IMPAX Comments on Abbott's Lawsuit Related to Generic Version Of Tricor

January 27, 2003

Jan. 27, 2003--IMPAX Laboratories, Inc. (NASDAQ:IPXL) today announced that Abbott Laboratories has filed a lawsuit against the Company in the federal district court in Delaware alleging patent infringement related to IMPAX's filing of an Abbreviated New Drug Application (ANDA) for a generic version of cholesterol drug, Tricor® Tablets.

Tricor is a treatment for very high serum triglyceride levels. U.S. sales of Tricor 160 mg Tablets were approximately $354 million in the 12 months ended September 30, 2002, according to IMS data. The FDA accepted for review IMPAX's application to market a generic version of Abbott's Tricor (Fenofibrate) 160-mg tablets in December 2002. IMPAX's submission includes a Paragraph IV certification stating the product does not infringe upon Abbott's Tricor patents.

Barry R. Edwards, Co-Chief Executive Officer of IMPAX Laboratories, commented, "This type of lawsuit is standard practice in the industry and we are not surprised by Abbott's lawsuit. It is solely intended to delay our generic product to the market. The FDA accepted our ANDA for Tricor in December of 2002 and we believe our product will provide an effective and more economical alternative in the marketplace. We will proceed accordingly to defend our application."

IMPAX has 21 ANDAs pending at the FDA, including five tentatively approved, that address more than $6.1 billion in U.S. branded product sales for the 12 months ended September 30, 2002. Fourteen of these filings were made under Paragraph IV of the Hatch-Waxman Amendments.

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 specialty 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. Additionally, where strategically appropriate, IMPAX has developed marketing partnerships to fully leverage its technology platform. 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: