Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) is considering a sale of its specialty cancer treatments, according to people familiar with the matter, "Bloomberg" reports.
The Israeli drugmaker's portfolio includes treatments for leukemia and a slow-growing form of lymphoma, sources told "Bloomberg", asking to remain unnamed. Teva declined to comment on the report.
Revenue from Teva's oncology division fell 5% in 2016 to $1.14 billion with sales from its Treanda and Bendeka drugs hit by competition from rival treatment, according to Teva's 2016 financial statement.
The company is looking to sell off assets to reduce its fast-growing debt of more than $40 billion. Teva is already working with Morgan Stanley on the sale of its women’s health business for an estimated $2 billion.
The company has been weighed down with debt since completing last year's $40 billion acquisition of Activis - Allergan's generics business. The deal was ill timed with generic drug prices falling in the US and Teva struggling to wean itself from dependence on the profits of blockbuster multiple sclerosis treatment Copaxone, who patent has just expired.
The company’s share price has plunged to a near 10-year low, CEO Erez Vigodman has departed and there are now reports that CFO Eyal Desheh us stepping down.
Published by Globes [online], Israel business news - www.globes-online.com - on April 26, 2017
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