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Allergan reiterates no to Valeant and cuts 1,500 jobs



21 JULY 2014 – america24

Allergan, the pharmaceutical company that makes Botox, reported better-than-expected profits in the second quarter and reiterated its no to a $53 billion cash and stock takeover offer from Valeant Pharmaceuticals International. The company also said it will cut 1,500 jobs, 13% of the total, generating $475 million in pre-tax savings in 2015.

To reduce staff, Allergan will incur one-time charges of $375 million to $425 million related to severance payments and other restructuring costs. In the three months, the company reported profits of $417.2 million, with revenue up 15.9% to $1.827 billion.

The profit for the second quarter, amounting to 1.37 d

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Fedaiisf Federazione delle Associazioni Italiane degli Informatori Scientifici del Farmaco e del Parafarmaco