7/9/2014 7:20:31 AM
Allergan Inc. (AGN:US), the Botox maker being pursued by Valeant Pharmaceuticals International Inc. and Bill Ackman’s hedge fund, will shelve unpromising pipeline drugs and overhaul management incentives, two people with knowledge of the matter said.
A broad restructuring plan set to be outlined during Allergan’s earnings (AGN:US) announcement later this month will also involve companywide cost cuts, including some legacy expenses, said the people, who asked not to be identified because the effort isn’t yet public. Management compensation will be more closely tied to achieving higher forecasts.
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