Amneal Pharmaceuticals, Inc. (NYSE: AMRX) today announced that it has completed a transition agreement with Lannett Company. Under the terms of the agreement, Amneal will take over the distribution and marketing of Levothyroxine sodium tablets from Lannett beginning December 1, 2018 through March 23, 2019, ahead of when the Company's previously announced 10-year Levothyroxine distribution agreement with Jerome Stevens begins on March 23, 2019.
"Today's announcement benefits customers and patients by ensuring a smooth transition for this important medication," said Rob Stewart, President and CEO of Amneal. "This transition agreement also aligns with Amneal's strategy to invest in opportunities that fuel growth and continue to shift the mix of our generics portfolio to durable, more complex products. By accelerating the start of our commercialization of Levothyroxine, we will secure our market share position in one of the most compelling generic product markets in the United States today."
The agreement includes a $50 million upfront payment to Lannett. Further terms of the agreement were not disclosed. Amneal does not expect the transaction to have a material impact on its full year 2018 results.
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.
About Amneal
Amneal Pharmaceuticals, Inc. (NYSE: AMRX), headquartered in Bridgewater, NJ, is an integrated pharmaceutical company focused on developing, manufacturing and distributing generic, brand and biosimilar products. The Company has approximately 6,500 employees in its operations in North America, Asia, and Europe, working together to bring high-quality medicines to patients primarily within the United States.
Amneal is one of the largest and fastest growing generic pharmaceutical manufacturers in the United States, with an expanding portfolio of generic products to include complex dosage forms in a broad range of therapeutic areas. The Company also markets a portfolio of branded pharmaceutical products through its Specialty Pharma division focused principally on central nervous system disorders and parasitic infections. For more information, visit www.amneal.com.
