He added, "With this restructuring we have sized our commercial organization to support the promotion of GLUMETZA while we continue to advance our lower GI product candidates, budesonide MMX?® and rifamycin SV MMX?®, through Phase III clinical development. We are also increasing our efforts to acquire or license additional specialty pharmaceutical products."

Excluding non-cash charges associated with the modification of stock options, the company expects to record restructuring-related charges in the third quarter totaling approximately $7.4 million to $8.5 million. These charges include approximately $5.3 million to $6.0 million in one-time termination benefit costs, $2.0 million to $2.3 million in contract termination costs and $0.1 million to $0.2 million in other costs associated with the workforce reduction. Substantially all of these charges are expected to represent cash expenditures. The company also is offering to accelerate the vesting of stock options and extend the period for exercising vested stock options for affected employees and is unable to estimate these non-cash charges at this time. Santarus expects that selling and marketing expenses will be reduced by approximately $40 million annually beginning in the 2010 fourth quarter as a result of the corporate restructuring and workforce reduction.

SOURCE Santarus, Inc.