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Allergan to cut about 1,500 jobs to evade Valeant takeover
Allergan to cut about 1,500 jobs to evade Valeant takeover

Allergan Inc., the maker of the wrinkle remover Botox, will cut 1,500 jobs and eliminate another 250 vacant positions as it tries to fend off a hostile takeover from Valeant Pharmaceuticals International Inc. The job cuts, representing 13 percent of Allergan's global workforce, and further restructuring will lead to savings of about $475 million next year, the Irvine, California-based company said in a statement today. Allergan's second-quarter net income was $417.2 million, or $1.37 a share, the company said, compared to $352.7 million or $1.17 a share a year earlier. Earnings per share excluding one- time items was $1.51 a share, beating by 7 cents the average estimates of 19...

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