IMPAX Receives $3.75 Million Investment From Teva Pharmaceutical

March 18, 2002

March 18, 2002 -- IMPAX Laboratories, Inc. (Nasdaq:IPXL) today announced that it has issued 419,933 shares of IMPAX common stock to a subsidiary of Teva Pharmaceutical Industries Ltd. for net proceeds to the Company of approximately $3.75 million.

Under the terms of a strategic alliance announced in June 2001, Teva is to make equity investments in IMPAX totaling $15 million under a fixed schedule through June 2002. This is the third scheduled purchase under that agreement.

In addition to the $15 million investment, under the terms of the agreement announced on June 27, 2001, IMPAX also received a $22 million refundable deposit from TEVA, which may be earned upon attainment of certain milestones. These payments are part of the alliance with TEVA covering eleven products, seven of which are currently filed with the U.S. Food and Drug Administration (FDA), and an option on one further product currently filed with the FDA.

IMPAX currently has 15 Abbreviated New Drug Application (ANDA) filings pending at the FDA that address more than $8 billion in U.S. branded product sales during 2001. Nine of these filings were made under Paragraph IV of the Hatch-Waxman Amendments, one of which has received tentative approval from FDA.

IMPAX Laboratories, Inc. is a technology based specialty pharmaceutical company applying its formulation expertise and drug delivery technology to the development of controlled-release and niche generics in addition to the development of branded products. IMPAX markets its generic products through its Global Pharmaceuticals division and intends to market its branded products through the IMPAX Pharmaceuticals division. IMPAX Laboratories is headquartered in Hayward, California, and has a full range of capabilities in its Hayward and Philadelphia facilities. For more information, please visit the Company's Web site at: www.impaxlabs.com.