Teva Pharm Overhauls Structure and Top Management

Source: Reuters

Teva Pharmaceutical Industries is streamlining its company structure and making sweeping changes to senior management as part of an overhaul it hopes will please investors worried about the company’s massive debt, according to a report in Reuters.

Shares in the world’s largest generic drugmaker, which have been in a year-long freefall due to narrowing profit margins in generics and a series of pricey acquisitions, jumped 5.5 percent to $14.46 in early New York trade on Monday following the announcement.

Teva said it was combining its generics and specialty medicine groups into one commercial business and was doing the same for its research and development activities. Three senior officers will be stepping down as well.

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