Lannett Enters Into Distribution Agreement For Vardenafil Hydrochloride Tablets
--Launch Commenced; First-Time Generic Launch of Levitra®--
PHILADELPHIA, Nov. 1, 2018 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced that it has entered into an agreement with Rivopharm SA to be the exclusive U.S. distributor of Vardenafil Hydrochloride Tablets, 2.5 mg, 5 mg, 10 mg and 20 mg, which is the AB-rated generic equivalent to Levitra® of Bayer Healthcare Pharmaceuticals Inc. Vardenafil Hydrochloride Tablets are indicated for the treatment of erectile dysfunction.
"Our agreement with Rivopharm for Vardenafil includes all currently available dosage strengths," said Tim Crew, chief executive officer of Lannett. "We have commenced shipping the product, which is the first-time a generic alternative has been available for Levitra®. We believe we are one of only a few suppliers. We are pleased to have joined forces with Rivopharm, a Swiss-based company with a growing presence in Europe and a well-established track record of gaining product approvals for the U.S. market. This launch again reflects our strategy to add market ready products to our offering, such as Vardenafil, where there are only a few suppliers. Such products advance our near term objective of increasing revenues further strengthening our business."
Vardenafil Hydrochloride Tablets has an estimated IMS market value of approximately $94 million, although actual generic market values are expected to be lower.
Under the agreement, Lannett will primarily provide sales, marketing and distribution support for the product, for which it will receive a percentage of net profits. Other financial terms were not disclosed.
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 Vardenafil Hydrochloride Tablets, 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.
Robert Jaffe Co., LLC
SOURCE Lannett Company, Inc.