Teva is laying off 250 employees from its active pharmaceutical ingredients division, TAPI, after an extended search for a buyer stalled out without a deal.
According to Israeli news outlet, Globes, the cuts will mostly affect the Teva Tech plant in Neot Hova, Israel and will roll out over the next two years. The unit’s CEO since late 2023, R. Ananthanarayanan, is departing as part of the transition.
Teva revealed its intent to divest TAPI in 2024, in order to focus on capital reallocation towards growth and innovation. The small-molecule API unit employs approximately 4,300 employees worldwide. Teva has been in active discussions with potential acquirers for TAPI but was unable to reach a transaction on acceptable terms.