Mylan NV (NASDAQ:MYL) has announced a round of layoffs.
The company — responsible for creating medical products such as allergy-combating drug EpiPen — is cutting up to 3,500 workers around the world. Mylan has about 40,000 workers on a global scale so up to 10% of the company’s workforce could be eliminated.
The move is part of a larger restructuring plan designed to help put the company in a solid financial position, while also helping it develop and test more drugs moving forward.
In an SEC filing, Mylan said it’s “developing the details” of the cutbacks and will share more information about cost savings and restructuring costs as the moves are finalized.
Mylan has been in the center of controversy due to the company’s decision to hike up the price of EpiPen, which is difficult for certain people to afford. There are competing products that are similar in their effect but cost less than the medication.
“The Company is currently developing the details of the cost reduction initiatives, including workforce actions and other potential restructuring activities,” Mylan said. More details about the company’s initiatives will be announced moving forward.
It is unclear how many of these workers will be eliminated in Morgantown, where it has more than 3,000 employees. The cuts will only affect non-union workers as union workers are protected from losing their jobs.
MYL shares fell 3.8% Wednesday.
