The former Medicis headquarters in Scottsdale is now part of Valeant.?
Last week, more than 300 Medicis Pharmaceutical Corp. employees lost their jobs when the Scottsdale-based company was sold to Montreal-based Valeant Pharmaceutical Corp. for $2.6 billion.
Valeant executives had color-coded the status of employees that would stay on by handing them a manila folder, while those who were terminated were handed a black folder.
?It seemed that four out of every five folders leaving the room were black,? according to one terminated employee I spoke with who requested anonymity. ?Regardless of the folder color, however, the walk back down the long aisle lined with friends and coworkers was unbelievably painful for all. Some could make it all the way down the aisle before breaking into tears. Others left the room and, immediately upon seeing their friends, broke down ? which, of course, caused their friends to break down, too.?
As it turned out, that employee?s black folder included Appendix A, which listed 319 positions and ages of employees not selected, and 117 who were chosen to stay with Valeant. Click here to see the positions terminated (pages 1-4) and those kept (pages 5-6).
When it was that employee?s turn to meet with the Valeant human resources executive, he instantly saw the black folder.
?It was very much like closing on the purchase of a home,? he said. ?Not at all like being fired. The difference was that I didn?t have to initial anything. I had no choice in the matter. In three or four minutes, it was all over.?
Laurie Little, vice president of investor relations for Valeant, said the company is in the process of consolidating its workforce both in Arizona and in New Jersey, where Valeant?s U.S. headquarters are located.
Angela Gonzales covers health, biotech and education.
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