Federal Court Enters Consent Judgment Terminating Litigation
HAYWARD, Calif. (July 16, 2008) – HAYWARD, Calif.--(BUSINESS WIRE) -- IMPAX Laboratories Inc. today announced that all conditions of a settlement of the U.S. patent infringement litigation pertaining to IMPAX's proposed generic capsule formulation of Wyeth's EFFEXOR XR® antidepressant have been approved by the United States District Court for the District of Delaware. The Court entered a consent judgment resulting in termination of the litigation effective today.
Under the terms of the settlement, Wyeth has granted IMPAX a license that would permit IMPAX to launch its capsule formulation of Effexor XR on or after June 1, 2011, subject to earlier launch in limited circumstances, but in no event earlier than January 1, 2011. IMPAX will pay Wyeth a royalty on sales of this generic product.
The parties have also entered into a co-promotion agreement under which IMPAX will utilize its neurology-focused sales force to detail a product to be named by Wyeth in exchange for a fee for each detail delivered. Other terms of this agreement are confidential and were not disclosed.
About IMPAX Laboratories, Inc.
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 markets 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: www.impaxlabs.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
To the extent any statements made in this news release contain information that is not historical, these statements are forward-looking in nature and express the beliefs and expectations of management. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause IMPAX's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, possible adverse effects resulting from the delisting of and suspension of trading in IMPAX's stock, IMPAX’s failure to file any periodic reports subsequent to its quarterly report on Form 10-Q for the quarter ended September 30, 2004, the SEC’s revocation of the registration of IMPAX’s common stock under section 12 of the Securities Exchange Act of 1934, the actual time that will be required to, file a registration statement on Form 10 with respect to such stock, IMPAX's ability to obtain sufficient capital to fund its operations, the difficulty of predicting FDA filings and approvals, consumer acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, IMPAX's ability to successfully develop and commercialize pharmaceutical products, IMPAX's reliance on key strategic alliances, the uncertainty of patent litigation, the availability of raw materials, the regulatory environment, dependence on patent and other protection for innovative products, exposure to product liability claims, fluctuations in operating results and other risks detailed from time to time in IMPAX's filings with the Securities and Exchange Commission. Forward-looking statements speak only as to the date on which they are made, and IMPAX undertakes no obligation to update publicly or revise any forward-looking statement, regardless of whether new information becomes available, future developments occur or otherwise.
IMPAX Laboratories, Inc.
(510) 476-2000, Ext. 1111
Arthur Koch, CFO
(215) 933-0351
Mark Donohue, Sr. Director IR
(215) 933-3526
www.impaxlabs.com
Lippert/Heilshorn & Associates, Inc.
Larry Hsu, Ph.D. President & CEO Kim Sutton Golodetz
(kgolodetz@lhai.com)
(212) 838-3777
Bruce Voss (bvoss@lhai.com)
(310) 691-7100
www.lhai.com