HAYWARD, Calif.--(BUSINESS WIRE)-- Impax Laboratories, Inc. (Nasdaq: IPXL) today announced that it has reached agreement with Endo Pharmaceuticals (Nasdaq: ENDP) and Penwest Pharmaceuticals (Nasdaq PPCO) to settle pending U.S. litigation with regard to the production and sale of generic formulations of OPANA® ER (oxymorphone hydrochloride) Extended Release tablets. Under the terms of the settlement, Endo and Penwest have agreed to grant Impax a license to sell a generic of OPANA® ER on Jan. 1, 2013 or earlier under certain circumstances.
Separately, Endo and Impax have entered into a Development and Co-Promotion Agreement under which Endo will pay Impax certain milestones up to $40 million related to the development of an Impax branded pipeline product and obtain right to co-promote the product outside of the field of neurology in the US. Further terms of the settlement were not disclosed.
Larry Hsu, Ph.D., President and Chief Executive Officer of IMPAX Laboratories, said, “We are pleased to resolve all patent uncertainties and look forward to working with Endo on the development of a next generation Parkinson’s Disease product. We welcome the opportunity to collaborate with a highly respected company on a brand product.”
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, Philadelphia and Taiwan 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 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, the effect of current economic conditions on the Company’s industry, business, financial position, results of operations and market value of its common stock, the ability to maintain an effective system of internal control over financial reporting, fluctuations in revenues and operating income, reductions or loss of business with any significant customer, the impact of competitive pricing and products and regulatory actions on the Company’s products, the ability to sustain profitability and positive cash flows, the ability to maintain sufficient capital to fund operations, any delays or unanticipated expenses in connection with the operation of the Taiwan facility, the ability to successfully develop and commercialize pharmaceutical products, the uncertainty of patent litigation, consumer acceptance and demand for new pharmaceutical products, the difficulty of predicting Food and Drug Administration filings and approvals, the inexperience of the Company in conducting clinical trials and submitting new drug applications, reliance on key alliance and collaboration agreements, the availability of raw materials, the ability to comply with legal and regulatory requirements governing the healthcare industry, the regulatory environment, exposure to product liability claims and other risks described in the Company’s 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.
Impax Laboratories, Inc.
Mark Donohue, 215-933-3526
Sr. Director, Investor Relations and Corporate Communications
KEYWORDS: United States North America California
INDUSTRY KEYWORDS: Health Biotechnology Pharmaceutical Other Health