Sepracor is now pitching the “restructuring” uhhh…pitch. The company announced today that they would can 530 employees, or about 20% of its workforce, and 410 contract reps!!!

Crap!!!

Here’s the breakdown of who’s getting the boot:

-180 corporate bigwigs

-350 in-house reps

-410 contract sales reps

Here’s the spiel given by CEO Adrian Adams:

“This is a challenging economic time for the country and the pharmaceutical industry, and it has become necessary for us to proactively adapt to these changes so that we can continue to be competitive in this rapidly-changing environment. We deeply regret the hardship that this strategic restructuring plan will impose on the affected employees, but we believe that the plan announced today 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 exciting research and development pipeline and allow us to continue to pursue synergistic corporate development and licensing opportunities.”

Oh the pain…

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