Teva Pharmaceutical to lay off 14,000 globally

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North Wales, Pa. — Teva Pharmaceutical Industries, the world’s largest generic drugmaker, said Thursday that it will cut more than 25 percent of its workforce, and close or sell manufacturing plants and research and development facilities at its headquarters in Israel and other locations.

The announcement did not detail where the job cuts will be made, but said more than half will be completed by the end of 2018, and workers will be notified within the next 90 days.

Teva said it expects to reduce its costs by $3 billion within two years. “Today we are launching a comprehensive restructuring plan, crucial to restoring our financial security and stabilizing our business,” Teva CEO Kare Schultz said in a statement.