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November 8, 2011

Teva cuts 1,000 jobs across US and Europe

Teva Pharmaceuticals is to sack 1,000 employees following its acquisition of US-based Cephalon last month.

By Liam Stoker

Teva Pharmaceuticals to make 1,000 of its employees redundant following its acquisition of US-based Cephalon last month.

The cuts represent approximately 27% of Cephalon’s entire workforce.

The company has expected to gather at least $500m in synergies as a result of the acquisition.

The layoffs will not affect Teva’s operations in its home nation Israel, but instead in the US and Europe.

Teva CEO Shlomo Yanai is currently in the US overseeing the merger of Cephalon’s interests.

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