Impax shareholders green-light Amneal merger

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Impax shareholders green-light Amneal merger

By David Salazar - 03/29/2018
Impax Labs has cleared a hurdle in its pending acquisition by Amneal Pharmaceuticals. The Bridgewater, N.J.-based company’s shareholders have overwhelmingly approved the combination, with 99% of votes cast in favor of the all-stock transaction.

“We appreciate the strong support we have received from Impax shareholders for our transformational combination with Amneal,” Impax president and CEO Paul Bisaro said. “Today's approval represents an important milestone in the process to combine our two organizations and create a diversified pharmaceutical company with stronger capabilities and greater resources. We look forward to continuing to work closely with Amneal to complete the transaction so we can provide greater access to safe and affordable medicine for patients, open up new opportunities for our employees and deliver enhanced value for shareholders.”

Impax shareholders will own 25% of the combined company, which will be helmed by Allergan veteran Robert Stewart. Bisaro will be the company’s executive chairman, while Amneal’s Chirag and Chintu Patel will be its co-chairman. Ahead of the merger’s completion, Amneal also has brought Andrew Boyer, former head of Teva’s North American generics operations, onboard as executive vice president of commercial operations.

Impax said that it expects the deal to close in the second quarter of this year, pending regulatory approval and satisfaction of customary closing conditions.

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