Par Pharmaceutical is restructuring. The company says it will cut R&D spending and slash 190 jobs on the generic drug side. And it will concentrate its attention on advancing products it already has in development.

About a third of those job cuts will be made this year, with the rest coming in the first half of '09. 

"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," Patrick G. LePore, president, chairman and CEO, said in a statement.

- check out the Par release
- read the report from the Star-Ledger

ALSO: In a separate announcement Par said that COO Gerard Martino had turned in his resignation. Par release

Related Articles:
Should Pharma take the M&A cure?
U.S. pharma in a blue Moody over bad credit
Moody's downgrades pharma industry
PwC to pharma: Adapt and invest or die
Where's the ROI on drug R&D budgets?
Is pharma's drug discovery model sustainable?