Shares in Lannett Co. plunged 55% Monday after the generic-pharmaceuticals maker said a distribution pact with a key supplier won’t be renewed next year and that it would expand restructuring efforts to reduce costs.
Philadelphia-based Lannett said Jerome Stevens Pharmaceuticals, based in Bohemia, N.Y., won’t renew an agreement, slated to expire March 23, to distribute butalbital, aspirin, caffeine with codeine phosphate capsules USP, digoxin tablets USP and levothyroxine sodium tablets USP.
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