Teva Pharmaceuticals will lay off over 200 people this year from Philadelphia-area operations, as part of an overall restructuring plan.
The drug giant announced a plan last year that involves cutting close to 25% of its global workforce -- approximately 14,000 jobs -- as well as close manufacturing and research facilities. The two year restructuring plan is intended to reduce its total cost base by $3 billion by the end of 2019.
Teva notified Pennsylvania state regulators that it would cut 65 jobs at two locations in North Wales and Horsham, 47 jobs in West Chester, and 96 jobs in Frazer and Great Valley. The layoffs are scheduled to happen anytime from now until the end of the year.