US: Allergan cuts jobs, lifts profit

Allergan would cut 1 500 jobs and eliminate another 250 vacant positions as it tried to fend off a hostile takeover from Valeant Pharmaceuticals International, the US-based maker of wrinkle remover Botox said yesterday. The job cuts and further restructuring would lead to savings of about $475 million (R5bn) next year. Canada’s Valeant is leading an $84bn bid for Allergan, which said second-quarter net income rose 18 percent to $417.2m from $352.7m a year earlier. “With continuing strong momentum, Allergan recorded the strongest increase in absolute dollar sales in any quarter in our history, and again delivered sales and earnings per-share growth above the high end of our expectations,” chief executive David Pyott said. – Bloomberg