King Pharmaceuticals announced today restructuring and workforce reduction initiatives it is taking to decrease the Company’s operating expenses. These actions, when combined with the reduction in headcount arising from King’s recent acquisition of Alpharma Inc., result in a total workforce reduction of approximately 22% or approximately 760 positions.
Approximately 240 of these reductions are corporate positions associated with synergies from the Alpharma acquisition. Approximately 520 of these reductions are associated with the restructuring announced today, of which approximately 380 are field sales positions and approximately 140 are corporate positions. Following the restructuring, the Company’s sales force promoting its branded prescription products will total approximately 720.
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