Teva may not have actually planted a "for sale" sign on its front yard, but now that CEO Jeremy Levin has left the scene of many accidents some top analysts are offering to advertise it as a takeover candidate.
What do you do when you're a stranger in a new land, and suddenly out of work? If you're Jeremy Levin, you speak at Tel Aviv University's MBA commencement ceremony--and remind the audience that you're open to job offers.
Teva Pharmaceutical Industries has no CEO. Its stock price stinks, and in 6 months it could face generic competition for the drug that generates 20% of its revenues. It may be time for something dramatic, like a multibillion-dollar tie-up with another drugmaker that can save it from itself--a company like Actavis or Mylan.
The dust hasn't settled after ex-CEO Jeremy Levin's quick-and-dirty departure from Teva Pharmaceutical Industries. In fact, the dust just keeps getting stirred up as more details emerge about the company's inner workings. Meanwhile, the company is trying to get the wagon train moving again by asking the U.S. Supreme Court to block generic versions of its top-selling multiple sclerosis drug, Copaxone.
In the aftermath of Teva CEO Jeremy Levin's departure announcement yesterday, media reports offer a few puzzle pieces that combine into one picture: Who in the world will the generics giant find to take on the job?
So much for denials. Monday, Teva Pharmaceutical Industries and CEO Jeremy Levin said he wasn't weighing a resignation. Today, the Israel-based company announced his imminent departure. Levin's exit comes in the wake of last week's layoffs announcement--and, so the story goes, amid a behind-the-scenes dust-up between Teva's board and management team.
Clearly Israel is full of chatter about Teva Pharmaceutical Industries and its latest round of cost-cutting plans. The latest, according to an Israeli television report: CEO Jeremy Levin is considering making an exit. It's not the first such suggestion; During the company's second-quarter earnings call, Goldman Sachs analyst Jami Rubin wondered aloud about the board's support--or lack thereof--for Levin.
Teva Pharmaceutical Industries CEO Jeremy Levin put manufacturing efficiencies at the heart of his plans for Teva to cut costs when he first announced his plans in December. Today he stepped on the gas.
Teva Pharmaceutical Industries is already in the middle of a big cost-cutting push. And it's about to get bigger. The Israel-based generics giant plans to lay off up to 5,000 people, or about 10% of its work force, in a bid to squeeze $2 billion out of annual costs by 2017.
Teva has sketched out plans to ax 5,000 employees, about 10% of the total workforce, with most of the cuts coming by the end of 2014. The company statement on the restructuring is light on details, but the company says it plans to use part of its $2 billion in savings from the reorganization on an expanded R&D effort.