Allergan to cut 1,500 employees
Botox maker Allergan will cut about 13 percent of its workforce, or roughly 1,500 employees, as part of a push to become more efficient and productive. The Irvine, Calif., company also said Monday it plans to eliminate about 250 vacant positions.
Allergan, which is fighting a takeover bid from Valeant Pharmaceuticals, announced the cuts the same day it also said second-quarter earnings grew 16 percent to $417.2 million, or $1.37 per share, and revenue jumped 17 percent to $1.86 billion.
The Canadian drugmaker Valeant Pharmaceuticals and investment firm Pershing Square Capital Management have made several bids to buy Allergan.
- Associated Press
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