Endo International announced Thursday that it will cut 90 full-time jobs, including 45 at its U.S. headquarters in Malvern, as part of a restructuring that will save $40 million to $50 million a year.
The job losses will be primarily corporate functions and branded pharmaceutical research and development positions in Malvern and Chestnut Ridge, N.Y., the headquarters of Par Pharmaceutical, which Endo bought in 2015.
Endo formerly had 376 employees in Malvern. With 45 positions eliminated, Endo now employs 331 in Malvern and about 4,900 worldwide.
Endo spokeswoman Heather Zoumas-Lubeski said the 90 positions include 74 layoffs and 16 open positions the company will no longer fill.
The Dublin-based drugmaker said it expects to record cash charges of $15 million to $20 million as a result of the restructuring.
"In a competitive and challenging health-care environment, these difficult but necessary steps are intended to best position Endo for long-term success," said Paul Campanelli, who took the helm at Endo in September. He succeeded Rajiv De Silva, who stepped down. Campanelli was formerly CEO of Par Pharmaceutical.
Last month, Endo announced that it was selling back rights to an opioid pain drug because the opioid market and Endo's strategic priorities had "evolved." Endo said it would lay off its 375-member sales force for the drug, Belbuca, which it licensed in 2012. Endo said it would focus resources on its specialty branded business, and that older pain products, Opana ER and Percocet, would be managed as mature brands.
Last April, the Federal Trade Commission sued Endo, alleging the company violated antitrust laws by entering into "anticompetitive reverse-payment" deals to block lower-cost generic versions of Endo's pain medicines.
The FTC said earlier this month that it had settled the litigation. Under terms of a 10-year stipulated order, Endo admitted no wrongdoing and agreed not to engage in "similar anticompetitive behavior" in the future.
Shares of Endo closed up 10 cents, or 0.84 percent, to $11.99 Thursday.
The stock has had a rocky 12 months, going from a high of $58.07 on Jan. 27, 2016 to a low of $11.85 on Jan. 24.