Oscient Pharmaceuticals to cut staff
WALTHAM - Oscient Pharmaceuticals Corp. said yesterday it will slash one-third of its employees in an effort to save cash and reduce its debt.
The company said it will reduce its staff 32 percent, to 205 from 305, with significant cuts to its team of sales representatives. Oscient said it will take a $2 million restructuring charge related to the layoffs, but added they would ultimately reduce its payroll expenses by $8 million per year.
Following the staff reductions, the company said it would have about 35 employees at its offices in Massachusetts and New Jersey and about 170 sales force employees across the United States.
The company is eliminating 25 positions that have been vacant.
The biopharmaceutical company makes the cholesterol drug Antara, and Factive for chronic bronchitis. 