-- Current Drug Market Shortage Exists for
Fludarabine Phosphate, An Injectable Chemotherapeutic Medication;
Marketing Anticipated to Commence Later This Calendar Year
--
PHILADELPHIA, May 12, 2022 /PRNewswire/ -- Lannett
Company, Inc. (NYSE: LCI) today announced that it has entered into
an agreement with Areva Pharmaceuticals to be the exclusive U.S.
distributor of Fludarabine Phosphate for injection, USP, 50 mg/2mL,
single dose vials.
"Fludarabine Phosphate for injection represents a continuation
of our push to new dosage forms with attractive market
opportunities," said Tim Crew, chief
executive officer of Lannett. "Moreover, a drug market shortage has
recently existed for Fludarabine Phosphate for injection, so our
goal, subject to FDA clearance, is to commence marketing as soon as
possible, targeting later this calendar year, to help patients gain
access to this important oncology medicine. We are pleased to
establish a new strategic relationship with Areva Pharmaceuticals
and look forward to launching this product."
While total U.S. sales for the 12 months ended March 2022 of Fludarabine Phosphate for
injection, USP, 50 mg/2mL were approximately $4.9 million, according to IQVIA, the current
market value is believed to be higher due to the recent market
disruptions.
Under the agreement, Lannett will provide sales, marketing and
distribution support for Fludarabine Phosphate, for which it will
receive a share of the profits. Other financial terms were not
disclosed. Fludarabine Phosphate for injection USP is the generic
equivalent of Fludara® of Bayer AG.
Fludara® is a registered trademark of Bayer
AG.
About Areva Pharmaceuticals
Areva Pharmaceuticals
Inc., a US-based healthcare company, specializes in innovative
processes to make difficult-to-manufacture specialty and
multi-source pharmaceutical drugs that are easier to use, less
labor intensive, and more streamlined in practice. Areva ensures
that its high-quality FDA-approved drugs fulfill a critical unmet
medical need and delivers dependable life-saving treatment options
when and where they are needed most.
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 Fludarabine Phosphate for
injection, USP, 50 mg/2mL, 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.
Contact:
Robert Jaffe
Robert Jaffe Co., LLC
(424) 288-4098
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SOURCE Lannett Company, Inc.