Valeant Stalks Allergan
To shave $2.7 billion from costs there will be substantial cuts and job losses
Mark Hillen |
What might “ValGan” look like in six months’ time? Considerably leaner. Valeant’s CEO, J. Michael Pearson, highlighted plans for extensive executive and administrative layoffs if the takeover is successful. “These are not people touching the customers,” Pearson said, “They are people sitting in offices, and we don’t need people sitting in offices.” Pearson anticipates that 80 percent of the cuts would occur within the first six months after the deal, a process that is predicted to generate $2.7bn in cost savings.