Lannett, Cediprof ink distribution deal for Synthroid generic
Lannett and Cediprof, a part of the Neolpharma Pharmaceutical Group, have entered into an interim exclusive supply and distribution agreement for Cediprof's generic Synthroid (Levothyroxine sodium) tablets.
Lannett is expected to begin the distribution of the product on Aug. 3.
"We have selected Lannett as our new exclusive distribution partner for our FDA approved levothyroxine product," said Cediprof CEO Efrén Ocampo. "Lannett's sales and marketing expertise combined with the company's intimate knowledge of the Levothyroxine market make them an ideal partner. We ceased manufacturing the product under the former partner's label, and we have been building inventory of the same high-quality levothyroxine with the "Lannett" label. Our mutual goal is to ensure that current patients and customers can continue to receive an uninterrupted supply of the product."
The interim supply agreement terminates on July 31, 2022, when the companies previously announced 10-year exclusive supply and distribution agreement with Cediprof commences.
"Levothyroxine tablets is a critically important medication for those with thyroid deficiency and remains one the most prescribed drugs in the United States," Lannett CEO Tim Crew said. "This is a market that we know well, having participated in it for many years. Our team looks forward to launching all 12 currently marketed dosage strengths of Cediprof's product."
Crew continued, "Adding levothyroxine tablets to our offering comes on the heels of six new product launches in our most recently completed quarter. We also recently took actions to improve our working capital and strengthen our balance sheet, which have increased our cash position to more than $140 million at our fiscal year end."
Levothyroxine sodium tablets had a market value of approximately $2.3 billion for the 12 months ended May 2020, according to IQVIA, although actual generic market values are expected to be lower,