Shares of Lannett (LCI) - Get Lannett Company, Inc. Report were rising Monday after the drugmaker announced it was entering an agreement with two other pharmaceutical players to sell a generic form of Adderall.
The stock was up 5.22% to $8.27 a share in morning trading.
Lannett, a $308 million market-cap company, has partnered with Elite Pharmaceuticals (ELTP) and SunGen Pharma to be the exclusive distributor of a version of Adderall, an amphetamine tablet product.
"We expect to launch this generic version of Adderall near term," said Tim Crew, CEO of Lannett. "We look forward to expanding this relationship and launching more products over time. We believe Elite and SunGen selected Lannett as the distributor of the product because of our team's ability to launch products swiftly and execute launch plans well."
Lannet will provide sales, marketing, and distribution for the drug in exchange for a slice of the profits. Many versions of Adderall have had a market value of around $360 million in the past year, according to Lannet's press release, although that value is expected to drop a bit in the near future.