LCI - Lannett agrees to sell Carmel liquid drug manufacturing unit for $10.5M

Lannett (NYSE:LCI) has agreed to sell its liquid drug manufacturing facility in Carmel, New York and other assets to a private company for $10.5M in cash. The transaction is anticipated to close within the next several weeks and is expected to stream line streamlining Lannett's manufacturing operations and substantially reduce its overhead expenses. The deal covers the equipment located at the Carmel facility, certain Abbreviated New Drug Applications (ANDAs) and other assets. The companies also entered into a supply agreement, under which the the buyer will manufacture on behalf of Lannett certain products at the Carmel facility for a period of up to 18 months, until such time as Lannett can transfer the manufacturing of such products to its other facility.

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Lannett agrees to sell Carmel liquid drug manufacturing unit for $10.5M