Allergan to Cut 450 Workers, Take Charges
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Allergan Inc. said Monday that it will eliminate 450 jobs--7.5% of its 6,000 employees--and take charges this year of as much as $75 million as the drug company adjusts to recent costly acquisitions and a slowdown in business.
The Irvine-based company, which has been struggling for months with above-average costs, said it plans to use money saved from the cutbacks to develop and market new products.
Despite the cost-cutting measures, analysts say Allergan remains a likely takeover target for much larger drug companies.
Among the victims of the drug company’s reorganization is its chief operating officer, Richard M. Haugen.
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