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news.Sepracor, a research-based pharmaceutical company, has announced that as part of its strategic restructuring plan it intends to reduce its workforce by approximately 20% or approximately 530 positions, approximately 180 are corporate positions and 350 are field-based positions.
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In addition, there will be the elimination of approximately 410 CSO sales representative positions. In total, Sepracor sales positions will be reduced to approximately 1,325.
These reductions, together with other anticipated cost-savings initiatives across the organization, have resulted in Sepracor projecting a reduction in operating expenses of approximately $210 million, of which approximately $20 million of cost-savings was realized during the fourth quarter of 2008 and approximately $190 million is expected in 2009.
According to the company, one of the key drivers of this strategic restructuring plan is to develop a more customer-focused, competitive and cost-effective commercial model that more closely aligns with the current and projected healthcare environment.
Adrian Adams, president and CEO of Sepracor, said: We believe that the plan is necessary and the right course of action to streamline our operations into a more efficient and flexible business that will be better positioned to leverage our product franchises, advance our R&D pipeline and allow us to continue to pursue synergistic corporate development and licensing opportunities.