Lannett Enters Into Advisory Services Agreement With Strategic Alliance Partner
PHILADELPHIA, Aug. 27, 2019 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced that it has entered into a three-year advisory services agreement with its strategic alliance partner, Cediprof, Inc., a wholly owned subsidiary of privately held Neolpharma Group. This agreement is separate and in addition to the supply and distribution agreement for Levothyroxine Sodium Tablets USP recently entered into by the companies.
Under the new agreement, Lannett will advise on a wide array of matters broadly related to assisting Cediprof and its affiliated entities with their efforts to further develop and commercialize products for the U.S. generic market. Lannett will receive an advisory fee for its services.
"We have formed a strong working relationship with Cediprof and look forward to providing our expertise and assistance to help Cediprof establish, in due course, an expanded presence in the U.S. generic drug market," said Tim Crew, chief executive officer of Lannett. "We bring a deep knowledge of the U.S. generic drug market, which Cediprof can leverage across its broad portfolio and operational footprint.
"Our mutual desire is to further expand the relationship and, we eventually expect to commercialize for the U.S. market certain products in the oncolytic and hormonal therapeutic categories, including injectables, that are currently within Cediprof's development and manufacturing capabilities."
About Neolpharma Pharmaceutical Group:
Neolpharma Pharmaceutical Group engages in the research, development, production and distribution of generic medicines in the following therapeutic areas: CNS, oncology, metabolic disease, rheumatology and infectious diseases. Based in Mexico City, Mexico, Neolpharma Group has affiliates and operations in Puerto Rico, the U.S. and Latin America. For more information, visit the company's website at www.neolpharma.com.
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, but not limited to, the company successfully commercializing injectable products, 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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SOURCE Lannett Company, Inc.