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Perrigo to cut 800 jobs, buy back $2 billion in shares

Drugmaker Perrigo Co Plc (PRGO.N) said it would cut about 800 jobs, or 6 percent of its workforce, and buy back $2 billion worth of common shares as it looks to stave off a hostile bid from Mylan NV (MYL.O).

The company said on Thursday that it expected these actions to help it earn about $9.45 per share in 2016, a number that would include the benefit of buying back $500 million worth of shares in the fourth quarter. (

Perrigo also said it is beginning the process of selling its U.S. Vitamins, Minerals and Supplements business.

Netherlands-based Mylan has offered $75 in cash and 2.3 of its shares for each...