Valeant says it will eliminate as much as 15 percent of its work force and move Bausch + Lomb's headquarters to New Jersey as part of its $8.7 billion acquisition.

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In a letter to workers, Valeant says that after the deal closes, it will eliminate between 10 percent and 15 percent of positions companywide. That works out to between 1,850 and 2,775 people.

The Canadian drugmaker says it will remain based in Quebec, but it will move Bausch + Lomb's Rochester, N.Y. headquarters to New Jersey.

Valeant says it will continue to operate all of its current U.S. manufacturing locations, including those in Rochester. It added that it expects to receive regulatory approvals by early next month and hopes to close the deal as soon as possible after that.


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