Allergan to Cut 1,500 Jobs; Saves $475M

Wall Street Journal reported that it expected Allergan to cut costs as one way to fend off the unwanted $53 billion takeover bid from Valeant Pharmaceuticals and investor William Ackman.

Allergan reportedly is cutting 13% of its workforce, or about 1,500 jobs, and it will also leave 250 unfilled jobs vacant in order 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. Read the full WSJ article