Allergan (AGN) Layoffs: Botox Maker to Cut 1,500 Jobs

Allergan (AGN) is getting rid of 13% of its workforce in an effort to become more efficient.

AllerganThe pharmaceutical is cutting 1,500 jobs as part of a restructuring plan to make the company more productive. Allergan is also eliminating 250 vacant positions.

The Irvine-based company also announced that its second-quarter earnings grew 16% to $417.2 million and revenue is up 17% to $1.86 billion. Both figures exceeded analysts’ estimates.

Allergan has been battling a takeover bid from Valeant Pharmaceuticals (VRX) which recently tried to acquire the company for $53 billion in cash and stock. The company said that Valeant’s bids have “substantially undervalue[d]” Allergan and such a move would be very risky for shareholders.

AGN stock is up about 2% Monday afternoon. VRX stock is up 3%.

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