Amneal and Impax merge to become ‘fifth largest’ generics company
Amneal Pharmaceuticals and Impax Laboratories have agreed to merge, in a deal the companies say will create the fifth largest generics drugs business in the US.
Announcing the news on Tuesday, October 17, the drug makers said the combined company’s revenue will be more than $700 million.
It will also have around 6,500 employees and more than 300 products either filed with the US Food and Drug Administration or in active stages of development.
The Impax name will be lost and the new company will be known as Amneal Pharmaceuticals.
Under the deal, Amneal shareholders will own 75% of the combined company, with Impax shareholders taking the remaining 25%.
Chirag Patel, co-CEO and co-chair of Amneal, said: “This transaction combines the complementary strengths of both Amneal and Impax to create an even stronger company with the diversification, capabilities and resources to deliver enhanced value for patients.”
Paul Bisaro, president and CEO of Impax, added: “By combining Amneal and Impax, we create a more diversified company with one of the industry’s leading high-value generic product pipelines and a growing speciality business.”
Patel and co-founder Chintu Patel will serve as co-chairmen of the board of directors, while Bisaro will become CEO.
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