Jazz to cut 24% of staff to cut costs

US drugmaker Jazz Pharmaceuticals will lay-off 71 employees, or 24% of its work force, to lower operating expenses. The company expects to record a charge of approximately $1.9 million in the fourth quarter of 2008 related to the move.

Separately, the firm says its chief financial officer, Matt Fust, has decided to leave the company "to pursue other professional interests." His responsibilities will be assumed by other members of the executive management team.

"Concentrating our company's efforts on growing sales of our commercial products and pursuing selected development programs, while streamlining our operations, will reduce ongoing operating expenses and minimize the need for additional financing," said chief executive Samuel Saks.