Irish pharmaceutical company Warner Chilcott announced today it will lay off 88 employees at its Rockaway location.
The news, first reported by The Star-Ledger, comes a day after the company closed the transaction that saw it acquired by Parsippany-based Actavis in an $8.5 billion stock swap.
Layoffs will be effective at the end of November, to comply with New Jersey's WARN — worker adjustment and retraining notification — regulations.
The acquisition had recently cleared a flurry of regulatory hurdles, including the divestiture of four Actavis products to Amneal Pharmaceuticals for an undisclosed sum. The combined companies anticipate $11 billion in combined 2013 revenue.
The deal "more than doubles Actavis' Specialty Brands portfolio and delivers an industry leading pipeline with more than 25 products in various stages of development," Actavis CEO Paul Bisaro said in a statement Monday.
Four Chilcott board members will join the Actavis board following the acquisition: James Bloem, senior vice president and chief financial officer and treasurer of Humana Inc.; Tamar Howson, a corporate business development and strategy consultant to biopharmaceutical companies; John King, former nonexecutive chairman of Chilcott's board; and Patrick O'Sullivan, a Chilcott director since 2009.
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