NEW YORK (AP) — Standard & Poor’s said Tuesday that Swiss electronics maker TE Connectivity Ltd. will replace drug maker Cephalon Inc. in its S&P 500 index.
The swap is set to take place after the market closes Friday, which is when Teva Pharmaceutical Industries Ltd.’s $6.8 billion acquisition of Cephalon is expected to be complete.
Teva Pharmaceutical Industries is based in Israel and makes generic drugs. Cephalon, based in Frazier, Pa., makes cancer drugs, the sleep disorder drug Provigil and pain drugs such as Fentora.
S&P said it will monitor the transaction and post any relevant updates on its website.
TE Connectivity, based in Switzerland, provides engineered electronic components, network solutions, specialty products and subsea communication systems.