cody labs

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At least 80 jobs lost as Cody Labs to close by October

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The parent company of Cody Labs is laying off at least 80 workers as a result of plans to close its plant by the end of September.

CODY, WYO. — Approximately 80 people employed at active pharmaceutical ingredient manufacturer Cody Labs will lose their jobs over the next 100 days, after parent company Lannett Co. Inc. announced plans this week to close the facility by the end of September. Cody Labs is a wholly owned subsidiary of Philadelphia-based pharmaceutical manufacturer Lannett, which also operates drug manufacturing facilities in Carmel, N.Y. and Seymour, Ind. Lannett had been seeking a buyer since last fall for its Cody plant. Continue Reading →

Filed under: Gateway Towns, cody labs, forward cody, Wyoming Business Council

Cody Labs parent company faces claims in multi-state price-fixing investigation

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The parent company of Cody Labs is laying off at least 80 workers as a result of plans to close its plant by the end of September.

 
CODY, WYO. — Investigations by attorneys general for several states into generic drug price fixing appear to be advancing, and the parent company of Cody Labs is likely to be subject to claims brought as a result of that investigation, according to a recent federal securities filing. Philadelphia-based pharmaceutical manufacturer Lannett, Co. disclosed in a public quarterly report filed Monday that it was notified earlier this month by investigators that the company was among a group of drug manufacturers state attorneys general will be filing claims against in a long-running, multi-state investigation into anti-competitive behavior in the generic drug industry. Cody Labs is a wholly owned subsidiary of Lannett, which also operates drug manufacturing facilities in Carmel, N.Y. and Seymour, Ind. Continue Reading →

Filed under: Gateway Towns, cody labs, Wyoming Business Council

Plan approved for sale of Cody Labs

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The parent company of Cody Labs is laying off at least 80 workers as a result of plans to close its plant by the end of September.

CODY, WYO. — Philadelphia-based pharmaceutical manufacturer Lannett, Co. has approved a plan to sell Cody Laboratories, a wholly owned subsidiary that produces active pharmaceutical ingredients used in prescription opioids. In a US Securities and Exchange Commission statement filed Friday, the company cited an effort to “focus on nearer term opportunities and an overall strategic shift toward the company’s core competencies and optimization of its cost structure” as the basis for the planned sale. Publicly traded Lannett also cited concerns about Cody Labs’ “timeline to profitability,” and significant ongoing investment and operational costs. Continue Reading →

Filed under: Gateway Towns, cody labs, economic development, opioids, SLIB

State loan for Cody Labs advances, review continues

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Lannett Co. CEO Arthur Bedrosian appears on the Fox Business program Mornings With Maria in 2015 to discuss his company's work in the generic pharmaceutical industry.

The Wyoming State Loan and Investment Board voted last week to approve an $11 million low-interest loan for pharmaceutical ingredient manufacturer Cody Laboratories. The approval came despite an ongoing federal grand jury investigation of Cody Labs' parent company for possible antitrust violations. On the same day the State Loan and Investment Board approved the loan, new information was published by Forbes, detailing what it said was Lannett's 1,650 percent price hike for a generic anti-psychotic medication, as well as an ongoing dispute between Lannett CEO Arthur Bedrosian and the Internal Revenue Service, which claims Bedrosian owes more than $1 million in penalties and interest. Continue Reading →

Filed under: Gateway Towns, cody labs, economic development

Cody Labs’ parent company draws scrutiny for ‘staggering price increases’

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Lannett Co. CEO Arthur Bedrosian appears on the Fox Business program Mornings With Maria in 2015 to discuss his company's work in the generic pharmaceutical industry.

As the Wyoming State Loan and Investment Board prepares to meet Thursday to consider a proposed $9.87 million low-interest loan for pharmaceutical ingredient manufacturer Cody Laboratories, the applicant's parent company finds itself at the center of a growing national backlash over spiraling prescription drug prices. Cody Labs is a wholly owned subsidiary of Philadelphia-based Lannett Co., a generic pharmaceutical manufacturer founded in 1942 and valued at nearly $1 billion. Lannett has hiked prices on some of its key products by more than 800 percent in recent years. Continue Reading →

Filed under: Gateway Towns, cody labs

Limited oversight in Cody Labs loan review

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The Wyoming State Loan and Investment Board votes Thursday on a proposed $9.87 million low-interest loan for pharmaceutical ingredient manufacturer Cody Laboratories, a move proponents say will help create dozens of new jobs and generate more than $4 million in state and local taxes over 11 years. But two other companies are vying for limited funds from the same state loan program, and the vote comes as Cody Labs' parent corporation faces growing scrutiny over its generic prescription drug pricing. Philadelphia-based Lannett Co. has increased prices on some of its key generic drug products by more than 800 percent in recent years. Continue Reading →

Filed under: Gateway Towns, cody labs