Teva Pharmaceutical Industries is expected to cut 20-25 percent of its 6,860 workers in Israel and a few thousand more in the United States, financial news website Calcalist reported on Thursday.
The world’s largest generic drugmaker will send termination letters to “tens of percents” of its 10,000 employees in the United States in upcoming weeks, Calcalist reported, citing people familiar with the matter.
New Teva CEO Kare Schultz is working out the details with regional management in Israel and the United States, Calcalist said, noting those set to be ousted include its chief scientific officer, Michael Hayden, Teva’s president of research and development.
A spokesman for Israel-based Teva declined to comment on the report.
Teva is widely expected to implement a cost-cutting programme following the publication of third-quarter results earlier this month.
The company said it would miss 2017 profit forecasts due to falling prices of generics in the U.S. market and weakening sales of its multiple sclerosis drug Copaxone.
Saddled with nearly $35 billion in debt due to its $40.5 billion acquisition of Allergan’s generic drug business Actavis last year, investors have been pushing Teva for clarity on its future.
“It will be an absolute priority for me that we stabilise the company’s operating profit and cash flow in order to improve our financial profile,” Schultz said on a post-earnings call with analysts.
Interim Chief Financial Officer Mike McClellan has said the company was “working on a 2018 plan and evaluating all options”.
Teva has been selling off assets to help meet its debt payments.
Fitch Ratings this month downgraded Teva’s debt to junk.
By Tova Cohen
Source: Reuters via Business Insider
Hybrid closed-loop systems rely on an algorithm to first analyze real-time blood sugar readings from a continuous glucose monitor, then use the results to adjust an insulin pump’s output as needed throughout the day. In this case, the algorithm was developed by Diabeloop, the CGM is a Dexcom G6 sensor, and the insulin pump comes from ViCentra.
Boehringer Ingelheim has acquired bacterial cancer therapy company T3 Pharmaceuticals in a deal that could be worth up to 450 million Swiss francs ($508 million). The addition of Allschwil, Switzerland-based T3 will “significantly expand” the German drugmaker’s immuno-oncology pipeline and aligns with some of the company’s existing R&D programs.
EuroAPI has completed the acquisition of BianoGMP, a contract development and manufacturing organization (CDMO) specializing in oligonucleotides. The acquisition, announced in August, further differentiates its value proposition to support a broader client base across the whole oligonucleotide development continuum, from research to commercialization, EuroAPI said.