Lannett Launches Authorized Generic of Tirosint® (Levothyroxine Sodium Capsules)
--Unique Oral Formulation of Levothyroxine Expands Thyroid Deficiency Product Portfolio--
PHILADELPHIA, Nov. 3, 2020 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced that it has commenced the launch of the authorized generic of Tirosint® (Levothyroxine Sodium Capsules USP).
Lannett entered into an exclusive U.S. distribution agreement with IBSA Institut Biochimique SA, a global pharmaceutical company headquartered in Switzerland. Under the agreement, Lannett will primarily provide sales, marketing and distribution support for the product, for which it will receive a share of the profits. Other financial terms were not disclosed.
"Currently, we believe we are the sole provider of all 12 currently marketed dosage strengths for generic Levothyroxine Capsules," said Tim Crew, chief executive officer of Lannett. "We expect another supplier to enter the market with a subset of dosage strengths, in due course. Thereafter, we would be one of only two suppliers of the generic alternative for an extended period of time, given our understanding of the intellectual property estate associated with Tirosint®. Levothyroxine Capsules complements and expands our portfolio of medications for thyroid deficiency."
Total U.S. sales for the 12 months ended September 2020 of Levothyroxine Sodium Capsules USP were approximately $111 million, according to IQVIA, although actual generic market values are expected to be lower.
Levothyroxine Sodium Capsules USP is the authorized generic of Tirosint® of IBSA Institut Biochimique SA.
Tirosint® is a registered trademark of IBSA Institut Biochimique SA
About IBSA Institut Biochimique SA
IBSA Institut Biochimique SA is a world leader in the treatment of thyroid disease and has a diversified product portfolio of prescription drugs.
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 Levothyroxine Sodium Capsules, and the potential material impact of COVID-19 on future financial results, 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.