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Teva mulling sale of cancer portfolio to reduce debt; shares up 1% premarket

  • Bloomberg reports that Teva Pharmaceutical Industries (NYSE:TEVA) is considering divesting its specialty cancer assets in order to trim debt. The oncology unit generated $1.14B in sales last year, down 5%.
  • Teva's debt, almost $36B at the end of 2016, jumped after its $40B acquisition of Allergan's generics business last year. The company previously stated that it would not make any major strategic decisions until after a new CEO is on board.
  • Shares are up 1% premarket on light volume.

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