Lexicon Pharma to cut 45 pct jobs, CEO to leave

Mon Jan 13, 2014 6:21am EST

Jan 13 (Reuters) - Lexicon Pharmaceuticals Inc said Chief Executive Arthur Sands would leave the company and it would cut its workforce by about 45 percent, or 115 jobs, to reduce costs and focus on drugs in late-stage development.

The company said it expects to lower expenses about $14 million, net of severance costs and some other charges, for the rest of 2014. It expects to save about $22 million annually.

Lexicon said Sands intends to develop a succession plan with the board to identify a new CEO, and will continue in his position until a successor is appointed.

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