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Valeant to make cuts after purchase

NEW YORK — Valeant said Monday that it will eliminate as much as 15 percent of its workforce and move Bausch + Lomb’s headquarters to New Jersey as part of its $8.7 billion purchase of the company.

In a letter to workers, Valeant said that after the deal closes, it will eliminate between 10 and 15 percent of positions companywide. That works out to between 1,850 and 2,775 people and is expected to include both Valeant and Bausch + Lomb workers.

The Canadian drug maker said it will remain based in Quebec, but it will move Bausch + Lomb’s Rochester, N.Y., headquarters to New Jersey. The US company’s three businesses will be combined into one unit.

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Valeant said it will continue to operate all of its current US 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.