-Companies Entered Into a Separate Private
Label Agreement for Certain Other Lannett Generic
Products-
PHILADELPHIA, Oct. 19,
2022 /PRNewswire/ -- Lannett Company, Inc. (NYSE:
LCI) today announced that it has recently sold previously
discontinued abbreviated new drug applications (ANDAs) for
approximately $3 million to a
privately held pharmaceutical company. The transaction was
structured as a sale of assets. The companies also entered into a
second separate agreement, under which the other party will
purchase and distribute under a private label a limited number of
certain other Lannett owned generic drug products.
"We are pleased to incrementally strengthen our balance sheet
and realize value from unused assets in our company," said
Tim Crew, chief executive officer of
Lannett. "Regarding the second transaction, the other party has
already placed its initial purchase order last quarter and has the
option to procure additional batches of the products by
May 31, 2023. The gross margin on
these private label sales is above our recent company average."
Crew added that a portion of the expected private label sales
was included in the company's guidance for fiscal 2023, issued on
August 24, 2022.
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,
realizing the expected sales and gross margin on the products sold
to the privately held company referenced above, 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.