Generics maker says Arthur Bedrosian to step down

PHILADELPHIA — Lannett Co. has launched a search for a new chief executive officer to succeed Arthur Bedrosian, who plans to step down.

Lannett said Monday that its board of directors has retained a leading executive search firm to identify potential candidates to take the CEO reins from Bedrosian, who has agreed to serve in the role until a new chief executive is named.

Arthur Bedrosian

During the search, Bedrosian will remain a member of the board of directors. Lannett said he also is expected to stay with the company in a strategic advisory role to help with a seamless transition of leadership duties.

Bedrosian has served as Lannett’s CEO since 2006. He was named president of the company in 2002, after a stint as its vice president of business development. Bedrosian has been on the Lannett board since 2006 and had served as a director from 2000 to 2002.

“The board extends its deep appreciation to Arthur for his outstanding leadership over the past 11 years as CEO, his 15 years as an officer and 13 years as a director,” Lannett chairman Jeffrey Farber stated. “During his tenure, Arthur significantly increased the size of the company through organic growth and acquisitions, with revenues climbing to $637 million for fiscal 2017 from $25 million for fiscal 2002.

“As CEO and president, he formed key strategic alliances, established and advanced our pain management business, forged a robust product development program and oversaw an extraordinary record of regulatory compliance, as well as the company’s evolution into an industry leader,” Farber added. “We look forward to benefiting from Arthur’s continued leadership and insights during the transition and beyond. The board’s search for Arthur’s successor is in the early stages.”

In addition, Lannett announced that it has filed a 505(b)(2) New Drug Application (NDA) with the Food and Drug Administration for cocaine hydrochloride topical solution, a proprietary local anesthetic. The company said the filing is its first 505(b)(2) NDA submission to include full clinical trial studies in its history. Dubbed C-Topical, the product has a proposed indication for the introduction of local anesthesia for diagnostic procedures and surgeries on or through the accessible mucous membranes of the nasal cavities.

“Today’s announcement regarding the filing of the NDA for C-Topical is among the highlights of my tenure at Lannett,” Bedrosian commented. “I believe the company is strong financially and operationally and has excellent prospects for continued success. We have built a solid core business, exemplary R&D leadership and a regulatory department that has worked tirelessly to assemble the NDA for C-Topical.  In addition to the ANDAs on file with FDA, we have put in place multiple initiatives to further grow the company for years to come.”