Idenix restructures, cuts workforce

Idenix Pharmaceuticals is shifting its R&D operations away from its hepatitis B treatment Tyzeka to focus on the development of hepatitis C virus and HIV programs. Idenix has amended its agreement with Novartis so that Novartis will take over all activities related to Tyzeka. Idenix is also reducing its workforce by approximately 100 positions, the majority of which support the development and commercialization of Tyzeka, saving the company as much as $45 million.

"We have taken the steps necessary to streamline our organization and significantly reduce our expenses, while continuing to maintain the strength of our balance sheet," said Ronald Renaud, Jr., chief financial officer of Idenix. "We believe that we are now well-positioned to fund the advancement of our HIV and HCV discovery and development programs through 2009."

- see this release for more