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Morgan Stanley Said to Revise Pharma Loan Deal Amid Valeant Rout

Lannett Co. and its bank Morgan Stanley are sweetening terms on a $1.2 billion loan deal to lure investors stung by drug-maker debt following a selloff in Valeant Pharmaceuticals International Inc., according to people with knowledge of the matter.

Morgan Stanley bolstered the structure of the deal being marketed to finance Lannett’s purchase of Kremers Urban Pharmaceuticals Inc., the people said, asking not to be identified as the information isn’t public. Investors are being offered protective covenants and faster pay-downs on a portion of the debt, as well as increased discounts, they said.

Morgan Stanley is leading a group of banks that have...