Deals
Teva Considers 10,000 Job Cuts
- Drugmaker aims to reduce costs by up to $2 billion, people say
- CEO Schultz is poised to disclose strategy in mid-December
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Teva Pharmaceutical Industries Ltd., the debt-ridden Israeli drugmaker, is considering cutting as many as 10,000 jobs as new Chief Executive Officer Kare Schultz seeks to pare costs, according to people with knowledge of the matter.
The company aims to reduce expenses by $1.5 billion to $2 billion over the next two years, with a little less than half of the cuts linked to research and development spending, the people said, asking not to be identified as the discussions are confidential. The drugmaker also doesn’t plan to proceed with an equity offering in the near term, they said. The stock jumped to its highest in almost two months.