Lexicon Pharma to cut 45 percent of workforce, CEO to leave

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Lexicon Pharma to cut 45 percent of workforce, CEO to leave

Lexicon Pharmaceuticals Inc said its chief executive would leave and it would cut its workforce by about 45 percent, as it moves its focus away from drug discovery to completing the studies of its drugs in late-stage development. The company said Arthur Sands, CEO since 1995 and a co-founder, intends to develop a succession plan with the board. "I think Arthur Sands could have easily done the transition to commercial, but possibly the board felt they wanted someone with direct commercial experience", Wedbush analyst Liana Moussatos said. "Most of the value of the company is wrapped up in these late-stage drugs," Morningstar analyst Karen Andersen said.

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