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news.US-based Jazz Pharmaceuticals has announced a reduction of 71 jobs, or approximately 24% of its workforce, to lower operating expenses.
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The company expects to record a charge of approximately $1.9 million in the fourth quarter of 2008 related to this workforce reduction. Separately, Jazz Pharmaceuticals also said that its CFO, Matt Fust, has decided to leave the company at year end to pursue other professional interests. His responsibilities will be assumed by other members of the executive management team.
According to the company, this reduction does not affect its sales force. Jazz Pharmaceuticals currently markets and sells Xyrem (sodium oxybate) and Luvox CR. The company will continue development of JZP-6 (sodium oxybate) for the treatment of fibromyalgia syndrome.
Samuel Saks, CEO of Jazz Pharmaceuticals, said: “Concentrating our company’s efforts on growing sales of our commercial products and pursuing selected development programs, while streamlining our operations, will reduce ongoing operating expenses and minimize the need for additional financing.”