June 6, 2014 |
The City of Chicago is suing two Chester County drug companies that it claims orchestrated a deceptive marketing campaign to hide the dangers of painkillers, contributing to a national opioid-addiction crisis. The marketing tactics used by Malvern-based Endo Health Solutions and Frazer-based Cephalon were so successful that over two decades, opioids went from being rarely used to the most prescribed type of drug, the suit alleges. "Their deceptive messages tainted virtually every source doctors could rely on for information and prevented them from making informed treatment decisions," says the suit, filed Monday in an Illinois state court.
May 3, 2014 |
The new chief executive officer of Teva Pharmaceutical Industries Ltd., told financial analysts Thursday that the drugmaker will accelerate its previously announced cost-cutting plan, which includes layoffs and closing facilities. In hopes of "fixing the foundation," CEO Erez Vigodman said Teva is evaluating 16 more facilities after earlier identifying 11 plants that will be closed or divested. Teva's 2013 annual report on file with the Securities and Exchange Commission listed 94 "principal facilities and properties," worldwide as of Dec. 31. Teva's plant in Sellersville, Bucks County, was among the 11 facilities previously known to be closing.
September 29, 2013 |
Teva Pharmaceutical Industries Ltd., which has been under pressure from Wall Street to cut costs and which said in May it would close a Bucks County factory by 2017, has renewed leases for three facilities in Montgomery County and a fourth in Bucks County, spokeswoman Denise Bradley said Friday. Teva, based in Israel, is the world's largest generic drugmaker by revenue. In its 2012 annual report, Teva included its Americas' headquarters among four facilities in the North Wales area of Montgomery County.
August 2, 2013 |
Teva Pharmaceutical Industries Ltd. reported a net loss of $452 million in the second quarter of 2013 because of slightly lower revenue for the period but mostly because of legal bills amounting to $1.4 billion. Indirectly, part of the legal bill hits the books now because of June's Supreme Court ruling in an antitrust case, favoring the Federal Trade Commission and hurting drug companies that engaged in "reverse payments," or pay-to-delay deals. Teva said Thursday it had an "agreement in principle" to settle class-action lawsuits related to several such cases, involving the drug Provigil, used to treat excessive sleepiness, and would take a charge of $485 million against second-quarter earnings.
June 3, 2013 |
Teva Pharmaceutical Industries Ltd., which has its Americas headquarters in Montgomery County, is most commonly known for selling generic drugs, but in the last decade it has tried to sell more of its own brands of medicine. Both parts of that business model are being challenged in patent lawsuits now at critical stages, and the outcomes could mean swings of billions of dollars in damages or sales revenue. In one case, Teva is arguing that a patent held by rival Pfizer Inc. is invalid.
May 4, 2013 |
With net income down 26.7 percent for the first quarter of this year, Teva Pharmaceutical Industries Ltd. said Thursday that it would close its Bucks County manufacturing plant in 2017. The plant is on Cathill Road in West Rockhill Township and has a Sellersville address. About 450 people work there, according to a company spokeswoman, down from 472 as of Dec. 31, 2012, as noted in Teva's 2012 annual report on file with the Securities and Exchange Commission. About 40 people were notified in April that they would lose their jobs because of reduced demand for products made at the plant, according to the spokeswoman.
January 10, 2013 |
Jeremy Levin did not give a pass to all 46,000 employees of Teva Pharmaceuticals Ltd., but some might be happy to hear that the chief executive officer said Tuesday that reducing "head count" will play only a "small role" in the company's plans to cut $1.5 billion to $2 billion in costs in the next five years. Teva is based in Israel but has its Americas headquarters in North Wales, as well as facilities in Horsham, Frazer, Sellersville, and several New Jersey locations. Indeed, part of Levin's concern since taking over as CEO on May 9 has been that the company has 74 locations in 120 countries and that its efforts were not properly focused.
December 2, 2012 |
Teva Pharmaceutical Industries Ltd. announced financial projections for 2013 and said it would cut costs by $1.5 billion to $2 billion over the next several years. However, management did not specify how many people would lose their jobs or what facilities might be closed. In a conference call with analysts, Teva chief executive officer Jeremy Levin said the cost saving would occur mostly in the next three years. After repeated questions from analysts about specifics on the cuts and how the restructuring would affect the bottom line, Levin eventually said, "I would just say, 'Wait until next week.' " Teva had previously announced it would hold an investor conference to discuss changes in strategy in New York on Dec. 11. Levin said, "Teva will look like a very different company than the Teva of the past.
November 17, 2012 |
Philadelphia-area pharmaceutical giants Teva Pharmaceutical Industries Ltd. and AstraZeneca Plc. are trying to rebound after difficult periods, and both are reportedly among the companies competing to buy Amarin Corp. because of a new heart drug about to hit the market. Amarin is headquartered in Dublin, Ireland, but has an office in Bedminster in North Jersey. The drug, Vascepa, is a capsule that - with proper diet - is meant to reduce high levels of triglycerides in adult patients, thereby improving cardiovascular health.
July 5, 2012 |
IN THE REGION FTC approves order settling charges The Federal Trade Commission said Tuesday that it had approved an amended final order settling charges that Teva Pharmaceutical Industries Ltd.'s acquisition of Cephalon Inc., would have been anticompetitive in the markets for several current and future generic drugs. Teva, with operations in North Wales, Pa., completed the $6.8 billion purchase in October, shortly after the FTC approved the deal on a conditional basis. As part of the settlement, Teva must sell the rights and assets related to generic drugs Actiq and Amrix to Par Pharmaceuticals Inc. The FTC also requires Teva to enter into a supply agreement that will allow Par to sell a generic version of Cephalon's wakefulness drug Provigil in 2012.