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