Teva Pharmaceutical Industries Ltd.’s stock closed up nearly 8 percent at $14.65 a share after the company’s new CEO announced a new organization and leadership structure that is effective immediately.
“Teva is taking decisive and immediate action to address external pressures and internal inefficiencies,” said Kare Schultz, who was named the generic and branded pharmaceutical company’s chief executive officer in September.
Teva — which is based in Israel and has its North American headquarters in North Wales, Pa. — will no longer have two separate global groups for generics and specialty medicines. Instead, the company will be integrated into one commercial organization, operating through three regions – North America, Europe and Growth Markets.
Each of the regions will manage the entire portfolio of company’s products – including generics, specialty and over-the-counter medicine. Some of the former global units will be integrated into the new structure, while others will be made redundant. In addition, the former generic research and development, and specialty research and development organizations will be combined into one global group with overall responsibility for all R&D activities.
Teva employs about 2,000 people in Pennsylvania at offices in North Wales, West Chester and Frazer.
As a result of the management changes, the company said Dr. Michael Hayden, Dr. Rob Koremans and Dipankar Bhattacharjee will retire from Teva, effective December 31, 2017.
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