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

(RTTNews) - Lannett Co., Inc. ( LCI) a manufacturer of generic pharmaceutical products, announced Friday 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 or 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.

Arthur Bedrosian, chief executive officer of Lannett, said, "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."