Stock Alert: Lannett Shares Up 12% On Distribution Agreement For Cediprof's Approved Levothyroxine

(RTTNews) - Shares of Lannett Co. (LCI) have been trading in the range of $4.89 - $15.52 for the past one year, and are currently trading at $5.78, up 64 cents or 12.45% in regular session Thursday morning.

Lannett and Cediprof, Inc., a part of the Neolpharma Pharmaceutical Group family of companies, announced on Thursday that they have entered into an interim exclusive supply and distribution agreement for Cediprof's FDA approved Levothyroxine Sodium Tablets USP.

Lannett said it expects to commence distributing the product in the U.S. on August 3, 2020. The interim supply agreement terminates on July 31, 2022, when the previously announced 10-year exclusive supply and distribution agreement with Cediprof commences.

According to IQVIA market, total U.S. sales of the product were about $2.3 billion for the 12 months ending May 2020, although actual generic market values are expected to be lower.