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Israeli pharmaceutical company Teva wants to cut costs in all business divisions by EUR 1.5bn (up to EUR 2bn).

Cost-cuttings include streamlining of purchasing and stock-keeping. Several research projects will be stopped. „Teva will be a different company in the future“, corporate CEO Jeremy Levin, running the company since May, told reporters.

For now, the times of major takeovers and mergers are over. Teva expanded rapidly through transactions of tens of billions. Thereby, it became the global market leader in the generics industry ahead of Sandoz (a Novartis subsidiary). Levin wants to complement business by acquiring companies engaging in core indications like nervous diseases and respiratory disorders.

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