Endo International, the Dublin-based pharmaceutical company with its U.S. headquarters in Malvern, has announced plans to restructure the company and eliminate 560 jobs across the country over the next three years, writes John George for the Philadelphia Business Journal.
This represents around 18 percent of Endo’s total workforce.
The $85 million to $95 million expected to be saved with this series of cost-cutting moves will be reinvested on actions such as the planned launch of Qwo, the first FDA-approved injectable treatment for cellulite. Qwo is expected to hit the market in spring.
There is still no information on how many of the company’s roughly 330 Chester County employees will be affected.
The cost-saving actions include exiting two of the company’s manufacturing sites in the U.S. – in California and New York – as well as several manufacturing and study sites in India. Endo will also outsource some transaction processing activities.
“We believe these actions will further position Endo for long-term success,” said Endo CEO Blaise Coleman. “These were difficult, but necessary, decisions that will, unfortunately, affect many of our dedicated team members.”
Endo will provide support and assistance to impacted employees.
Read more about Endo International in the Philadelphia Business Journal here.
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