Israeli Teva Pharmaceuticals is raising funds by selling its plant in Sellersville, Pennsylvania to G&W Labs. The move will help the company streamline operations and reduce costs.
Teva will sell rights to 25 of its products to G&W to produce at the Sellersville factory and sell. It will also produce other items that will be supplied to Teva until production can be moved to other sites. Most of those who already work at the plant will retain their jobs. G&W will have the right to sell two other Teva products that will be made at its Zagreb, Croatia facility.
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Teva’s Global Operations president and CEO Carlo de Notaristefani told Globes, “Teva is managing operations to create greater efficiencies and to position the company for long-term growth and success. We have a qualified and dedicated team in Sellersville, and we are pleased that we were able to come to an agreement with G&W Laboratories that will enable them to continue working in their current community.”
It certainly pays to be an executive at Teva Pharmaceuticals. The top 5 execs were paid a total of 95 million shekel or $24.5 million, Globes reports. Former Teva for the Americas President and CEO Allan Oberman made $7.3 million or 28 million shekel.
