King Pharma to cut costs, 20 percent of work force, costs

NEW YORK, Oct 18 (Reuters) - King Pharmaceuticals Inc (KG.N), which last month had the patent on its blood pressure treatment Altace declared invalid, said on Thursday it was cutting 20 percent of its work force and moving to reduce other expenses.

The Bristol, Tennessee-based drugmaker said it expects to save $75 million to $90 million in 2008 as a result of these actions.

The company expects to take a one-time charge of about $70 million during 2007 related to the restructuring announced Thursday.

It also said it will incur special charges this year of about $150 million to recognize the impaired value of its intangible assets associated with Altace and about $90 million primarily related to the impaired value of raw material inventory and related contracts associated with the medicine. (Reporting by Bill Berkrot, editing by Phil Berlowitz)