Valeant Pharmaceuticals which recently purchased Bauch and Lomb for $8.7 billion today announced that it would eliminate approximately 2850 jobs (from its 19,000 person workforce) to save roughly $800 million over the next year and half.
According to a post on today’s Pharmalot blog:
Specifically, Valeant (VRX) will trim anywhere from 10 percent to 15 percent of its headcount, which numbers about 7,500 Valeant workers and between 11,000 and 12,000 Bausch & Lomb employees, a Valeant spokeswoman tells us. While corporate headquarters will remain in Laval, Quebec, and US headquarters and the new US eye health unit will stay in New Jersey, other facilities will be moved or closed.
While these cuts were not unexpected, it is still very difficult for those who will be losing their jobs to finally get the news.
There is likely to be more consolidation (and layoffs) in the life sciences sector as the biotech IPO craze continues to sizzle and China’s pharmaceutical industry begins to sputter.
Until next time….
Good Luck and Good Job Hunting!!!!