Trevose, Pennsylvania-based Lannett, a manufacturer/distributor of high-quality, affordable generic pharmaceutical products, has announced a continuing restructuring to reduce costs and improve operational efficiencies. The company plans to close two research and development facilities in Philadelphia, Pennsylvania and lay off approximately represent about 11% of its workforce.
The closures will impact 64 employees and will occur between March 3, 2023, and June 30, 2023.
According to an SEC filing, "On December 15, 2022, Lannett authorized a restructuring and cost savings plan to streamline and realign our operations to ensure the continued progression of our existing pipeline and future growth. The 2022 Restructuring Plan includes operational improvements and cost efficiencies as well as engagement with more external partners and technology providers globally to execute our R&D plans and operations."
"These actions will result in the reduction to our workforce by 64 positions, equal to approximately 11% of the Company’s total number of employees, to align with our product development approach. The workforce reduction will be implemented in several phases throughout the remainder of the Company’s current fiscal year. In connection with the shift in our R&D operations, the Company also anticipates exiting our State Road and Torresdale facilities in Philadelphia, Pennsylvania by the end of our current fiscal year."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?