Teva Gives Up Its Store-Brand OTC Portfolio To PLD
Executive SummaryTeva’s US store-brand OTC portfolio including 40 approved and pending ANDA offerings has been acquired by the family-owned PL Developments.
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Teva is on track to achieve its targeted US$3 billion spending reduction by the end of 2019, according to president and chief executive officer Kåre Schultz. Ridding the firm of a number of its facilities and cutting staff by more than 9,000 has already produced efficiencies of US$1.8 billion in 2018.
Teva still sees OTC medicines as a “growing and long-term key business”, despite announcing plans with Procter & Gamble (P&G) to end the pair’s six-year ‘PGT Healthcare’ OTC joint venture, according to the Israeli firm. The decision – made after “the companies concluded that their priorities and strategies are no longer closely aligned” – comes as Teva is executing a major structural overhaul instigated by chief executive officer Kåre Schultz (Generics bulletin, 1 December 2017, page 1), and is “not expected to have a material impact on Teva’s 2018 financial outlook”.
Upsher-Smith has strengthened its US generics portfolio with three new launches that will compete in a combined market worth nearly $102.5m.