King cuts 20% of workforce

Tennessee-based King Pharmaceuticals said it will cut its workforce by 20 percent due to problems the company is having with its Altace franchise. Last month King Pharmaceuticals lost its fight with Indian generics maker Lupin when a federal appeals court invalidated the patent on Altace, a drug for high blood pressure. The company is also speeding up plans to focus its business on neuroscience and hospital/acute. The cuts will save the company between $75 million and $90 million in 2008.

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