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Par Pharmaceutical Sub-Par in Keeping Jobs
By EmploymentCrossing.com
EmploymentCrossing.com
Par Pharmaceutical is cutting 190 jobs in its generic unit, and will reduce research and development expenses by focusing on completing products currently in development, according to Reuters.
The Woodcliff Lake, New Jersey-based company will eliminate about 30% of the affected positions in manufacturing, R&D, general and administrative by the year-end and the remaining positions by the end of first half of 2009. It will trim its current generic product portfolio by retaining only marketed products that deliver "acceptable profit."
The pharmaceutical company said total related expenses will be $28 million to $38 million, including non-cash charges of $20 million to $28 million.
In a separate statement, Par said, Gerard Martino, its chief operating officer, had resigned.
In 2007, the company had 716 employees. Shares of Par closed at $10.53 Monday on New York Stock Exchange.
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