Lannett Company signed a research agreement with PharmaSeed Bioservices, under which PharmaSeed will formulate a certain topical pharmaceutical product, sales of which the company reports were more than $300 million in 2005.
Currently, this product is covered by a patent, which Lannett may challenge. "This product is a large market opportunity drug, with a significant barrier to entry," mentions Arthur Bedrosian, president and CEO of Lannett.
Lannett will submit the ANDA for this product and market the product in the U.S. The company also retains worldwide distribution rights to this product and will begin submitting applications with appropriate regulatory authorities in international markets.