Back in May of this year the Teva won the bid to take over Cephalon. I guess they can’t lay off many in Irvine, CA as they are in the process of re-opening the facility to manufacture generic drugs where some are in very short supply.
According to the article, Teva, which is one of the largest generic drug companies in the world, the layoff are in areas of where they have redundancy with the products from Cephalon. In other Teva news today they announced pricing of a lot of senior notes for a debt offering. BD
Market sources report that Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) is firing 1,000 employees, less than a month after it completed the acquisition of Cephalon. Teva expects at least $500 million in synergies from the acquisition - and they will come from layoffs.
The firings account for 27% of Cephalon's workforce before its acquisition - a very high proportion. For the sake of comparison, Teva fired fewer than 10% of Barr's employees following its acquisition in 2008. Teva is not firing employees in Israel; most of the layoffs will be in Europe and the US