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News Breaks | | | | February 8, 2013 | | 08:01 EDT |  | IPXL, SHPG | Impax, Shire settle litigation on supply of authorized generic Adderall XR
Impax Laboratories (IPXL) announced that it has settled all pending litigation with Shire LLC (SHPG) and Shire Laboratories, Inc.relating to supply of its authorized generic Adderall XR under the parties’ License and Distribution Agreement that was signed in January 2006. As part of the settlement, the parties will submit a stipulation of dismissal for entry by the Court. Shire has agreed to make a one-time cash payment to Impax of $48M upon the court’s order of dismissal. The parties have entered into an amended License and Distribution Agreement which will govern the future supply of authorized generic Adderall XR from Shire to Impax. Following the end of the supply term on September 30, 2014, Impax will continue to have the right to sell its products on hand or owed to it under the agreement until depleted and will continue to pay a profit share to Shire on sales of such products. Impax will continue to pursue approval of its pending Abbreviated New Drug Application for generic Adderall XR which was filed with the U.S. Food and Drug Administration in September 2003. | |
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News For IPXL;SHPG From The Last 14 Days Check below for free stories on IPXL;SHPG the last two weeks. |
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| June 18, 2013 | | 07:22 EDT |  | SHPG | Citigroup to host a conference
 Subscribe for More Information | | | June 17, 2013 | | 11:55 EDT |  | SHPG | High option volume stocks: SPHG CSIQ TS GAME CRZO
Subscribe for More Information | | | 07:25 EDT | | SHPG | Leerink to host a conference
Subscribe for More Information | | | June 10, 2013 | | 07:10 EDT |  | SHPG | Shire price target raised to $115 from $101-$102 at Leerink
Subscribe for More Information | | | June 5, 2013 | | 09:13 EDT | | IPXL | Impax announces workforce reduction, to take $2.4M related charge in Q2
Impax Laboratories announced a reduction in its workforce as a part of the company’s efforts to streamline its operations in response to the need to reduce expenses and adapt to changing market conditions. The reduction primarily affected manufacturing operations and is intended to reduce Impax’s cost structure and scale the organization appropriately for its current needs. The action resulted in a reduction of approximately 110 positions, with the majority at the Hayward, California manufacturing facility. The reductions became necessary as a result of lower production volumes at the Hayward facility due to the transfer of products to the company’s more cost efficient Taiwan plant, previously announced product discontinuances and delayed product launches. The company expects the reduction in both personnel and other variable expenses, including the product discontinuances, to yield an annual cost savings of approximately $15.0M. The company expects the total savings within cost of goods sold in 2013 from these actions to be approximately $10.0M. The company will also reduce its contracted brand sales force from 84 to 64 positions, as well as four regional sales management positions. This short-term action is due to the delay in approval for RYTARYTM and is expected to result in a reduction of the Company’s selling expenses of approximately $2.0M in 2013. The company said it remains committed to receiving RYTARY approval and expects to expand its sales force to the appropriate level following regulatory approval of RYTARY. The company expects the reduction in workforce to result in a charge of approximately $2.4M in Q2. The expected savings in cost of goods sold and selling expenses in 2013 have no impact on the Company’s 2013 financial guidance for gross margin as a percentage of revenues and SG&A expenses that was updated on May 1, Impax said. | | | 09:11 EDT | | IPXL | Impax announces workforce reduction
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