Indivior targets $70 mln savings through job cuts, restructuring
Sept 24 (Reuters) - British drugmaker Indivior INDV.L said on Thursday it plans for up to $70 million in cost savings next year as it restructures its supply channels in the United States, including cutting an unspecified number of jobs.
The company, which makes opioid addiction treatments, said as part of its streamlining plan it would also suspend merit-based pay increases and cut down on third-party expenses.
"While some of the expected savings will be reinvested ... we will retain a large portion of the expected savings to preserve the group's flexibility through the COVID-19 pandemic," new Chief Executive Officer Mark Crossley said.
Indivior has been hurt by legal hassles and competition even before the virus outbreak began.
(Reporting by Pushkala Aripaka in Bengaluru; Editing by Shounak Dasgupta)
((Pushkala.A@thomsonreuters.com; Twitter: @pullthekart; within UK: +44 20 7542 1810, outside UK: +91 80 6182 2600; Mobile: +91 852 751 3793))
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