Lannett Enters Into Distribution Agreement For Posaconazole Delayed-Release Tablets; Launch To Commence Shortly
PHILADELPHIA, Aug. 28, 2019 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced that it has entered into an agreement with Sinotherapeutics Inc., a China-based specialty pharmaceutical company, to be the exclusive U.S. distributor of Posaconazole Delayed-Release Tablets 100mg. Sinotherapeutics has received final approval from the U.S. Food and Drug Administration (FDA) of its Abbreviated New Drug Application (ANDA) for Posaconazole Delayed-Release Tablets 100mg, which is an AB-rated generic equivalent of Merck's Noxafil® Delayed-Release Tablets. Lannett expects to commence shipping the product shortly.
The brand product's annual U.S. sales were approximately $325 million for the twelve months ended June 2019, according to IQVIA, although actual generic market values are expected to be lower.
"The Sinotherapeutics team is highly skilled at formulating particularly difficult to develop products, such as Posaconazole Delayed-Release Tablets," said Tim Crew, chief executive officer of Lannett. "Given the market dynamics of the product, we expect Posaconazole to be a meaningful contributor to our business."
Under the agreement, Lannett will make milestone payments based on market dynamics and performance. The company will provide sales, marketing and distribution and will receive a share of the profits. Other terms were not disclosed.
About Sinotherapeutics Inc.:
Sinotherapeutics Inc. is a specialty pharmaceutical company focused on developing generic products that are of high commercial value and possess high technological barriers. Founded in 2012, the company is integrated with R&D, regulatory affairs for product registration (FDA and NMPA), clinical supply and commercial manufacturing, and sales and marketing capabilities. The company has successfully developed and launched several controlled and delayed release ANDAs for the U.S. and Chinese market. For more information, visit www.sinotherapeutics.com/En/Index/index.html.
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 Posaconazole Delayed-Release Tablets 100 mg, 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.