Perrigo Cuts 750 Jobs, Dumps MS Drug

Source: Reuters

Feb 28, 2017

Perrigo has plans to reduce its nonproduction workforce by 750 employees according to a recent financial filing. The company has already had 243 workers take early retirement based on its plans. These moves are expected to cost up to $80 million.

Perrigo has also agreed to sell the royalty stream for Tysabri, its multiple sclerosis drug, to Royalty Pharma for roughly $2.85 billion. According to the company, it will review past accounting practices, specifically in regards to historical revenue from Tysabri sales. The sale follows a February settlement with Starboard Value LP. Starboard, which won Perrigo board representation as part of the settlement and was advocating for the sale of assets.

The Dublin-based drugmaker is also seeing its chief financial officer, Judy Brown, jump ship for Amgen.

Read the Reuters report

Show Comments
Hide Comments

Join the discussion

We welcome your thoughtful comments.
All comments will display your user name.

Want to participate in the discussion?

Register for free

Log in for complete access.

Comments

No one has commented on this page yet.

RSS feed for comments on this page | RSS feed for all comments