Good morning, one and all. Damian Garde here, filling in for Ed Silverman to round out what has been a week interrupted here in the U.S. The weekend feels a tad unearned on the heels of a labor-free Thursday, but surely the break is no less needed, yes? Anyway, after a day spent giving thanks, we’re ready to return to taking most things for granted, and thus below please find your customary roundup of tidbits from in and around the pharma world. Here’s hoping your workday is mercifully swift, and if you hear anything interesting out there, do let us know.
Teva (TEVA) is on the brink of major layoffs in Israel and the U.S., says the Israeli financial publication Calcalist. The plan is to let go of more than 1,500 employees in Israel and another 1,000 or so more in the U.S., according to the report. The move comes as Kare Schultz, Teva’s new CEO, tries to steer the bellwether company out of a trying run of form that has seen its stock price crater under mounting debts and pricing pressure on its sweeping generics business.
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The Bayer Monsanto merger will not be approved under antitrust laws for one. The two companies are the largest crop science companies in the world, hence a strong monopoly would be created. If either company had to divest its crop division that company’s value would sink, impacting earnings per share of the newly formed company. Agricultural prices would skyrocket and Trump would give the thumbs down, especially if he has to pay more to maintain his golf courses.