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Sanofi to Cut Jobs

About 500 employees will be put out of work.

Sanofi-Aventis

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is planning to cut 504 jobs at its commercial subsidiary as a part of a restructuring plan.

The company cited a continued downturn in its business. The pharmaceuticals giant says the cuts will include 399 positions in its sales force and 105 at the subsidiary's headquarters in France. The cuts won't affect research and development or manufacturing activities.

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"Rescaling the entire range of the Sanofi-Aventis France activities is made necessary by a sizeable loss of business due to the relentless tightening-up of regulatory measures imposed by the health authorities," the company said in a press release Wednesday.

Shares fell 9 cents to $44.06.