PHILADELPHIA, Oct. 1, 2019 /PRNewswire/ -- Lannett
Company, Inc. (NYSE: LCI) today announced that it has entered into
an exclusive U.S. distribution agreement for the therapeutically
equivalent generic of ADVAIR DISKUS® (Fluticasone
Propionate – Salmeterol Xinafoate Powder Inhaler) of Respirent
Pharmaceuticals Co. Ltd. ADVAIR DISKUS had U.S. sales of
$3.6 billion for the 12 months ending
July, 2019, according to IQVIA, although actual generic market
values are expected to be lower.
Under the agreement, Lannett will commence U.S. distribution of
the product after FDA approval. Lannett will make an upfront
payment, as well as future milestone payments, and receive a
portion of the net profits once it commences distribution of the
product. The term of the agreement is 10 years, which begins
upon commencement of distribution. Other terms were not
disclosed.
"We are pleased to establish a strategic alliance with
Respirent, a respiratory focused company developing dry powder
inhaled respiratory pharmaceutical products," said Tim Crew, chief executive officer of
Lannett. "Moreover, Respirent has substantial capabilities
around inhalation products and the distinction of being one of the
few companies that have progressed generic ADVAIR DISKUS through
the clinical stage. We are working with the Respirent team to
complete the product filing, which we expect to submit to the FDA
in the second half of our current fiscal year.
"Generic ADVAIR DISKUS represents a potentially large market
opportunity, especially for a company of our size. Over the
last 18 months, our strategy for in-licensing products has been
focused on near-term opportunities; more recently, we have begun
layering in products that have the potential to drive substantial
growth to our business over the medium term and beyond."
ADVAIR DISKUS® is a registered trademark of
GlaxoSmithKline.
About Respirent Pharmaceuticals Co. Ltd.:
Respirent's
commitment is to provide Affordable Respiratory Medicines. Asthma
and chronic obstructive pulmonary disease (COPD) are chronic
diseases that require daily medications. We recognize the cost
burden to patients and health authorities around the world,
especially as prevalence and incidence have been increasing
world-wide - particularly in underprivileged populations. At
Respirent, we are dedicated to addressing a significant unmet need
to tackle this growing global public health problem and to create
value for healthcare providers and patients. Respirent's generic
products are developed and manufactured in new state-of-the-art
facilities that meet the most stringent regulatory and quality
standards of the United States and
Europe. Our upstream supply
partners are also global leaders in their field of expertise which
ensures our delivery and service to our commercial partners and
patients is world-class.
About Lannett Company, Inc.:
Lannett Company, founded
in 1942, develops, manufactures, packages, markets and distributes
generic pharmaceutical products for a wide range of medical
indications. For more information, visit the company's
website at www.lannett.com.
This news release contains certain statements of a
forward-looking nature relating to future events or future business
performance. Any such statement, including, but not limited
to, the company successfully commercializing Fluticasone Propionate
– Salmeterol Xinafoate Powder Inhaler, whether expressed or
implied, is subject to market and other conditions, and subject to
risks and uncertainties which can cause actual results to differ
materially from those currently anticipated due to a number of
factors which include, but are not limited to, the risk factors
discussed in the Company's Form 10-K and other documents filed with
the SEC from time to time, including the prospectus supplement
related to the proposed offering to be filed with the SEC.
These forward-looking statements represent the Company's judgment
as of the date of this news release. The Company disclaims
any intent or obligation to update these forward-looking
statements.
Contact:
|
Robert
Jaffe
|
|
Robert Jaffe Co.,
LLC
|
|
(424)
288-4098
|
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SOURCE Lannett Company, Inc.