By Adriano Marchese
Teva Pharmaceutical Industries plans to divest its active-pharmaceutical ingredient business as it looks to pursue new growth opportunities.
The Tel Aviv, Israel-based pharmaceutical company said Wednesday that the intended divestiture is expected to play an important role in its “Pivot to Growth” strategy to focus on core business strengths and on capital allocation toward growth engines and innovation.
Teva’s API business, which focuses on small-molecule active pharmaceutical ingredients, employs about 4,300 employees worldwide with a portfolio of 350 products covering a range of generic and therapeutic areas.
The company said it aims to divest the business in the first half of next year but cautioned that there are no guarantees regarding the timing or the structure of the divestiture.
“The divestiture of TAPI will … allow us to increase the focus on our core business, continue to invest in our growth drivers, accelerate our innovative and biosimilar pipeline, and position our generics portfolio and pipeline to drive growth for the future,” said Chief Executive Richard Francis.
Write to Adriano Marchese at adriano.marchese@wsj.com
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