Pharmaceutical manufacturer Teva might lay off up to 10,000 people — more than 15% of its workforce — according to Bloomberg. The Israeli drug maker, which specializes largely in generics, is trying to pay back $35 billion in debt.
Why now? Teva has already sold off parts of its business, including its oncology division, and is now looking toward massive staff reductions as it tries to cut as much as $2 billion in costs. About half of those cuts will likely come from research and development, Bloomberg said.