How many employees may be fired by King Pharmaceuticals layoffs?
The news is that around 520 employees will be asked to leave their jobs at King Pharmaceuticals.
How many employees does King Pharmaceuticals have?
No information is available about the total no. of employees at Kind Pharma.
Which locations will be affected by the King Pharmaceuticals Layoffs?
Location wise job cut details are not available.
Which segment of employees will be affected by the King Pharmaceuticals layoffs
380 field sales positions and 140 corporate positions will be cut in this job cut.
How much savings can be made by King Pharmaceuticals Layoffs?
It is expected that the move will save 50 to 55 million USD in the first 6 months.
When will the King Pharmaceuticals layoffs happen
They will be done as soon as possible,
Any severance package for the affected employees?
No info available.
What are the primary reasons of King Pharmaceuticals Layoffs
Consolidation of the recently acquired Alpharma and a recent court ruling that invalidated patents supporting its top-selling muscle relaxant, Skelaxin, potentially opening the drug to generic competition. To compensate for that, the lyoffs and other measures are being taken.
Any other news about King Pharmaceuticals?
As per MarketWatch, Chairman and Chief Executive Brian A. Markison said the cuts reflect "the uncertainty" the verdict created "with respect to the continued exclusivity of the product."
Since it lost a 2007 patent case involving its once top-selling Altace blood-pressure drug, King had shifted its focus onto other products, including Skelaxin. In the third quarter, Skelaxin sales rose 3.8%. By contrast, Altace sales, under pressure since a generic rival was introduced in December, 2007, plunged 82%.
Let's hope that alternative jobs are available to the affected employees of King Pharmaceuticals Layoffs Job Cut.
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