Societal CDMO, Inc. has signed an amendment to its license and supply agreement with Lannett Company for the marketing of Verapamil PM and Verelan SR. Under terms of the amendment, Societal will now receive improved overall economics, including a 10% increase in the profit share component of revenue from Verapamil PM product sales, as well as immediate and scheduled increases in manufacturing prices. Additionally, the amendment awards Societal potential new GMP manufacturing agreements targeting injectable products for multiple additional Lannett development projects.
“We immediately and aggressively undertook discussions with Lannett on a restructuring of our Verapamil PM and Verelan SR marketing agreement following the unexpected decline in sales that were reported during the first quarter. We were pleased with Lannett’s willingness to work collaboratively to put an amendment in place that can benefit both parties and we look forward to continuing a positive relationship,” said David Enloe, chief executive officer of Societal CDMO. “As part of our discussions with Lannett, it was important to Societal that we not only implement new terms that allow us to continue to achieve the desired financial results related to Verapamil PM product sales, but also to recognize further meaningful revenue opportunities through our relationship with the company. We believe that the amendment serves those purposes well and provides a pathway for Lannett and Societal to continue in a mutually beneficial partnership.”
Subscribe to our e-Newsletters
Stay up to date with the latest news, articles, and events. Plus, get special
offers from Pharmaceutical Outsourcing – all delivered right to your inbox!
Sign up now!