Lannett Co. has put under agreement a 196,000-square-foot building in Northeast Philadelphia that it plans to eventually use to consolidate some existing facilities and give the company room for future expansion, according to Securities and Exchange Commission documents.
The building is 11501 Roosevelt Blvd., according to sources familiar with the situation. It was vacated by Internal Revenue Service.
The pharmaceutical manufacturer entered into an agreement in August to buy the building for $5 million and has a 90-day due diligence period, which allows it to terminate the deal if it finds its inspection unacceptable, according to the SEC document.
Lannett owns three other nearby properties including: a 31,000-square-foot manufacturing facility on 3.5 acres at 9000 State Road; a 63,000-square-foot property on 3 acres at 9001 Torresdale Ave.; and a 66,000-square-foot structure on 7.3 acres at 13200 Townsend Road.
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