King to reduce its workforce 20%
The USA's King Pharmaceuticals plans to reduces it workforce by 22% to lose a total of 760 employees. Around 240 of these reductions are corporate positions associated with synergies from its $1.6-billion acquisition of Alpharma (Marketletter December 1, 2008).
520 jobs will be lost as a result of King's general restructuring program, of which 380 are field sales positions and 140 are corporate roles. Following the restructuring, the company's sales force promoting its branded prescription products will total 720.
King chief executive Brian Markison said: "following the recent court decision relating to our Skelaxin [metaxalone] patents and the uncertainty that it creates with respect to the continued exclusivity of the product, we thoroughly assessed our cost structure. We concluded the restructuring measures announced today will better position us to support the near-term priorities of our strategic plan."
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