Philadelphia-based drugmaker Lannett Company, Inc. said Friday that it closed its $1.23 billion purchase of Princeton-based Kremers Urban Pharmaceuticals Inc., the U.S. specialty generic pharmaceuticals subsidiary of Belguim-based UCB S.A.

Lannett said in its statement that the two companies combined to produce revenue of more than $800 million for the 12 months ended June 30, 2015.

Lannett has one branded product and the rest of its business is generic pharmaceuticals. Lannett has three facilities in Philadelphia and two other properties it hopes to develop.

Lannett had about 500 employees, as of the end of June. Before the sale was closed, Kremers told Lannett it would soon lose a key customer. Lannett CEO Arthur Bedrosian told financial analyst the decreased revenue would be made up with cost cuts and other means. It is unclear how many layoffs might result from the acquisition.

"We are pleased to complete this transformational transaction that further establishes Lannett as a premier specialty pharmaceutical company," Bedrosian said in a statement. "KU is a highly profitable business that extends our size, scale and reach. With the acquisition, we have expanded and strategically diversified our product portfolio and pipeline, and added complementary research and development expertise. I thank the leadership teams and employees of both organizations for their continuing dedication and look forward to the opportunities ahead for our combined company."

Thursday's Inquirer story on Lannett is here.