Teva R&D chief out as new CEO picks up the ax and aims at deep cuts to rescue a faltering biopharma — report
Kåre Schultz is once again starting a new job by wielding the ax.
Calcalist is reporting that Teva, which brought Schultz on just a few weeks ago, is planning to make deep cuts in its Israeli and US workforces, slashing up to 25% of its workforce.
The report notes that its cuts outside of Israel are expected to be concentrated in the US rather than in Europe. And R&D chief Michael Hayden, who’s had a disappointing record managing the pipeline over the past 5 years, is out, according to Calcalist.
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