Sepracor separates from its reps

Sepracor has suffered a major decline in third-quarter earnings and is looking to shed some 300 members of its field force.

This move, together with “other anticipated cost reduction initiatives across the business”, should cut expenses by $90-$100 million in 2008.

Chief executive Adrian Adams said that the GSK deal will add “significant long-term value to the [Lunesta] franchise. This, “together with the ongoing development of a more focused, targeted and productive commercial organisation”, will result in “the next phase of growth for Sepracor”, he noted, adding that the firm will “grow and differentiate our R&D pipeline and aggressively pursue synergistic corporate development and licensing opportunities”.

Despite the earnings decline, the news of the job cuts pushed Sepracor’s shares up 3.7% to $26.73.

Source: PharmaTimes