An Endo Pharmaceuticals company will lay off hundreds of workers in Huntsville and Charlotte, N.C., as it works to restructure its business model.

Endo Pharmaceuticals will lay off more than 700 at its Qualitest facilities in Huntsville and Charlotte, N.C. (Courtesy of WHNT)

Qualitest, which joined Endo in 2010, will reduce its Huntsville workforce by 350 jobs as part of an "accelerated restructuring of its Generics product and R&D portfolio, as well as its manufacturing facility network."

"This restructuring is expected to result in approximately $60 million in net run rate cost savings in 2017 and is expected to result in the closure of the company's facility in Charlotte, North Carolina, and a workforce reduction at its facility in Huntsville, Alabama," the company said in a recent earnings release.

The restructuring should be complete by the end of the third quarter of 2017 and affect approximately 740 employees in both states.

Rajiv De Silva, president and CEO of Endo, said he believes in Endo's future.

"While Endo is facing challenges in 2016, we see this as a period of substantial opportunity for the company, the patients and physicians we serve, and our shareholders," he said in a statement. "We are restructuring our business to successfully meet these challenges and to position Endo for future growth."

Qualitest employs 1,248 workers at three Huntsville facilities, including more than 780,000 square feet of manufacturing and packaging space for pharmaceutical products. The Charlotte plant spans 88,000 square feet, focuses on solid dose manufacturing and packaging, and features various laboratory space, according to Qualitest's website.

Heather Zoumas Lubeski, senior director of corporate affairs for Endo, said the company will be providing resources to help employees manage through the transition but did not give details about specific plans.

AL.com will update this developing story as more information is available.