Lannett Company Inc. announced Wednesday plans to lease, with an option to purchase, a new 65,000 square foot facility located on seven acres in Philadelphia, giving the company more than 168,000 square feet of operating space. The five year lease begins September 1, 2006.
“Our pharmaceutical development efforts have grown substantially over the last few years,” said Lannett’s president and CEO, Arthur Bedrosian. “As a result, we are adding this new facility in order to broaden our manufacturing, pharmaceutical development and warehousing capacity.”
The new facility has ample room for expansion and will serve as the company’s main warehouse for products, as well as future headquarters. Its opening will allow Lannett to reconfigure its existing facilities, enabling the company to more than double its manufacturing capacity and expand its pharmaceutical development capability.