The little company that never could is eliminating 26 percent of its workforce in hopes of rejiggering its generic business. Jobs will be lost in manufacturing, research and development, and various other departments. The move is expected to save $45 million to $55 million a year.
At the same time, Gerard Martino, an executive vp and chief operating officer who helped the drugmaker through a troubling period of restating financial statements, is departing.
"After careful examination of Par’s businesses, we concluded that to improve profitability, we needed to align the company’s cost structure with the size of its operations and development pipeline," Pat LePor, Par's ceo, says in an understatement.