Mylan To Restructure Global Operations, To Affect Less Than 10% Of Workforce

Mylan NV MYL said it will deploy restructuring programs in certain locations, a move that is expected to hit less than 10 percent of its global workforce.

Mylan’s website says its global R&D and manufacturing platform includes more than 50 facilities, and is one of the world's largest producers of active pharmaceutical ingredients, with 40,000 strong workforce.

The company is currently developing the details of the cost reduction initiatives, and further details will be disclosed as initiatives are finalized, including the estimated amount or range of amounts to be incurred and future cash expenditures.

In August, Mylan was embroiled in controversy for increasing the price of its life-saving EpiPen product 400 percent while raising the Mylan CEO’s salary by 600 percent.

Shares of UK-based Mylan closed Tuesday’s regular session at $35.86. In the pre-market hours Wednesday, the stock was down 1.48 percent to $35.33.

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