Healthcare Industry News: HSMN NewsFeed
News Release - May 7, 2018
Lannett Acquires Portfolio Of Generic Products From Endo InternationalTransaction Includes 23 Approved and 1 Pending Drug Product Applications, Primarily Oral Solutions
PHILADELPHIA, May 7, 2018 -- (Healthcare Sales & Marketing Network) -- Lannett Company, Inc. (NYSE: LCI) today announced that it has acquired 23 approved and one pending drug product applications from a subsidiary of Endo International plc for an upfront payment plus future milestone payments. The portfolio primarily consists of oral solutions with a few semi-solid products. For the 12 months ended March 2018, combined sales of the acquired products were in excess of $175 million, according to IMS.
"This transaction perfectly dovetails with our strategy to grow our top and bottom lines and diversify our product offering by complementing internal development efforts with the acquisition of commercially ready products," said Tim Crew, chief executive officer of Lannett. "The acquired products, combined with our planned launches of our previously approved and other recently acquired products, create new, near-term revenue and profitability streams. We expect to begin launching the products, under the Lannett label, as soon as the transfer activities are completed and appropriate regulatory filings are made, currently estimated to be in the second half of fiscal 2019. We believe there is an abundance of similar opportunities in the market today; our team is in various stages of negotiation on a number of transactions to add products to our portfolio."
Crew went on to say that the acquired portfolio of products will be manufactured at Lannett's liquid generics facility in Carmel, New York, which has the capacity, capability and expertise.
Bourne Partners acted as lead financial advisor to Endo International plc for this transaction.
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, successfully commercializing the products acquired from Endo, as well as the planned product launches, 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.
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