Allergan Inc, which is fighting a hostile bid from Valeant Pharmaceuticals International Inc , said on Monday it would cut 13 percent of its workforce as part of a restructuring meant to boost profits over the next six years.The maker of anti-wrinkle drug Botox said the cost reductions, 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 per year 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 would hurt its growth and is not in the best interest of shareholders.The 1,500 job cuts were more than the 5 percent to 10 percent that JPMorgan analyst Chris Schott expected, and he said Allergan therefore deserves a higher valuation.
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 2.34% or $3.91/share to $171.31. 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 2592019.
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 2.92% or $3.56/share to $125.53. 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 3086981.
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 2.99% or $3.91/share to $134.73. 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 209391.
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