Drugmaker Viatris Inc said on Friday that its restructuring plans, announced earlier this year, could impact 20% of its workforce, or 9,000 employees.
The company was formed in November this year through the merger of generic drugmaker Mylan and Pfizer Inc’s off-patent drug business.
Viatris said it could divest or downsize up to 15 facilities. That includes the company’s plant in Morgantown, West Virginia, which has been the subject of a warning letter from the U.S. Food and Drug Administration over manufacturing violations.
Other facilities include two manufacturing plants in India that make active pharmaceutical ingredients.
The company expects to record a pre-tax charge between $275 million and $325 million related to severance and employee benefit expenses.
Viatris hopes its restructuring plans could help the company achieve $1 billion in cost savings by the end of 2024 or earlier.
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