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News Breaks June 26, 2012 07:03 EDT IPXL Impax and TOLMAR enter into agreement Impax Laboratories and TOLMAR announced that they will collaborate on a multiproduct agreement for the development, supply and distribution of generic topical prescription drug products. As part of the Development, Distribution and Supply Agreement, TOLMAR will supply up to nine currently approved and marketed products, and Impax's generics division, Global Pharmaceuticals, will commercialize these products following a short transition period. According to Wolters Kluwer Health, total U.S. brand and generic sales of these nine multi-source products were approximately $378M in the 12 months ended May. The Agreement also includes two additional generic topical prescription drug products of which one is currently in development and one is a first-to-file Abbreviated New Drug Application pending approval at the FDA. Under the terms of the Agreement, Impax will pay TOLMAR $21M upon the closing and up to $25M in milestone payments, if certain commercialization and ANDA approval targets are met. In addition, Impax will pay TOLMAR a profit share for each product commercialized. The transaction is expected to be accretive to Impax's earnings per share in 2012. News For IPXL From The Last 14 Days Check below for free stories on IPXL the last two weeks. Sign up for a free trial to see the rest of the stories you've been missing. 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 Sign up for a free trial to see the rest of the stories you've been missing.