Endo International (NSDQ:ENDP) said today that it will cut 90 full-time positions from its workforce in an effort to restructure its generics and U.S. branded pharmaceutical businesses.
The company said it will invest part of the cost savings that result from its restructuring into Endo’s core products and new product development.
“Last year, Endo completed the integration, product portfolio rationalization and restructuring of its generics business segment. In October, we introduced a unified operating model that streamlined our global supply chain organization to better support both our branded and generics businesses. Recently, we announced that our branded segment will focus on our specialty business, which led to the elimination of our U.S. branded pain field sales force and realignment of that business unit. All of these measures have led to today’s announced restructuring actions, which address the last of the organizations to be impacted, primarily in Malvern and Chestnut Ridge,” president & CEO Paul Campanelli said in prepared remarks.
“In a competitive and challenging healthcare environment, these difficult but necessary steps are intended to best position Endo for long-term success. These actions will serve to strengthen our company and permit us to provide additional support for our core franchises and development programs.I would like to recognize the efforts and hard work of those who have been impacted by these decisions and thank them for all they have contributed to our company.”
ENDP shares were trading at $12.05 apiece in mid-afternoon activity, up 1.3%.
In early December, BioDelivery Sciences International (NSDQ:BDSI) reacquired the license to the Belbuca (buprenorphine) buccal film from Endo. Malvern, Penn-based Endo Pharmaceuticals licensed the worldwide manufacturing and marketing rights to the opioid patch from BioDelivery in 2012.
Belbuca, a once-daily opioid, is indicated for the management of severe pain. The small, peppermint-flavored film works by sticking to the cheek and dissolving within 30 minutes. Projections show that Belbuca gross sales will exceed $27 million, according to Raleigh, N.C.-based BioDelivery.
