Teva Pharmaceutical Industries, which is grappling with $35 billion of debt, announced plans Thursday to cut 14,000 jobs worldwide and consolidate six of its seven U.S. sites into one location, according to USA Today.
The job cuts and consolidation efforts are expected to save the debt-ridden drugmaker $3 billion in annual costs, after an upfront charge of $700 million in severance expenses and facility closures.
Its U.S. consolidation efforts will include closing sites in Cambridge, Mass., Washington, D.C., Horsham, Pa., and New York City. In addition, some other sites may be sold to competitors, according to the report.
The company has yet to decide the location of its consolidated U.S. site.
The announcement comes after Teva lost a lawsuit Monday that attempted to block Mylan's generic multiple sclerosis drug from entering the U.S. market.