Allergan Inc, which is fighting off a hostile bid from Valeant Pharmaceuticals International Inc , said on Monday that it would cut 13 percent of its global workforce as part of a restructuring meant to boost profits over the next six years.Allergan said the cost reductions, which are part of its efforts to convince investors that it is a better value as a stand-alone company, would help increase annual earnings more than 20 percent between 2014 and 2019.Valeant and Pershing Square Capital Management made a $52 billion hostile offer for the company in April, but Allergan says the deal will hurt its growth and is not in the best interest of shareholders.The company said an acquisition or share-repurchase program were strategic options, but it did not announce those steps on Monday.
Allergan, Inc. is a multi-specialty health care Company focused on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products. Shares of AGN traded higher by 2.09% or $3.5/share to $170.90. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 4016600 shares of AGN exchange hands on a given day and today's volume is recorded at 1013076.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 2.4% or $2.93/share to $124.90. In the past year, the shares have traded as low as $89.76 and as high as $153.10. On average, 3500580 shares of VRX exchange hands on a given day and today's volume is recorded at 1253188.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 2.58% or $3.37/share to $134.19. In the past year, the shares have traded as low as $92.42 and as high as $170.45. On average, 354290 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 94753.
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