Teva plans sale of API unit amid 'pivot to growth'
Teva’s drug ingredients unit is apparently not making the pivot.
Less than a year into its “pivot to growth” strategy, Teva has announced plans to sell off its active pharmaceutical ingredients unit. Rumors have been circulating since July about a potential sale, which would impact about 4,300 API employees across 14 sites.
The move will allow Teva to focus on its generics and innovative portfolio, CEO Richard Francis told investors on the company’s fourth-quarter earnings call. Teva has made clear that it wants to move beyond its reputation as a generics giant, which will involve cutting some low-margin generics already being supplied by other manufacturers and being more selective about which new generics it pursues, Francis told Endpoints News earlier this month at the JP Morgan Healthcare Conference.
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