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Report: Allergan eyes acquisitions, increasing staff in China

Allergan plc plans to hire 200 additional staff in China in 2018 and will be eyeing potential acquisitions in the country, Reuters reported, citing Marc Princen, executive vice president in charge of international operations.

The Dublin-based company is close to completing a restructuring that will result in cutting more than 5% of its workforce, or more than 1,000 jobs. Princen noted that 90% of the job cuts were completed, according to the news outlet.

Allergan previously stated that it is optimizing and restructuring its operations in early 2018 in response to the anticipated loss of exclusivity of several key revenue-generating products in 2018.

Princen said the company seeks to have annual sales of about $500 million in China by 2022. He added that the company will not do megadeals but will instead buy early-stage products to develop and market, Reuters reported.