ALISO VIEJO, Calif. (AP) -- Valeant Pharmaceuticals International said Friday it is cutting its workforce by almost half as part of a restructuring plan that includes the sale of its European subsidiaries.
The specialty pharmaceutical company has reduced its number of employees in the U.S. and Mexico by 130. Valeant said it will cut another 1,250 jobs in conjunction with planned divestitures, which should be complete in the next 12 months.
In its annual report, which was filed with the Securities and Exchange Commission in March, Valeant said it had 3,001 employees as of Dec. 31.
''This is the first step in our plan to right size our company and return it to appropriate levels of profitability,'' said Valeant Chief Executive and Chairman J. Michael Pearson.