Teva Pharmaceuticals will cut close to 25% of its global workforce -- approximately14,000 jobs -- as well as close manufacturing and research facilities.
Teva did not specify how many of the job cuts will be in the U.S., however the drugmaker plans to consolidate six of its seven U.S. sites into one location.
The company’s two year restructuring plan is intended to reduce its total cost base by $3 billion by the end of 2019. The cuts will require a $700 million upfront charge in connection with severance expenses, facility closures, etc.
Read the press release