Teva CEO Steps Down While An Integration Hangs In The Balance
After a damaging court ruling on Copaxone 40 mg and some management missteps, CEO Erez Vigodman will step down as CEO of the Israeli generic drug leader. Chairman Yitzhak Peterburg will fill in on an interim basis.
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Teva is seeking injunction to block generic entry after court rules four patents on the three-times-a-week dosage are invalid; analysts expect launch soon after FDA approves an ANDA, with Sandoz/Momenta generic the likely leader.
Just months after Teva closed the $40.5bn acquisition of Allergan Generics, the company said the man expected to lead the integration, Siggi Olafsson, will step down and be succeeded by Dipankar Bhattacharjee.
Teva CEO Erez Vigodman said the company will step away from business development for the “foreseeable future” while it digests the acquisition of Allergan’s generic drug business.