Teva to sell US manufacturing plant
pharmafile | March 4, 2015 | News story | Manufacturing and Production, Sales and Marketing | G&W Laboratories, Pennsylvania, Teva
Teva Pharmaceutical has announced that it has signed an agreement to sell a US manufacturing facility to G&W Laboratories.
The sale will support the firm’s plans “to streamline operations by reducing excess manufacturing capacity”, the Israeli company says, as part of its drastic cost-cutting programme.
The move includes all buildings, land, and equipment located at the site in Sellersville, Pennsylvania. Under the terms of the agreement G&W will manufacture and supply 25 products in the Teva portfolio from the site until production of these products is transferred to other sites in Teva’s network.
New Jersey-based G&W has also purchased the exclusive rights to sell two additional Teva offerings, and market them as G&W products, in the US. The site currently produces generic drugs with a portfolio of more than 50 products.
To prevent job losses, G&W will offer employment to all employees located at Sellersville. The transaction is expected to close in March or April this year.
Carlo de Notaristefani, president and chief executive of Teva global operations, says: “Teva is managing its operations to create greater efficiencies and position the company for long-term growth and success. We have a qualified and dedicated team at Sellersville and are pleased that we were able to come to an agreement with G&W Laboratories that will enable them to continue working in their current community.”
Teva, the world’s largest manufacturer of generic medicines, has already discontinued in R&D in women’s health and oncology, and disinvested in 14 pipeline products. The company aims to save $150 million in R&D costs in 2015 and more than $200 million for each of 2016 and 2017.
Lilian Anekwe
Related Content
Teva’s Ajovy significantly reduces migraine in children and adolescents
Teva’s Ajovy (fremanezumab) has demonstrated significant reduction in monthly migraine and headache days in children …
Teva announces positive results from trial of AJOVY for migraine
Teva has announced positive results from the phase 4 PEARL study of AJOVY (fremanezumab), its …
Sanofi and Teva partner for development of inflammatory bowel disease treatment
Sanofi and Teva Pharmaceuticals have announced that they will collaborate for the co-development and co-commercialisation …
