Lannett Co., a generic drug maker based in Northeast Philadelphia, said Monday the Food and Drug Administration has approved its generic version of the brand-name drug Namenda for the treatment of moderate to severe dementia. It is the ninth product approval this year for Lannett, and will be available in about two months, said company CEO Arthur Bedrosian. Two of the drug approvals were for the same medicine, made by Lannett and Princeton-based Kremers Urban Pharmaceuticals. Lannett acquired Kremers Urban in November 2015.
Lannett with 1,149 employees, plans to move a portion of its manufacturing from Philadelphia to Kremers' plant in Seymour, Indiana, said Robert Jaffe said, Lannett spokesman in charge of investor relations. Lannett shares closed up 3.63 percent, or 85 cents, to $24.25.