Allergan Plans to Cut Over 1,000 Jobs

• January 03 2018
• Cynthia Koons

Allergan Plc said it plans to cut more than 1,000 jobs as it prepares for the loss of exclusivity for one of its best-selling drugs.

Allergan Plc said it plans to cut more than 1,000 jobs as it prepares for the loss of exclusivity for one of its best-selling drugs.

The cuts would predominantly come from parts of the business that are facing new competition, the drugmaker said in a filing.

In November, Chief Executive Officer Brent Saunders said the company was preparing as though a generic version of Restasis, a dry-eye drug, would launch in the beginning of 2018. Allergan had attempted to shield Restasis from one type of patent challenge with an unconventional deal with a Native American tribe but a judge later ruled the patents were invalid on scientific grounds.

The shares were up less than 1 percent to $172 as of 11:33 a.m. in New York.