Troubled Teva is planning on shedding as many as 1,700 Israeli workers in the coming days, a report Thursday said. The firings are part of Teva’s plan to revitalize itself after recent losses. The number constitutes as much as a quarter of Teva’s workforce in Israel. The plan, which is still being developed, could see workers in the company’s American operation fired as well.
Teva has experienced numerous reversals in recent months, the most serious being the loss of the generic drug company’s patent on multiple sclerosis treatment Copaxone, which alone was responsible for a fifth of the company’s revenues in 2016. Teva had been fighting for years to maintain its patent on Copaxone, but a ruling by the Delaware District Court in January stripped the company of its exclusive patents. After its latest report for the third quarter of 2017 earlier in November, Teva shares fell 20 percent. Share prices are down some 60 percent since August.
Among those who will be leaving the company is Professor Michael Hayden, Teva’s Chief Scientific Officer, TheMarker reported. Hayden was responsible for Teva’s development of Austedo, the first new treatment option for chorea associated with Huntington’s disease in nearly a decade.