North Wales-based Teva proposes $5B debt plan

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As the details of Warren Buffet's Berkshire Hathway emerged, shares of Teva Pharmaceutical Industries Ltd., with North American headquarters based in North Wales, skyrocketed.(MONTCO.today file photo)

Just a few weeks after announcing layoffs of more than 200 employees throughout the Philadelphia region, Teva Pharmaceuticals is asking the Securities and Exchange Commission to approve a debt plan to raise $5 billion.

Based in Israel, Teva  — the world’s largest manufacturer of generic drugs — has its North American headquarters in North Wales.

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According to the filing, Teva plans to use the proceeds from the debt sale for “for general corporate purposes, which may include additions to working capital, investments in or extensions of credit to our subsidiaries and the repayment of indebtedness,” writes John George for Philadelphia Business Journal. 

Earlier this month, the company filed a notice with the Pennsylvania Department of Labor and Industry indicating 208 Teva workers in North Wales, Horsham, Fraser and West Chester would be laid off. Teva has a total of about 2,000 employees in Montgomery and Chester counties.

To read the complete story click here.

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