Here’s what you should know:
1. Allergan is cutting employees in its commercial department and in “other functions.” Allergan is also eliminating 400 open positions.
2. The company expects to save between $300 million and $400 million as a result of the cuts; however the company expects to pay laid off employees $125 million in severance payments.
3. CEO Brent Saunders said in November that Allergan would begin a restructuring and cost-cutting program.
4. Over the last year, Allergan’s value has fallen more than 20 percent.
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