For weeks, Wall Street has been expecting Allergan to cut costs as one way to fend off the unwanted $53 billion takeover bid from Valeant Pharmaceuticals and activist investor William Ackman.
And today, Allergan took that step. The drug maker, which is famous for selling Botox, is slashing 13% of its workforce, or roughly 1,500 jobs, and will also leave 250 unfilled jobs vacant in a bid to save $475 million. The cuts do not include R&D programs and nearly all – 94%, specifically – of employees who deal directly with customers, such as doctors and hospitals, will remain in place.
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