A recently formed pharmaceutical spinoff will slash 20% of its workforce as it tries to cut at least $1 billion in costs over the next few years.
Viatris Inc. said Friday that it plans to close, cut or sell up to 15 manufacturing sites globally that it sees as no longer necessary due to factors including excess capacity or a shift in the company’s products.
Viatris employs about 45,000 people worldwide, so the cuts could affect up to 9,000 workers. Sites affected initially will include locations in Morgantown, West Virginia, Ireland, Puerto Rico and India.
The company said job cuts at the sites it identified Friday will occur in phases over the next few years.
The Canonsburg, Pennsylvania-based company was formed last month when the generic drugmaker Mylan combined with Pfizer Inc. spin off Upjohn, which sells older, mostly off-patent drugs. Mylan sells the emergency allergy treatment EpiPens, which are made by Upjohn.