Impax Laboratories Acquires Rights to Abbreviated New Drug Applications

December 2, 2009

HAYWARD, Calif.--(BUSINESS WIRE)--Dec. 2, 2009-- Impax Laboratories, Inc. (NASDAQ: IPXL) today announced it acquired Abbreviated New Drug Applications (ANDA) from Watson Pharmaceuticals and Cobalt Laboratories, a subsidiary of Arrow Group.

In connection with Watson’s acquisition of Arrow Group:

  • Impax acquired from Watson its ANDA for Cabergoline, the generic equivalent to Dostinex®; and
  • Impax acquired from Cobalt Pharmaceuticals its pending ANDA for Dronabinol, the generic equivalent to Marinol®.

The Company also announced that it has entered into a supply agreement with Resolution Chemicals Ltd. to receive finished Dronabinol product.

Larry Hsu, Ph.D., president and chief executive officer of Impax Laboratories, said: “The acquisition of these ANDAs is consistent with our strategic and longer term generic growth initiatives to identify external opportunities to expand our base business. Our growth initiatives include evaluating the potential to expand beyond solid oral dosage forms as well as into markets beyond our current U.S. footprint. In addition, we will be open to opportunities to in-license products, as well as potential product or company acquisitions that will drive long-term profitable growth.”

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:

"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 the Company’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; ability to timely file periodic reports required by the Exchange Act; ability to maintain an effective system of internal control over financial reporting; ability to sustain profitability and positive cash flows; ability to maintain sufficient capital to fund operations; any delays or unanticipated expenses in connection with the construction of our Taiwan facility; ability to successfully develop and commercialize pharmaceutical products; the uncertainty of patent litigation; consumer acceptance and demand for new pharmaceutical products; the impact of competitive products and pricing; the difficulty of predicting Food and Drug Administration filings and approvals; inexperience in conducting clinical trials and submitting new drug applications; reliance on key alliance agreements; the availability of raw materials; the regulatory environment; exposure to product liability claims; fluctuations in operating results and other risks described in our periodic reports filed 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.

Source: Impax Laboratories, Inc.

Impax Laboratories, Inc.
Mark Donohue, Sr. Director Investor Relations