Lannett Company, Inc. announced that it has recently sold previously discontinued abbreviated new drug applications (ANDAs) for approximately $3 million to a privately held pharmaceutical company. The transaction was structured as a sale of assets. The companies also entered into a second separate agreement, under which the other party will purchase and distribute under a private label a limited number of certain other Lannett owned generic drug products.
"We are pleased to incrementally strengthen our balance sheet and realize value from unused assets in our company," said Tim Crew, chief executive officer of Lannett. "Regarding the second transaction, the other party has already placed its initial purchase order last quarter and has the option to procure additional batches of the products by May 31, 2023. The gross margin on these private label sales is above our recent company average."
Crew added that a portion of the expected private label sales was included in the company's guidance for fiscal 2023, issued on August 24, 2022.
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