Teva head Schultz mixes generics with specialty

Teva is merging its generics and branded ‘specialty’ operations into a single unit with immediate effect, as part of a restructuring led by the Israeli firm’s new president and chief executive officer, Kåre Schultz. Less than a month after he took the role, Schultz said the firm was taking “decisive and immediate action to address external pressures and internal inefficiencies”, after impairment charges wiped out US$6.1 billion of goodwill earlier this year, and the company faces a high debt burden in the wake of buying Actavis.