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news.Lannett has acquired 23 approved and one pending drug product applications from a subsidiary of Endo International for an undisclosed amount along with future milestone payments.
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The portfolio primarily consists of oral solutions with a few semi-solid products. For the 12 months ended March 2018, combined sales of the acquired products were in excess of $175 million, according to IMS.
Lannett CEO Tim Crew said: "This transaction perfectly dovetails with our strategy to grow our top and bottom lines and diversify our product offering by complementing internal development efforts with the acquisition of commercially ready products.
"The acquired products, combined with our planned launches of our previously approved and other recently acquired products, create new, near-term revenue and profitability streams.
“We expect to begin launching the products, under the Lannett label, as soon as the transfer activities are completed and appropriate regulatory filings are made, currently estimated to be in the second half of fiscal 2019.
“We believe there is an abundance of similar opportunities in the market today; our team is in various stages of negotiation on a number of transactions to add products to our portfolio."
Crew went on to say that the acquired portfolio of products will be manufactured at Lannett's liquid generics facility in Carmel, New York, which has the capacity, capability and expertise.
Bourne Partners acted as lead financial advisor to Endo International plc for this transaction.
Source: Company Press Release.