TSL Express Daily News

  Financial Position as the Company Remains on Track Toward Commercialization
  of Highly Promising Pipeline

    Plan of Reorganization Supported by All Major Creditor Constituencies

       Transaction Reduces Company’s Debt by Approximately $600 Million

           Emerges as a Private Company with New Board of Directors

TREVOSE, Pa. -- June 16, 2023

Lannett Company, Inc. (the “Company” or “Lannett”) today announced that it and
certain of its subsidiaries have successfully emerged from their Chapter 11
cases following the confirmation of its Plan of Reorganization (the “Plan”) on
June 8, 2023.

“Our swift and successful emergence marks a significant milestone for Lannett
and represents a meaningful vote of confidence from our stakeholders in our
long-term strategy and the future of our business,” said Tim Crew, Chief
Executive Officer, Lannett. “We enter this new era for our Company on much
stronger financial footing with renewed energy and the resources needed to
focus on our core mission of manufacturing and producing safe, life-enhancing,
and affordable pharmaceutical medicines. I thank our team, customers, and
partners for their ongoing support during this process and look forward to
partnering with our new board members to build a great future for Lannett.”

Upon emergence, the Company is well-positioned to invest in developing new,
complex, and potentially commercially lucrative products across its pipeline,
including its insulin franchise, respiratory, and ADHD medications.
Compilation of the Company’s Biologics License Application (the “BLA”) for
insulin glargine will be essentially complete in July and ready for filing.
Prior to filing the BLA, the Company expects to request a pre-submission
meeting with the U.S. Food and Drug Administration with the intent of
expediting the timeline to receive final approval for insulin glargine, which
is anticipated next year.

The Plan was supported by all major creditor constituencies, including more
than 80% of holders of its Senior Secured Notes and 100% of holders of its
Second Lien Term Loan. Through its financial restructuring, the Company
reduced its debt by approximately $600 million, equitizing over $500 million
of the Company’s prepetition senior secured debt. The Company also has entered
into a credit agreement for a new Revolving Credit Facility to support
post-emergence liquidity and invest in future growth.

Lannett will now operate as a privately-held company under the ownership of
its prepetition lenders. Equity shares of the pre-emergence Company have been
canceled and are no longer publicly trading. The Company will be led by the
existing management team alongside a newly constituted three-member Board of
Directors. Chief Executive Officer Tim Crew, who continues as a Company board
member, will be joined by Jeffrey D. Goldberg and Jason Shandell. Both
seasoned executives bring a wealth of experience and industry expertise to the
Company to further guide Lannett’s strategic direction and future success.

About Lannett Company, Inc.:

Lannett Company, Inc., founded in 1942, develops, manufactures, packages,
markets, and distributes generic pharmaceutical products for a wide range of
medical indications. For more information, visit the company's website at
www.lannett.com.

Cautionary Note Regarding Forward-Looking Statements

This release may contain “forward-looking statements.” All statements, other
than statements of historical facts that address activities, events or
developments that the Company expects, believes or anticipates will or may
occur in the future are forward-looking statements. These statements are based
on certain assumptions based on management's views, estimates, beliefs as of
the time of these statements regarding future events and results. When used in
this release, words such as “will,” “potential,” “believe,” “estimate,”
“intend,” “expect,” “may,” “should,” “anticipate,” “could,” “plan,” “predict,”
“strategy,” “future” or their negatives or other words that convey the
uncertainty of future events or outcomes are intended to identify
forward-looking statements, although not all forward-looking statements
contain such identifying words. Forward-looking statements involve
uncertainties and are subject to many risks and variables. Actual future
events may differ materially from those expressed in these forward-looking
statements as a result of a number of factors. Although the Company believes
its forward-looking statements are based on reasonable assumptions, no
assurance can be given that these assumptions are accurate or that any of
these expectations will be achieved (partially or in full) or will prove to
have been correct. In light of the above, the events anticipated by the
Company may not occur, and, if any of such events do, the Company may not have
correctly anticipated timing or the extent of their impact. Any
forward-looking statement speaks only as of the date on which such statement
is made, and the Company undertakes no obligation to correct or update any
forward-looking statement, whether as a result of new information, future
events or otherwise, except as required by applicable law. These cautionary
statements qualify all forward-looking statements attributable to the Company
or persons acting on the Company’s behalf.


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Contact:

customerservice@lannett.com