-Companies have entered into a separate private label agreement for certain other Lannett generic products-
PHILADELPHIA, October 19, 2022 /PRNewswire/ — Lannett Company, Inc. LCI announced today that it has recently sold previously discontinued abbreviated new drug applications (ANDAs) for approximately 3 million dollars to a private pharmaceutical company. The transaction was structured as an asset sale. The companies also entered into a second separate agreement under which the other party will purchase and private label a limited number of certain other Lannett generic drug products.
“We look forward to progressively strengthening our balance sheet and realizing value from idle assets within our business,” he said Tim Crew, CEO of Lannett. “Regarding the second transaction, the other party already placed their first order last quarter and has the option to source additional batches of the products up to May 31, 2023. Gross margin on these private label sales is above our recent corporate average.”
Crew added that a portion of expected private label sales are included in the company’s fiscal 2023 guidance released 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 press release contains certain forward-looking statements regarding future events or future business developments. Any such statement, including but not limited to the realization of anticipated sales and gross margins for the products sold to the private company identified above, whether express or implied, is subject to market and other conditions and risks and uncertainties that may result that actual results may be due to a number of factors that…
