Amneal & Impax wins FTC clearance to close its business combination on 4 May 2018
30 April 2018 -

Generic pharmaceutical company Amneal Pharmaceuticals LLC reported on Friday the receipt of clearance from the US Federal Trade Commission (FTC), including all regulatory approvals, to close its business combination with Impax Laboratories Inc (NASDAQ:IPXL) upon the close of trading on 4 May 2018.

On 4 May 2018, the shares of Impax (IPXL) are expected to cease trading on the NASDAQ stock exchange and the new combined company, Amneal Pharmaceuticals Inc (the Company), will begin trading on the New York Stock Exchange (NYSE) under the ticker "AMRX" on 7 May 2018.

Under the terms of the consent order with the FTC, Amneal and Impax have agreed to divest a number of marketed and pipeline products to ANI Pharmaceuticals Inc (NASDAQ:ANIP), G&W Laboratories Inc and Perrigo Company plc (NYSE:PRGO) (TASE:PRGO).

As part of the business combination agreement, each Impax common stock will be converted into the right to receive one Amneal Class A common stock. Amneal Pharmaceuticals Inc will hold an investor call prior to the start of the trading of Amneal's Class A common stock on the NYSE on 7 May 2018.

In conjunction with the consummation of the transaction, ANI will acquire the following Impax products:Felbamate Tablets, Ezetimibe, Simvastatin Tablets, Desipramine Tablets, Aspirin, Dipyridamole ER Capsules, Methylphenidate ER Tablets, Diclofenac; Misoprostol DR Tablets as well as Erythromycin Tablets.

Subject to the consummation of the transaction, Impax's interests in Fluocinonide Topical Cream (emulsified base) 0.05% will be sold to G&W and its interests in Azelastine Nasal Spray 0.15% and Olopatadine Nasal Spray will be sold to Perrigo, respectively.