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.
Sen. Susan Collins laid out some demands before getting behind the Senate version of the GOP tax plan, but those might not be met after all that wrangling, setting up a potential pitfall for the tax plan's ultimate passage. In particular, she wanted two bills passed that would help stabilize the health insurance market.
The potential hiccups in Collins’ plan: Majority Leader Mitch McConnell has only publicly said he is “supporting passage” of them, which is no guarantee, and House Speaker Paul Ryan has been mum on whether he would tack on the bills Collins wants into spending agreements, per Politico.
