Allergan To Cut 1500 Jobs

Allergan said this morning that it is cutting 1,500 jobs, or approximately 13 percent of its headcount, as part of a restructuring effort. The cuts come as part it battles an unsolicited takeover bid by Valeant Pharmaceuticals. Allergan has around 2,300 employees in Irvine, where it is headquartered. According to Allergan, the cuts will save the company approximately $475M in calendar year 2014. The cuts will come across its commercial organization, general and administrative functions, manufacturing and the research and development organizations, the company said today; the company also said it will eliminate hiring in approximately 250 vacant positions. Allergan is the maker of Botox. It's unclear how many of the cuts will be in Allergan's Irvine location.