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Teva Pharmaceutical Industries shares lifted as new chief Schultz starts turnaround plan

Last updated: 11:11 28 Nov 2017 EST, First published: 10:44 27 Nov 2017 EST

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Teva is generic drug maker based in Israel.

Generic drugmaker Teva Pharmaceutical Industries Ltd (TLV:TEVA) saw shares nudge 3.64% higher in Tel Aviv as it unveiled a shake-up in management as the struggling group bids to cut costs and stabilise the business.

New chief Kare Schultz has ousted three top division heads, it emerged.

Last week, some media sources said Teva planned to cut up to one-quarter of its 6,860-strong workforce in Israel, and a few thousand more staff in the USA.

Teva has been dogged by lower generic drug prices, competition for its own products as well as a substantial debt.

It plans to announce additional restructuring details in mid-December.

Bernstein analyst Ronny Gal reckons this latest reorganization will generate between US$500 million and US$700 million of savings, with cuts eventually totaling about US$1.3 billion next year.

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