Lannett Co., owners of Cody Labs, said the closure was a difficult decision that was made because it was unable to secure a new buyer. Cody Labs largely manufactured opioid-based painkillers.
“We tried to find buyers, and largely due to the opioid crisis, there are not buyers lining up for this business,” Robert Jaffe, a Lannett spokesperson, told The Tribune.”So it wasn’t for lack of trying. It was that the potential buyers at this particular point in time are interested in the assets; they’re not interested in the business. But we certainly tried very hard to sell it as a business.”
Affected employees were notified last week. Employes will be laid off in three phases: one group at the end of June, another in early August and the last in late September. They are being offered severance packages and assistance with finding new jobs.
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