Israeli drugmaker Teva announced on Monday its plans to end or divest itself of 14 projects in its pipeline following a strategic review.
Teva reaffirmed its focus on core therapeutic areas -- central nervous system and respiratory -- and as a result announced it will discontinue R&D projects in other therapeutic areas, such as women’s health and oncology, where it will instead focus on market-ready assets.
Teva expects this move to save $550M in research and development costs over the next three years.
The pipeline cuts have caused industry speculation regarding the number of jobs that will also be cut. Teva told the media it is not disclosing any additional information beyond that provided in the release, but as CEO Erez Vigodman races to meet a 2012 pledge to investors that it would cut $2 billion costs, layoffs seem inevitable.