Drug Development

AMRI plans to ax staffers, restructure after completing a $358M buyout

Layoffs Endpoints

Now that AMRI has completed its $358 million buyout of the Italian API manufacturer Euticals, the company is restructuring, axing an unspecified number of employees to make way for the addition.

In an SEC filing this week, Albany, NY-based AMRI reported that it will incur $5.7 and $7.3 million in costs to reduce its payroll in the U.S. and Europe, along with other transactional costs. There was no mention of how many staffers are being cut in the filing, and the company did not immediately return a call from Endpoints.

AMRI says that its buyout of Euticals will put the company on track to a billion dollars in revenue by 2018.

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