Tel Aviv — The CEO of Teva Pharmaceutical Industries has stepped down, leaving new management to overhaul the world’s biggest maker of generic drugs and restore confidence after a series of missteps have sent its shares plummeting. Teva, Israel’s largest company, said on Monday that CEO Erez Vigodman was departing immediately and would be replaced on an interim basis by chairman Yitzhak Peterburg. Questionable and costly acquisitions, along with delayed drug launches, have prompted calls for a management overhaul and structural changes — such as a spin-off of its branded drugs businesses — to restore investor confidence. Investors say Teva, which faces pricing pressure in its core generics business and recently lost patent protection on its key branded drug Copaxone for multiple sclerosis, must choose a new CEO with extensive pharmaceutical experience. The new boss needed to set a clear strategy, said Eldad Tamir, the head of investment house Tamir Fishman, whose funds have slashed ...
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