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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