Teva Reorganizes With Emphasis On Strengthening Generics
This article was originally published in The Pink Sheet Daily
Former Actavis Pharma President Olafsson has been appointed president and CEO of the newly formed Global Generic Medicines Group, which will consolidate Teva’s regional generic businesses under one group.
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Teva’s multiple sclerosis drug Copaxone lost patent protection about three weeks ago. But according to some analysts an immediate generic substitution is still up in the air and the company has not lost the opportunity to capitalize in the interim by switching patients to a new three-injections-a-week formulation.
In his first public comments to investors, CEO Erez Vigodman said he will consider large acquisitions to drive growth at Teva, while deepening cost cuts and refocusing on generics to maintain Teva’s leadership position.
The traditionally generic-heavy company now has an expanded global presence and a growing branded business to go with its new name.