US generic drugmaker Impax Laboratories conducts strategic review
08 Mar 2017
US generic and specialty pharmaceutical company Impax Laboratories Inc is conducting a strategic review which includes an acquisition or a sale of the company, Reuters today reported, citing people familiar with the matter.
The Pennsylvania-based company has hired investment bank Morgan Stanley to help it conduct a strategic review, as it tries to cope with a tougher drug pricing environment, the report said.
Impax shares rose by as much as 11 per cent on the news, and were trading at $8.70 on the Nasdaq in afternoon on Tuesday, giving the company a market cap of around $700 million.
Impax is focused on the development and commercialisation of bioequivalent and brand-name pharmaceuticals as well as selling generic drugs.
In the generic pharmaceuticals market, the company focuses on controlled-release generic versions of brand-name pharmaceuticals, covering a range of therapeutic areas. In the brand-name pharmaceuticals market, the company is developing products for the treatment of central nervous system disorders.
It employs over 1,000 people, has manufacturing plants in Hayward, California; Middlesex, New Jersey; and Taiwan, and has annual revenues of around $825 million.
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