Aspreva announces restructuring designed to drive long-term growth
Aspreva Pharmaceuticals Corporation announced a reorganization of the company's operations in order to better focus on core activities that are expected to drive long-term growth. To achieve this goal, the company expects to reduce staffing levels by approximately 25 percent, or 33 positions worldwide. As part of the restructuring, Dr. Richard Jones, Chief Scientific Officer, will be leaving the company. His responsibilities will be assumed by Dr. Usman Azam, Aspreva's Chief Medical Officer.
his restructuring coincides with the winding down of the induction phase of Aspreva's lupus nephritis clinical trial following the release of preliminary results in June and the completion of Aspreva's phase III myasthenia gravis clinical trial in late 2006. The timing of the restructuring and related charges is subject to local labor regulations; however the company expects to substantially complete the restructuring during the third quarter 2007. Aspreva expects the severance and associated costs of this restructuring to be between US$1.5 and 2.0 million.
According to the company, this reorganization reflects the company's plan to refocus resources and create a more flexible global platform for exploiting new product opportunities through partnerships or acquisitions.
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