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Lannett To Co-Develop Generic Insulin Product For $21 Billion U.S. Market

PHILADELPHIA, April 22, 2016 /PRNewswire/ -- Lannett Company, Inc. LCI, +1.85% 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...