ENDO INTERNATIONAL PLC (NASDAQ:ENDP) Files An 8-K Costs Associated with Exit or Disposal Activities
Item2.05. Costs Associated with Exit or Disposal Activities.
On January26, 2017, the Registrant issued a press release
announcing a restructuring initiative implemented as part of its
ongoing organizational review. This restructuring, approved by
the Registrants Board of Directors on December19, 2016, is
intended to further integrate, streamline and optimize the
Registrants operations by aligning certain Corporate and RD
functions with the Registrants recently restructured Generics and
U.S. Branded Pharmaceutical business units, creating efficiencies
and cost savings, a portion of which may be invested in the
Registrants core and new products to drive future cash flow and
earnings growth.
As part of this restructuring, the Registrant will undertake
certain cost reduction initiatives, including a reduction of
approximately 90 positions of the Registrants workforce,
primarily related to Corporate functions and Branded
pharmaceutical RD functions in Malvern, PA and Chestnut Ridge,
NY, a streamlining of general and administrative expenses, an
optimization of commercial spend and a refocusing of research and
development efforts. The Registrant expects to incur cash charges
of approximately $15 million to $20 million of employee
separation and other benefit-related costs in connection with
this restructuring. Substantially all of these cash payments are
anticipated to be made by the end of 2017 and the Registrant
anticipates that substantially all of the actions associated with
this restructuring will be completed by the end of April 2017.
Under this restructuring, separation costs are expensed over the
requisite service period, if any, while retention costs are
expensed ratably over the respective retention period.
A copy of the Registrants January26, 2017 press release is
attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
Item9.01 Financial Statements and Exhibits.
(d) Exhibits.
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| 99.1 |
Press Release of Endo International plc dated January 26, 2017. |
ENDO INTERNATIONAL PLC (NASDAQ:ENDP) Recent Trading Information
ENDO INTERNATIONAL PLC (NASDAQ:ENDP) closed its last trading session up +0.04 at 11.89 with 12,502,299 shares trading hands.