Impax Laboratories acquires ANDA from Watson Pharmaceuticals and Cobalt Laboratories

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.”