UPDATE 1-Valeant Pharma to save more from Bausch & Lomb deal

Mon Jul 29, 2013 8:06am EDT

* To save more than $800 million

* To cut 10-15 pct of combined company's workforce

* Medicis operation to be relocated to New Jersey

July 29 (Reuters) - Canada's Valeant Pharmaceuticals International Inc said it would cut 10 to 15 percent jobs after buying contact lens maker Bausch & Lomb and added that cost savings may rise from initial estimates at the time of the deal.

Valeant, which offered to buy Bausch & Lomb Holdings for $8.7 billion in May, had said it would save at least $800 million by 2014. The company said on Monday it expected savings of over $800 million from the deal.

The company expects to save more than $500 million this year. The combined company would have less than 100 corporate staff, it said.

Valeant had over 7,000 employees as of Dec. 31, a regulatory filing showed. Rochester, New York-based Bausch and Lomb employs about 11,000 people worldwide, according to its website.

Valeant said its Medicis operations will be relocated to New Jersey from Scottsdale, Arizona and Obagi operations will be combined with a Bausch & Lomb location in California. Valeant will continue to be headquartered at Laval, Quebec.

Valeant, which expects to get regulatory nod by early August, said severance plans for the United States and Canada have been finalized.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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