Teva chief to stand down

THE chair of the world’s biggest generic drugmaker Teva Pharma-ceuticals announced yesterday that he would step down by the end of the year.

In a letter to shareholders of the Israel-based firm, Phillip Frost said: “With the progress we have made, and continue to make, at Teva, I have advised the board that I believe it will be appropriate for me to step down… Our corporate governance and nominating committee is working on a succession plan.”