Te­va sharp­ens ax, preps bru­tal cuts in R&D and across the group in face of crush­ing debt

The word out of Is­rael to­day is that Te­va is prep­ping a round of bru­tal cuts, with plans to shut­ter an R&D cen­ter and lay off up to 10,000 staffers.

The R&D cen­ter is in Ne­tanya in Is­rael. Cal­cal­ist is al­so re­port­ing that the com­pa­ny will sell off a lo­gis­tics cen­ter as it looks to slash up to $2 bil­lion in costs in the next two years in the face of crush­ing debt pay­ments.

Te­va al­ready re­cent­ly an­nounced that R&D chief Michael Hay­den is leav­ing the com­pa­ny af­ter 5 years, sig­nal­ing big changes for its re­search op­er­a­tion.

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