Amneal Approval Leads Lannett To Job Losses
US Firm Will Consolidate R&D Operation
Around 80 more jobs are to go at Lannett, as the company reels from rival Amneal bagging US Food and Drug Administration approval for the company’s top seller.
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With ambitions of $1bn of sales by 2025, Lannett is looking to bolster its top-line further by expanding its co-development pact with China’s HEC Group for insulin biosimilar products. Management discussed the goal as Lannett presented financial results, which included a significant pre-tax loss.
To improve its financial flexibility by lowering its annual interest expenses and principal payments, Lannett has used a portion of its existing cash on hand to pay off its Term A Loan in full.
After launching several high-value complex generic products in the last six months, Amneal aims to launch eight more complex generics by August 2021 to add “tremendous value” to its generics business.