certain liabilities and customary contribution provisions in respect of those liabilities." A press release announcing the pricing was issued on September 10, 2026, and attached as Exhibit 99.1. The Form 8-K was signed by Eli Kalif, Executive Vice President and Chief Financial Officer.

What Was Disclosed

Teva Pharmaceutical Industries Limited disclosed the pricing terms, issuing subsidiaries, underwriters, and expected closing date for a five-tranche senior notes offering across USD and Euro markets, with Teva acting as guarantor and the sale expected to close September 16, 2026.