Valeant Pharmaceuticals has laid out its plans to integrate the newly acquired Bausch + Lomb into the corporate family, which includes a reduction of 10% to 15% of the overall workforce, or up to 2,700 jobs.
Valeant CEO J. Michael Pearson aims to squeeze $800 million in costs out of the combined company to help pay for the $8.7 billion acquisition.
Details are outlined in Pearson's SEC filing here.
Valeant's latest financial records indicate the company has about 7,000 workers, while Bausch + Lomb has more than 11,000, according to news reports. At the high end, the reorganization could claim up to 2,700 staffers. Valeant will also relocate and consolidate operations, including facilities acquired with its recent buyouts. Read more.