Friday, May 2, 2008

Valeant Pharmaceuticals Makes Cuts

Aliso Viejo-based Valeant Pharmaceuticals, a specialty pharmaceutical company with products in the neurology, infectious disease, and dermatology markets, announced Friday that it has cut 130 people in the U.S. and Mexico. The firm said that it also plans to reduce approximately 1,250 positions at the firm as it plans to divest its European subsidiaries. Valeant had approximately 3,000 employees prior to the cuts. The firm said the cuts were made as the "first step" in its plan to right size the company.