After the investor's day
update last week that Teva will be saving around USD 2 Billion of cash going
forward. Mr Jermy levin has started implementing the process. Today Teva
announced that its scrapping a $300 million warehouse project in
Philadelphia has been halted.
Levin recently laid out a 5-year plan to diversify the company's products and to save up to $2 billion in large part by making its manufacturing operations more efficient.
In light of the
evaluation, a spokesperson said in an emailed statement, "As such, we
have made the decision to cease development plans for the proposed distribution
center on Red Lion Road in Philadelphia. At this time we cannot elaborate further
about plans for this property."
What will
be interesting going forward that there will be more possibility that
Teva will also collaborate with some big Asian generic/biopharma companies for
small molecule development the same lines BMS did with research outsourcing to
India based Biocon some years back..... As he was key stakeholder involved in the famous BMS- Biocon
alliance in India.
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