Endo International PLC, a Dublin, Ireland-based global speciality pharmaceutical company that sells generic and branded prescription drugs, today announced that it plans to layoff 375 US sales employees most of whom work in its branded pain sales force. The company manufactures several branded opioid pain medicines including OPANA ER® and Percocet® Ostensibly, the job cuts will yield will free up $90 to $100 million that the company will used to restructure and refocus its business units.
The ongoing very public national discussion about opioid abuse has caused Endo to re-evaluate its new product development strategy ( the company stock has been hemorrhaging over the past year or so). To that end, the company announced a new focus on the drug Xiaflex, a penis curvature drug that the company acquired in its $2.6 billion buyout of Auxilium. By focusing on new markets, the company hopes to reduce its financial dependency on its legacy opioid business that has been waning as new legislation restricting patient access to opioids continues to be passed in States that have been devastating by the growing opioid epidemic sweeping the US.
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