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.
More articles on pharmacy:
Lupin recalls 18,408 bottles of antibiotic in US
Bluebird Bio prices gene therapy at $1.8M
10 hospitals seeking pharmacy leaders
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.