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PHILADELPHIA — Generic drug maker Lannett Co. has extended its distribution agreement with Jerome Stevens Pharmaceuticals Inc.
Lannett said Monday that the new pact extends for five years the contract that was slated to expire in March 2014.
Under the agreement, Lannett will be the exclusive U.S. distributor for three Jerome Stevens Pharmaceuticals products: Butalbital, Aspirin, Caffeine with Codeine Phosphate Capsules USP; Digoxin Tablets USP; and Levothyroxine Sodium Tablets USP.
In addition, the companies have agreed to discuss a mutual extension to renew the agreement for another five years continuing through March 2024.
"Our distribution agreement with JSP has been highly successful and mutually rewarding," stated Arthur Bedrosian, chief executive officer of Lannett. "Since signing the initial contract nearly 10 years ago, the three products covered under the agreement have combined to contribute nearly $250 million to our gross profit, and our purchases of the products from JSP have far exceeded our initial targets. We look forward to continuing to bring these important medications to patients and are very pleased to continue our strong working relationship with JSP."
