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Impax Board of Directors Appoints Paul M. Bisaro President and CEO

03/27/2017

Industry Veteran Brings a Successful Record of Operational Execution, Driving Transformation and Delivering Growth

HAYWARD, Calif., March 27, 2017 /PRNewswire/ -- Impax Laboratories, Inc. (NASDAQ: IPXL)today announced that its Board of Directors has appointed Paul M. Bisaro as Impax's President and Chief Executive Officer and a member of the Company's Board, effective March 27, 2017. Mr. Bisaro will succeed J. Kevin Buchi, who has served as Interim President and Chief Executive Officer since December of 2016.

With 25 years of generic and branded pharmaceutical experience, Mr. Bisaro, 56, is an accomplished global business leader who brings a successful record of leading operational execution and corporate transformation, resulting in company growth. He previously served as Executive Chairman of Allergan, plc (formerly Actavis, plc), President and CEO of Actavis (formerly Watson Pharmaceuticals, Inc.) and Chairman of the Board.

"We are pleased to have Paul, a highly respected and accomplished leader, with a strong track record of delivering superior shareholder returns and financial performance, join Impax as our new CEO," said Robert L. Burr, Chairman of Impax Laboratories, Inc. "Following a thorough review of candidates, the Board determined that Paul's broad experience across the specialty pharmaceutical industry and demonstrated ability to grow and transform an organization, make him the right person to oversee the Company's future direction. On behalf of the entire Board, I would also like to thank Kevin for his leadership in stepping into the interim CEO role."

"I am excited about the opportunity to lead Impax to its full potential in a rapidly changing environment," said Mr. Bisaro. "Impax has a strong reputation for its drug delivery, formulation and product development capabilities. We will continue to focus on developing high-quality products that meet the unique needs of our patients. Combining our R&D priorities with providing best in class customer service will provide additional value to our customers and deliver value for our shareholders."

Prior to joining Watson in 2007, Mr. Bisaro was President, Chief Operating Officer and a member of the Board of Directors of Barr Pharmaceuticals, Inc., a global specialty pharmaceutical company (Barr), from 1999 to 2007. Between 1992 and 1999, Mr. Bisaro served as General Counsel of Barr, and from 1997 to 1999, served in various additional capacities. Prior to joining Barr, he was associated with the law firm Winston & Strawn and a predecessor firm, Bishop, Cook, Purcell and Reynolds, from 1989 to 1992. He also served as a Senior Consultant with Arthur Andersen & Co.

Mr. Bisaro currently serves on the board of directors of Allergan, Zoetis, Inc. and on the Board of Visitors of the Catholic University of America's Columbus School of Law. Mr. Bisaro also serves on the Board of Zimmer Biomet Holdings, Inc. but has notified the board that he will not stand for re-election as a director at the company's 2017 annual meeting of stockholders. He also served as Chairman of the Board of the Generic Pharmaceutical Association (GPhA) in 2010 and 2011.

Mr. Bisaro received his undergraduate degree in General Studies from the University of Michigan and a Juris Doctor from Catholic University of America in Washington, D.C.

About Impax Laboratories, Inc.
Impax Laboratories, Inc. (Impax) is a 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 central nervous system disorder branded products. Impax markets its generic products through its Impax Generics division and markets its branded products through the Impax Specialty Pharma division. Additionally, where strategically appropriate, Impax develops marketing partnerships to fully leverage its technology platform and pursues partnership opportunities that offer alternative dosage form technologies, such as injectables, nasal sprays, inhalers, patches, creams, and ointments.

For more information, visit Impax's website 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: fluctuations in the Company's operating results and financial condition; the volatility of the market price of the Company's common stock; the Company's ability to successfully develop and commercialize pharmaceutical products in a timely manner; the impact of competition; the effect of any manufacturing or quality control problems;  the Company's ability to manage its growth; risks related to acquisitions of or investments in technologies, products or businesses; risks relating to goodwill and intangibles; the reduction or loss of business with any significant customer; the substantial portion of the Company's total revenues derived from sales of a limited number of products; the impact of consolidation of the Company's customer base; the Company's ability to sustain profitability and positive cash flows; the impact of any valuation allowance on the Company's deferred tax assets; the restrictions imposed by the Company's credit facility and indenture; the Company's level of indebtedness and liabilities and the potential impact on cash flow available for operations; the availability of additional funds in the future; any delays or unanticipated expenses in connection with the operation of the Company's manufacturing facilities; the effect of foreign economic, political, legal and other risks on the Company's operations abroad; the uncertainty of patent litigation and other legal proceedings; the increased government scrutiny on the Company's agreements to settle patent litigations, product development risks and the difficulty of predicting FDA filings and approvals; consumer acceptance and demand for new pharmaceutical products; the impact of market perceptions of the Company and the safety and quality of the Company's products; the Company's determinations to discontinue the manufacture and distribution of certain products; the Company's ability to achieve returns on its investments in research and development activities; changes to FDA approval requirements; the Company's ability to successfully conduct clinical trials; the Company's reliance on third parties to conduct clinical trials and testing; the Company's lack of a license partner for commercialization of Numient® (IPX066) outside of the United States; impact of illegal distribution and sale by third parties of counterfeits or stolen products; the availability of raw materials and impact of interruptions in the Company's supply chain; the Company's policies regarding returns, rebates, allowances and chargebacks; the use of controlled substances in the Company's products; the effect of current economic conditions on the Company's industry, business, results of operations and financial condition; disruptions or failures in the Company's information technology systems and network infrastructure caused by third party breaches or other events; the Company's reliance on alliance and collaboration agreements; the Company's reliance on licenses to proprietary technologies; the Company's dependence on certain employees; the Company's ability to comply with legal and regulatory requirements governing the healthcare industry; the regulatory environment; the effect of certain provisions in the Company's government contracts; the Company's ability to protect its intellectual property; exposure to product liability claims; changes in tax regulations; uncertainties involved in the preparation of the Company's financial statements; the Company's ability to maintain an effective system of internal control over financial reporting; the effect of terrorist attacks on the Company's business; the location of the Company's manufacturing and research and development facilities near earthquake fault lines; expansion of social media platforms 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 the Company undertakes no obligation to update publicly or revise any forward-looking statement, regardless of whether new information becomes available, future developments occur or otherwise.

CONTACT:
Mark Donohue
Investor Relations and Corporate Communications
(215) 558-4526

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SOURCE Impax Laboratories, Inc.

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