Par Pharmaceutical will cut 190 jobs--more than a fourth of its workforce--in an effort to contain costs over the next year. Sixty of the 190 workers will see pink slips before they ring in the new year; the rest will be gone by mid- 2009.
Par's chief operating officer will be leaving the company as well.
The 20-year-old company will focus on its most profitable products and "align the company's cost structure with the size of its operations and development pipeline," according to the CEO, Pat LePor. Par execs believe the company's restructuring efforts will result in annual savings of up to $55 million.