- Following its write-off of nearly $340M of goodwill and expected write-down of other assets connected to the previously announced termination of its distribution deal with Jerome Stevens Pharmaceuticals, Lannett Company (LCI -5.9%) has engaged advisors to assist it in evaluating its options related to its debt and capital structure.
- CEO Tim Crew says, "We welcome the specialized expertise our advisors bring to the table, as we look to add revenues, reduce costs and more closely analyze financing options. Following the recent announcement that our distribution agreement with Jerome Stevens Pharmaceuticals, which expires on March 23, 2019, will not be renewed, we ramped up our efforts to address this eventuality and ultimately grow our business. I am pleased to report that we are making solid progress and our plans continue to proceed, as evidenced by the launch of five new products in our recently completed fiscal 2019 first quarter."
- Previously: Jerome Stevens nixes distribution deal with Lannett; shares down 26% premarket (Aug. 20)
- Now read: Altimmune announces M registered direct offering; shares down 31% premarket
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