More than 1,000 UK employees at the worlds biggest maker of generic drugs face an anxious Christmas after Teva Pharmaceutical Industries announced plans to cut a quarter of its global workforce.
The Israeli company has launched a huge restructuring, including the loss of 14,000 jobs, most of them expected to go next year.
Debt-ridden Teva has endured a terrible year with profits squeezed by intense competition and pressure on generic drug prices in America.
The overhaul comes about two years after it agreed a $40.5 billion takeover of rival Allergans generics business amid consolidation in the industry.
As part of a two-yea…
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