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Posts Tagged ‘Teva Pharmaceuticals’

Teva Names New CEO Three Months after Firing Jeremy Levin

Thursday, January 9th, 2014

Teva Pharmaceutical announced on Thursday that its new CEO will be Erez Vigodman, who until now has been the CEO for the huge phosphate and chemical producer Makhteshim Agan Industries.

Vigodman replaces Dr. Jeremy Levin, who moved to Israel two years to take over the world’s largest generic drug company, which has been faltering since a rival firm began marketing a generic alternative to Teva’s conventional Copaxone drug that prevents the reoccurrence of Muscular Sclerosis.

Levin was fired after arguments on company strategy between him and the board of directors.

Teva chairman Dr. Phillip Frost said, “As a member of the Teva board since 2009, Erez has a deep understanding of the company and the industry in which it operates, putting him in a strong position to hit the ground running and deliver value for shareholders.”

Teva to Fire 5,000 Workers Worldwide

Thursday, October 10th, 2013

Israel’s giant generic Teva Pharmaceuticals firm will fire  by the end of next year 5,000 employees around the world, including hundreds in Israel, as one of the “steps to accelerate the reduction of costs and to optimize its structure.”

Most of the layoffs will be outside Israel, said Teva CEO Jeremy Levin, who moved to Israel form the United States last year to head the company.

The layoffs are expected to save the company $1.5 to $2 billion by the end of 2017, and part of the savings will be re-invested in the development of generic and specialty drugs.

Levin maintained  that the company is not suffering from financial problems. In New York, the company’s shares jumped 2 percent on news of the cutback in the workforce.

Teva’s stock was the darling of investors until five years ago, when the announcement of competitors’  generic drugs to replace Teva’s patented Copaxone drug, which treats  multiple sclerosis, drove the stock down by nearly 50 percent.

Teva Opens Massive Plant in Hungary

Monday, October 15th, 2012

Teva Pharmaceuticals has opened a new $110 million plant in Hungary, set to be one of the largest sterile medicines plants in the world.

The 15,000 square meter plant will work primarily in oncology therapeutics, and will produce 160-200 million units of injectables a year.

Teva has been operating in Hungary since 1993, operating a tablet production facility, an advanced pharmaceutical ingredients manufacturing plant, and now the sterile plant, and employs 3,5000 Hungarians.

Printed from: http://www.jewishpress.com/news/teva-opens-massive-plant-in-hungary/2012/10/15/

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