PHILADELPHIA, Nov. 12, 2018 /PRNewswire/ -- Lannett Company,
Inc. (NYSE: LCI) today announced that it has entered into an
agreement with Amneal Pharmaceuticals, Inc. (Amneal) with regard to
Levothyroxine Sodium Tablets USP. Under the agreement, Amneal
will be Lannett's sole customer for Levothyroxine Sodium beginning
December 1, 2018 through March 23, 2019, and will re-sell the products to
its customers. Lannett will receive an upfront payment of
$50 million, other terms of the
transaction were not disclosed.
As previously announced, Lannett's distribution agreement with
Jerome Stevens Pharmaceuticals (JSP), which includes Levothyroxine
Sodium Tablets USP, expires on March 23,
2019 and will not be renewed.
"This agreement benefits all parties, including and importantly
patients and customers who can be assured of a definitive
transition and supply plan for this important medication," said
Tim Crew, chief executive officer of
Lannett. "For Lannett, this transaction guarantees
$50 million of gross profit, which
exceeded our previous projections for the 16 week period."
Crew said that the agreement allows Lannett to continue to
recognize revenue and EBITDA for the remainder of the JSP contract
term. Lannett will continue to distribute the two other
products in its distribution agreement with JSP, Butalbital,
Aspirin, Caffeine with Codeine Phosphate Capsules USP and Digoxin
Tablets USP, through March 23,
2019.
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 receiving an upfront payment of $50 million, 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:
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Robert
Jaffe
|
|
Robert Jaffe Co.,
LLC
|
|
(424)
288-4098
|
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SOURCE Lannett Company, Inc.