Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced a restructuring of its branded division, Strativa Pharmaceuticals, as part of a strategic assessment. As a result, there has been a workforce reduction of approximately 100. The Company believes this initiative will position Strativa to achieve profitability in the near term.Patrick G. LePore, Chairman, CEO and President of Par Pharmaceutical Companies, Inc., stated, "To achieve our goal of optimizing Strativa's potential, we found it necessary to reduce the number of sales representatives and focus on Megace ES and Nascobal at this time." Mr. LePore continued, "We remain fully committed to the branded business and believe it is a valuable platform for future growth."The Company will incur one-time non-cash charges in the second quarter in addition to severance costs. These actions will generate operating expense savings in the range of $8-12 million for the remainder of 2011.
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