PHILADELPHIA, July 13, 2020 /PRNewswire/ –Lannett Company, Inc. (NYSE: LCI) today announced a restructuring and cost savings plan. The initiatives include consolidating the research and development (R&D) function into a single location in Philadelphia and lowering operating costs. The company’s workforce will be reduced by approximately 80 positions, equal to approximately 8.5% of the company’s total number of employees. The company said that it expects these actions to result in cost savings in excess of $15 million annually.
“Our goal is to proactively strengthen our business by enhancing our manufacturing efficiencies and improving our cost structure,” said Tim Crew, chief executive officer of Lannett Company. “For the coming year…
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