Actavis to lay off 200 workers in California
Correction: The original version of this story said that the Allergan-Actavis deal was for $68 million. It was for $68 billion. The typo has been fixed.
- On November 17, after staving off an epic takeover bid from Valeant and activist investor Bill Ackman, Allergan agreed to an acquisition by Actavis for $68 billion.
- On December 2, Actavis announced that 200 workers would be laid off in Corona, California.
- Corona is the original home of Actavis, which started as Watson Pharmaceuticals and then became Actavis. The company moved operational headquaters to New Jersey in 2011; however, Actavis is based in Dublin, Ireland.
Based on its merger with Allergan, Actavis is now a $23 billion annual revenue company. Nonetheless, according to analysts at DRG, Actavis has a history of smooth transitions when it comes to acquisitions. A 200-person lay-off in an old location is not cause for alarm, but rather par for the course. Whether or not there will be more lay-offs and how extensive those lay-off will be remains to be seen.
- www.ocbj.com Actavis to cut jobs in Corona