IMPAX RECEIVES $3.75 MILLION INVESTMENT FROM TEVA PHARMACEUTICAL BUSINESS EDITORS/HEALTH & MEDICAL WRITERS HAYWARD, CALIF.--(BW HEALTHWIRE)--DEC. 19, 2001--IMPAX LABORATORIES, INC. (NASDAQ:IPXL)
04:00 ET HAYWARD, Calif.--(BW HealthWire)--Dec. 19, 2001--IMPAX
Laboratories, Inc. (Nasdaq:IPXL.Q) today announced that it has issued
340,662 shares of IMPAX common stock to a subsidiary of Teva
Pharmaceutical Industries Ltd. (Nasdaq:TEVA.Q) 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 second purchase in that investment.
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 will be earned upon attainment of certain milestones. These payments are in exchange for the U.S. marketing rights to six generic ANDAs currently pending
approval at the U.S. Food and Drug Administration (FDA), marketing rights to three additional products already under development, and marketing rights to three additional products that are expected to be agreed upon.
As of Sept. 30, 2001, IMPAX had 13 ANDA filings pending at the FDA that address more than $7.3 billion in annual U.S. branded product sales. Seven 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 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, Calif., and has a full range of capabilities in its Hayward and Philadelphia facilities. For more information, please visit the
Company's Web site at: impaxlabs.com. |
