LCI - Lannett gains on patent deal for biosimilar insulin device

• The shares of generic drugmaker Lannett Company ( NYSE: LCI ) added ~9% on Monday after announcing a licensing deal for patents related to a pen injector device for its investigational biosimilar insulin glargine and biosimilar insulin aspart products.
• Per the terms, Lannett ( LCI ) and its partner HEC Group of companies will sublicense to a licensing arrangement between Ypsomed AG, the maker of the device, and Sanofi ( SNY ) unit Sanofi-Aventis Deutschland GmbH, which owns several patents related to the device.
• The financial details of the deal were not disclosed. "In short, we have significantly improved our ability to freely market our biosimilar insulin products, once approved," Lannett ( LCI ) Chief Executive Tim Crew remarked.
• The company plans to submit a marketing application for biosimilar and interchangeable insulin glargine targeting Sanofi's ( SNY ) Lantus in 2023 spring, expecting a potential launch in H1 2024.
• Lannett ( LCI ) exceeded Street forecasts with its Q1 financials for fiscal 2023.

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