Morning Briefing
Summaries of health policy coverage from major news organizations
Allergan To Slash Jobs In Preparation Of Generic Competition For Top-Selling Drugs
Stat: Allergan To Eliminate 1,400 Positions As Generic Competition Looms
Making good on a recent promise, Allergan (AGN) disclosed plans to cut 1,000 existing jobs as the company prepares to face generic competition, especially for its second-biggest medicine, the Restasis eye treatment. The job cuts, which also involve eliminating 400 open positions, are expected to reduce expenses between $300 million and $400 million this year, according to a regulatory filing made on Wednesday. Allergan employs about 18,000 people. Other steps, such as closing buildings, may also occur. (Silverman, 1/3)
The Wall Street Journal: Allergan Plans Job Cuts As Key Drugs To Lose Exclusivity
The company expects the job cuts and other cost-savings measures to reduce operating expenses by between $300 million and $400 million this year. It will record the majority of an estimated $125 million in restructuring costs in the just-ended quarter. (Al-Muslim and Rockoff, 1/3)
In other news —
The Star Tribune: Bio-Techne Buys Atlanta Biologicals In Cash Deal
Minneapolis-based Bio-Techne Corp., which makes biological supplies and machines used in research by the pharmaceutical industry, has acquired a small firm in Georgia called Atlanta Biologicals that makes a bovine-derived serum that promotes cell growth during biotech experiments. Bio-Techne announced late Tuesday that it has acquired all of the stock of Atlanta Biologicals and its affiliate company Scientific Ventures in a cash transaction. The deal price was not disclosed. (Carlson, 1/3)
