Lannett Enters Into Distribution Agreement For Generic ADVAIR DISKUS®
PHILADELPHIA, Oct. 1, 2019 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced that it has entered into an exclusive U.S. distribution agreement for the therapeutically equivalent generic of ADVAIR DISKUS® (Fluticasone Propionate – Salmeterol Xinafoate Powder Inhaler) of Respirent Pharmaceuticals Co. Ltd. ADVAIR DISKUS had U.S. sales of $3.6 billion for the 12 months ending July, 2019, according to IQVIA, although actual generic market values are expected to be lower.
Under the agreement, Lannett will commence U.S. distribution of the product after FDA approval. Lannett will make an upfront payment, as well as future milestone payments, and receive a portion of the net profits once it commences distribution of the product. The term of the agreement is 10 years, which begins upon commencement of distribution. Other terms were not disclosed.
"We are pleased to establish a strategic alliance with Respirent, a respiratory focused company developing dry powder inhaled respiratory pharmaceutical products," said Tim Crew, chief executive officer of Lannett. "Moreover, Respirent has substantial capabilities around inhalation products and the distinction of being one of the few companies that have progressed generic ADVAIR DISKUS through the clinical stage. We are working with the Respirent team to complete the product filing, which we expect to submit to the FDA in the second half of our current fiscal year.
"Generic ADVAIR DISKUS represents a potentially large market opportunity, especially for a company of our size. Over the last 18 months, our strategy for in-licensing products has been focused on near-term opportunities; more recently, we have begun layering in products that have the potential to drive substantial growth to our business over the medium term and beyond."
ADVAIR DISKUS® is a registered trademark of GlaxoSmithKline.
About Respirent Pharmaceuticals Co. Ltd.:
Respirent's commitment is to provide Affordable Respiratory Medicines. Asthma and chronic obstructive pulmonary disease (COPD) are chronic diseases that require daily medications. We recognize the cost burden to patients and health authorities around the world, especially as prevalence and incidence have been increasing world-wide - particularly in underprivileged populations. At Respirent, we are dedicated to addressing a significant unmet need to tackle this growing global public health problem and to create value for healthcare providers and patients. Respirent's generic products are developed and manufactured in new state-of-the-art facilities that meet the most stringent regulatory and quality standards of the United States and Europe. Our upstream supply partners are also global leaders in their field of expertise which ensures our delivery and service to our commercial partners and patients is world-class.
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, the company successfully commercializing Fluticasone Propionate – Salmeterol Xinafoate Powder Inhaler, 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.