Teva looks to resume some production at Rimsa plant in Mexico

4/25/2017 Reuters

pharmaceuticalTeva Pharmaceutical Industries hopes to resume some production at its newly purchased Mexican plant in the coming months, but an overhaul needed to bring the factory up to speed will take a few years, the company said on Tuesday.

Teva, the world’s largest generic drugmaker, bought the Rimsa plant in 2016 in a $2.3 billion deal, only to shut it down immediately, saying the operation was overrun by improprieties. Rimsa’s previous owners, the Espinosa family, deny this, and the two sides are locked in a legal battle.

The prospect of starting production, albeit limited, is welcome news for Teva after a string of costly acquisitions, and delayed drug launches. These have sent Teva shares plummeting and led to calls for management and structural changes. CEO Erez Vigodman stepped down in February.

 

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