Teva planning global rebrand as it works to close Allergan generics deal
- Israel-based Teva Pharmaceuticals is planning a worldwide rebrand over the next 12 months, according to a statement from the company. The rebrand comes at the same time as Teva works to close its $40.5 billion acquisition of Allergan's generics portfolio, which will bolster its position as the world's largest generic drugmaker.
- The rebrand will be introduced first to the 43,000 employees around the globe before it is announced externally.
- While the re-branding efforts are broad, Teva aims to make the medicines it manufactures more accessible as well as more recognizable.
Teva's rebranding announcement emphasizes its patient focus and desire to become more recognizable around the world.
"This project is one part of a comprehensive plan that reflects the company's reinvention to be a strong brand with a unique portfolio of products and support services, creating best-in-class, sustainable solutions that help patients manage their overall health," said Iris Beck Codner, an EVP of Corporate Marketing and Communications.
Although the specifics of the new branding initiative have not been spelled out in detail, its clear Teva is looking to leverage its generics-heavy portfolio at a time when focus has shifted to value and drug pricing.
European regulators recently announced Teva had agreed to divest $1 billion in assets in order to help allay anti-trust concerns over its purchase of Allergan's generics. Teva already has more than 1,000 small molecules in its portfolio, many of them generics.