Amneal, Lannett complete transition agreement for generic levothyroxine
Amneal Pharmaceuticals has completed a transition agreement with Lannett.
The agreement enables Amneal to take over the distribution and marketing of levothyroxine sodium tablets from Lannett from Dec. 1, 2018 to March 23, 2019. This comes ahead of the company's previously announced 10-year levothyroxine distribution agreement with Jerome Stevens, which begins on March 23, 2019.
"Today's announcement benefits customers and patients by ensuring a smooth transition for this important medication," Amneal president and CEO Rob Stewart said. "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."
In addition, the agreement also includes a $50 million upfront payment to Lannett.
Further terms of the agreement were not disclosed, and Amneal does not expect it to have a material impact on its full-year 2018 results, the companies said.
The agreement enables Amneal to take over the distribution and marketing of levothyroxine sodium tablets from Lannett from Dec. 1, 2018 to March 23, 2019. This comes ahead of the company's previously announced 10-year levothyroxine distribution agreement with Jerome Stevens, which begins on March 23, 2019.
"Today's announcement benefits customers and patients by ensuring a smooth transition for this important medication," Amneal president and CEO Rob Stewart said. "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."
In addition, the agreement also includes a $50 million upfront payment to Lannett.
Further terms of the agreement were not disclosed, and Amneal does not expect it to have a material impact on its full-year 2018 results, the companies said.