PHILADELPHIA, April 22, 2016 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced plans to co-develop a generic insulin pharmaceutical product for the U.S. market with its strategic partner in China, YiChang HEC ChangJiang Pharmaceutical Co., Ltd, an HEC Group company. The product is currently in late stage development. Lannett will manage the remaining clinical and regulatory steps specific for a U.S. Food and Drug Administration (FDA) license to market. Lannett has the exclusive U.S. marketing rights to the product. According to IMS, total U.S. sales of insulin pharmaceutical products were more than $21 billion for the 12 months ended August 2015.
"YiChang HEC ChangJiang Pharmaceutical Co. is a large pharmaceutical company with substantial drug development and manufacturing expertise," said Arthur Bedrosian, chief executive officer of Lannett. "Importantly, the company has developed a proprietary process for manufacturing the insulin protein and plans to build a dedicated facility for the manufacture of the insulin product for multiple markets around the world.
"For Lannett, generic insulin represents a significant growth opportunity and would allow us to participate in a multi-billion dollar product market. Moreover, if approved, the product complements and diversifies our offering in a substantial and vital area of the pharmaceutical industry. We are currently collaborating with HEC on five projects, which include the development of certain products and a distribution agreement."
About YiChang HEC ChangJiang Pharmaceutical Co., Ltd.: YiChang HEC ChangJiang Pharmaceutical Co., Ltd., a publicly listed company in the Hong Kong Stock Exchange (1558.HK), focuses on the development, manufacturing and sales of pharmaceutical products in viral infections, endocrine and metabolic diseases and cardiovascular diseases in the People's Republic of China (PRC). HEC Pharm has a track record of developing, manufacturing and selling successful anti-viral products in the PRC. The leading product, Kewei (oseltamivir phosphate), is anti-influenza virus product. According to PICO, HEC Pharm was ranked amongst the top four pharmaceutical manufacturing companies in 2014 in the anti-influenza virus product market in the PRC in terms of sales revenue, and was ranked number one in the oseltamivir phosphate product category in the PRC in terms of sales revenue in each of 2013 and 2014.
About Lannett Company, Inc.: Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications. For more information, visit the company's website at www.lannett.com.
This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Any such statement, including, but not limited to, successfully co-developing and commercializing the generic pharmaceutical insulin product, whether expressed or implied, is subject to market and other conditions, and subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to, the risk factors discussed in the Company's Form 10-K and other documents filed with the SEC from time to time. These forward-looking statements represent the Company's judgment as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements.