Trevose-Based Drug Manufacturer Delisted from the New York Stock Exchange

A drug manufacturing company from Bucks County recently found itself delisted from the New York Stock Exchange. John George wrote about the delisting for the Philadelphia Business Journal.

Generic drug manufacturer Lannett Company, Inc., headquartered at 1150 Northbrook Drive, Suite 155 in Trevose, found themselves taken off of the exchange. This was due to them falling below the exchange’s continued listing standard.

To stay on the exchange, it is required that companies maintain an average global market capitalization of at least $15 million; the company’s market cap currently sits at $7.41 million.

“While the company cannot provide any assurance as to if or when it will consummate any such transactions or the terms of any such transactions, (Lannett) expects to be able to reach an agreement with its key secured creditors in the near term on such a transaction,” the company said.

Back own December, the company shut down its two Northeast Philadelphia research and development sites.

Read more about the recent delisting in the Philadelphia Business Journal.

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