Teva CFO describes business rationalization plan

Teva Pharmaceuticals CFO Michael McClellan has met investors at the annual meeting organized by Cowen & Co. in Boston. On the occasion McClellan has announced that his group plans to interrupt its NTE plan, started by the former CEO Jeremy Levin, and that Teva is committed in a significant R&D rationalization.  Moreover, McClellan has said that his company could launch a generic to its own blockbuster Copaxone, in order to contrast Mylan. The company is also reportedly  focusing on Austedo again, for the treatment of tardive dyskinesia; indeed, part of the Copaxone sales force has been moved to Austedo promotion. Teva two days ago announced it had pulled out of a license agreement with Sosei’s Heptares signed in 2015, under which Teva held development rights to the peptide CGRP antagonist, developed by Heptares for the treatment of some types of migraine.  Additionally, Teva has recently issued bonds worth $4.5bn, so as to settle its debt, which was as much as $32.5bn at the end of 2017. Teva’s shares have lost over 3% after the statements.