Lannett Announces Expanded Agreement With Strategic Alliance Partner, HEC Pharm Group, To Distribute Two FDA-Approved Products
--Company Has Commenced Launch of Clarithromycin and Expects to Begin Marketing Entacapone In Early Calendar Year 2019--
PHILADELPHIA, Nov. 6, 2018 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced that it has expanded its agreement with Sunshine Lake LLC, the U.S. subsidiary of the HEC Pharm Group (HEC) of China, to be the exclusive distributor in the U.S. of Clarithromycin Extended Release (ER) Tablets 500 mg and Entacapone Immediate Release (IR) Tablets 200 mg. HEC has received approvals from the U.S. Food and Drug Administration (FDA) of its Abbreviated New Drug Applications (ANDAs) for Clarithromycin Extended Release (ER) Tablets 500 mg and Entacapone Immediate Release (IR) Tablets 200 mg, the therapeutic equivalents to the reference listed drugs, Biaxin® XL and Comtan®, respectively. Lannett has commenced marketing Clarithromycin and expects to market Entacapone in early calendar year 2019. Financial terms were not disclosed.
"We continue to add market-ready products to our offering, including Clarithromycin, where there are few suppliers," said Tim Crew, chief executive officer of Lannett. "HEC is an important strategic alliance partner, and we are thrilled to expand our agreement to now include Clarithromycin and Entacapone. These products advance our near-term objective of increasing our revenues, further strengthening our business."
Clarithromycin ER Tablets 500 mg and Entacapone IR Tablets 200 mg have estimated IQVIA (formerly IMS) market values of approximately $8 million and $24 million for the 12 months ended September 2018, respectively, although actual generic market values are expected to be lower.
Biaxin® XL and Comtan® are registered trademarks of AbbVie Inc. and Novartis International AG, respectively.
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 Clarithromycin ER Tablets and Entacapone IR 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.