Lannett Co. Inc., Philadelphia, said today it priced an offering of 5 million shares of its common stock at $5 each.
Of the total shares to be sold, 2.5 million will come from the company, and the other half will come from an existing shareholder.
Lannett is a maker of generic pharmaceuticals, including antacids and dermatological preparations. It said it will use the proceeds from the shares it sells to expand its product line, perhaps including its pain-management business. The company also is assessing possible acquisitions.
Its shares, listed on the American Stock Exchange, were trading at $5.02, down 85 cents, at mid-day. As recently as last Thursday, the shares were at $6.75. -Paul Schweizer