Confirmed merger with Amneal sends Impax stock sliding
Shares in Impax Laboratories (Nasdaq: IPXL) were worth 10% less at $18 after Tuesday morning’s trading.
Confirming Monday’s report in The Wall Street Journal, Impax and fellow US drugmaker Amneal Pharmaceuticals said that they were to merge in an all-stock transaction, creating what they have called a diversified pharma company with the fifth largest generics business in the USA.
"We expect to achieve annual cost synergies of approximately $200 million within three years"
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