Elite Pharmaceuticals Inc. Receives Notification from Lannett Company, Inc. for Terminating the License, Supply and Distribution Agreement
August 26, 2022 at 04:46 pm EDT
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On August 23, 2022, Elite Pharmaceuticals Inc. (Elite) received notification from Lannett Company, Inc. (Lannett) that they are terminating the License, Supply and Distribution Agreement for Mixed Salts for Single Entity Amphetamine Tablets and Mixed Salts for Single Entity Amphetamine Extended-Release Capsules (Amphetamines Agreement) effective as of March 31, 2023. All marketing rights will return at that time to Elite and its partner, Mikah Pharma LLC. In anticipation of the return of the marketing rights, Elite will either develop its own sales, marketing, and distribution system to sell products under an Elite label or choose a replacement sales and marketing partner.
Elite will move forward with the most financially attractive alternative.
Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company that develops and distributes niche generic products. The Company specializes in developing and manufacturing oral, controlled-release drug products. It owns multiple generic products which has been licensed to Prasco, LLC and TAGI Pharma. The Companyâs segments include Abbreviated New Drug Applications (ANDA) and New Drug Application (NDA). The Companyâs products include Phentermine HCl 37.5mg tablets, Phendimetrazine Tartrate 35mg tablets, Phentermine HCl 15mg and 30mg capsules, Naltrexone HCl 50mg tablets, Trimipramine Maleate Immediate Release 25mg, 50mg and 100mg capsules, Dextroamphetamine Saccharate, Amphetamine Aspartate, Dextroamphetamine Sulfate, Amphetamine Sulfate Immediate Release 5mg, 7.5mg, 10mg, 12.5mg, 15mg, 20mg and 30mg tablets, Dextroamphetamine Saccharate, Amphetamine Aspartate, Dextroamphetamine Sulfate, Amphetamine Sulfate Extended Release 5mg, 10mg, 15mg, 20mg, 25mg, and 30mg capsules and others.