UPDATE 1-Valeant Pharma plans to halve workforce
(Recasts; adds details)
May 2 (Reuters) - Valeant Pharmaceuticals International (VRX.N) said it cut 130 jobs in the United States and Mexico, and plans to reduce its headcount by another 1,250 positions, as part of its current restructuring plan.
The Alizo Viejo, California-based company currently employs about 3,000 employees globally, according to its Web site. The company said the reductions are in connection with the previously announced sale of its European subsidiaries.
"This is the first step in our plan to right size our company and return it to appropriate levels of profitability," Michael Pearson, the compamy's chief executive officer, said in a statement.
In June 2007, the drugmaker, which markets treatments for skin diseases and neurological conditions, said it will sell its manufacturing facilities in Basel, Switzerland, to Legacy Pharmaceuticals International.
In March, the company also sold its Asia operations.
Shares of the company closed at $13.50 on Thursday on the Nasdaq. (Reporting by Suzannah Benjamin in Bangalore; Editing by Anil D'Silva)
© Thomson Reuters 2009 All rights reserved
Citadel enters the fray
Kenneth Griffin's powerful hedge fund has waded into the case of Goldman Sachs' purloined computer code, suing three of its former employees for setting up Teza Technologies. Full Article | Full Coverage
