Allergan Plans to Eliminate Over 1,000 Jobs

On Wednesday, Allergan Plc said that it is planning to cut more than 1,000 jobs and drop an additional 400 open positions that are currently, as the company works to cut the costs in the wake of new competition for its dry-eye treatment Restasis, its second most important drug.

The company said that the jobs and positions that it plans to eliminate mostly concentrate on products and categories where the company has or anticipates to lose exclusivity soon.

The drugmaker said that it is expecting to take a $125 million charge from the job eliminations, primarily because of severance, the majority of which will be recorded in the fourth quarter of last year.

Allergan said that the cost savings from this restructuring programme should be about$300 million (£221.9 million) to $400 million per year.