PHILADELPHIA, March 27, 2017 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced that its former chairman and chief executive officer William (Bill) Farber, R. Ph., has passed away from natural causes.  Mr. Farber served as the company's CEO from 1991 until 2006, chairman from 1991 to 2011 and chairman emeritus from 2011 until 2014.

Jeffrey Farber, Bill's son and Lannett's current chairman, said, "My father's professional accomplishments were many.  He was a registered pharmacist and entrepreneur, with a well-respected reputation in the generic drug industry.  He was the founder and CEO of two start-up, generic wholesale drug companies, both of which are thriving today.  In 1991, Bill purchased a struggling Lannett Company, one of the first generic drug manufacturers in the U.S., successfully upgrading the company's manufacturing facility, adding customers, expanding its pipeline and guiding its turnaround and development.

"In his later years, Bill generously donated to a number of charities and causes that were important to him.  My father dedicated his life to help bring lower cost medications to millions of people; we are honored to carry his legacy forward."

"Bill was a pioneer and visionary of the generic drug industry," said Arthur Bedrosian, Lannett's CEO.  "He was instrumental in forming a solid foundation for Lannett upon which the company flourished.  And, because of his leadership, Lannett has grown from humble beginnings to a force and significant player in our industry.  It is with deep personal sorrow that I will no longer benefit from his counsel.  Bill had a way with words. My most memorable quote of his was, 'Let's compromise, and do it my way' and that says it all."

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.

SOURCE Lannett Company, Inc.