King Pharma to ax 22% of workforce

King Pharmaceuticals is the latest drugmaker to join the layoff club. The Bristol, Tenn.-based company is announcing a restructuring plan that will cut 22 percent of its workforce, including about one-third of its sales reps. The moves come in the wake of a court ruling overturning the patent on King's muscle relaxant Skelaxin. Though King plans to appeal, CEO Brian Markison said the "uncertainty" of the outcome prompted the cost-cutting measures.

Some of the cuts--about 240 jobs at corporate, for example--are designed to trim overlap created when King bought Alpharma. Another 520 or so of the layoffs are cost-cutting moves; 380 are field sales jobs and another 140 are corporate/admin jobs. After the dust settles, King will be left with a field sales force of about 720.

- see the King release
- get the MarketWatch news

Suggested Articles

Imbruvica has enjoyed a nice run in previously untreated CLL over the last few years. But major competition is here in the form of AZ's Calquence.

Pennsylvania's Supreme Court revived thousands of lawsuits alleging the antipsychotic med Risperdal caused males to develop breasts.

In the asthma biologics race, there doesn't appear to be a clear favorite among Xolair, Dupixent, Fasenra and Nucala for a group of pulmonologists.