November 27, 2017 / 11:57 AM / in a year

Teva Pharm says significant, global action needed to steady company

JERUSALEM, Nov 27 (Reuters) - Teva Pharmaceutical Industries said in a letter to the Israeli parliament on Monday that the company needed to take significant and comprehensive actions in order to secure its future.

A parliamentary committee had called an emergency meeting to discuss media reports that the Israel-based company was planning a massive wave of job cuts.

Teva, the world’s largest generic drugmaker, sent a letter to the panel, which was seen by Reuters, saying: “Teva is committed to taking immediate and comprehensive actions to steady its financial situation.

“Teva’s current business position obligates us to act responsibly and take deep, meaningful steps around the world and in Israel to secure the company’s future,” it said.

The letter did not provide details of specific moves it was planning. (Reporting by Ari Rabinovitch and Tova Cohen)

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