BRIDGEWATER, N.J., Dec. 18, 2017 /PRNewswire/ -- Amneal
Pharmaceuticals LLC and Impax Laboratories, Inc. (NASDAQ:
IPXL), today announced that Robert
Stewart, 50, will join Amneal as President, effective
January 25, 2018. Mr.
Stewart most recently served as Chief Operating Officer of
Allergan plc. Following the successful completion of the pending
combination of Amneal and Impax, Mr. Stewart will become President
and Chief Executive Officer of the combined company, to be named
Amneal Pharmaceuticals, Inc., and will become a member of the Board
of Directors. Following the close and Mr. Stewart's appointment as
President and CEO, Paul Bisaro,
President and CEO of Impax, will become Executive Chairman.
Amneal's Co-CEOs and Co-Founders, Chirag
and Chintu Patel will serve as Co-Chairmen of the combined
company's Board of Directors.
![Robert Stewart Robert Stewart](https://mma.prnewswire.com/media/620577/Impax_Laboratories_Robert_Stewart.jpg)
"We are excited that Rob will be joining Amneal. He is a great
leader to inspire our team as we prepare for the expected
combination with Impax and next phase of our growth in becoming a
leading, affordable, healthcare company," said Chirag
Patel. Chintu Patel continued, "Rob is a highly respected leader with a
wealth of pharmaceutical expertise which will further enhance our
team of world-class leaders focused on creating value for patients,
customers, employees and shareholders."
Mr. Stewart will work closely with Amneal's current Co-CEOs in
leading Amneal's current business and will play a key role in
guiding the pre-integration planning work for the announced
combination with Impax, which is currently expected to occur in the
first half of 2018.
"Rob is the right executive to lead the combined company," said
Paul Bisaro, President and CEO of
Impax. "He brings an ideal mix of strong operating leadership, deep
experience in both the brand and generics sectors, and a proven
track record of driving success and capturing synergies through
numerous complex integrations. I look forward to working closely
with Rob again, and providing my full support to the integration
effort as well as continuing to focus on creative long-term growth
strategies."
Mr. Stewart commented, "I am honored and excited to work with
the Amneal and Impax teams. The combination creates a dynamic
leader in generics and specialty pharmaceuticals, with a deep and
rich pipeline of products and integrated global manufacturing
platform for strong continued profitable growth. I look
forward to leading the teams and helping the organization achieve
its long-term goals."
Mr. Stewart has 22 years of experience in global brand and
generic pharmaceutical leadership, with expertise in all aspects of
operations and integration. Prior to Mr. Stewart's appointment as
Chief Operating Officer of Allergan in May
2016, he served as President, Generics and Global Operations
from March 2015 to May 2016; Chief Operating Officer from
July 2014 to March 2015; and President, Global Operations,
from August 2010 to July 2014. He joined Allergan (then Watson) in
November 2009 as Senior Vice
President, Global Operations. Before joining Watson, Mr. Stewart
held various positions with Abbott Laboratories, Inc. from 1995
until 2009, and Hoffman La-Roche Inc. Mr. Stewart has been a board
member of the National Association of Manufacturers (NAM) since
September 2016, and a member of the
Fairleigh Dickinson University Board of
Trustees since June 2017. He earned
his Bachelor's degree in Business Management and Finance from
Fairleigh Dickinson University.
About Amneal
Amneal Pharmaceuticals LLC, a
privately-held company headquartered in Bridgewater, New Jersey, is one of the largest
and fastest growing generic pharmaceutical manufacturers in
the United States. Founded in
2002, Amneal now has more than 5,000 employees in its operations in
North America, Asia, and Europe, working together to bring
high-quality, affordable medicines to patients worldwide. Amneal
has significantly expanded its portfolio of generic products to
include complex dosage forms in a broad range of therapeutic areas.
For more information, visit www.amneal.com.
About Impax
Impax Laboratories, Inc. 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, please visit
Impax's web site at: www.impaxlabs.com.
Additional Information and Where to Find It
This
communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. This communication may be deemed to be
solicitation material in respect of the proposed transaction
between Impax Laboratories, Inc. ("Impax") and Amneal
Pharmaceuticals LLC ("Amneal") pursuant to the Business Combination
Agreement dated as of October 17,
2017 by and among Impax, Amneal, Atlas Holdings, Inc.
("Holdco"), and K2 Merger Sub Corporation as amended by Amendment
No. 1, dated November 21, 2017 and
Amendment No. 2 dated December 16,
2017. In connection with the proposed transaction, Holdco
filed a registration statement on Form S-4, containing a
preliminary proxy statement/prospectus, with the Securities and
Exchange Commission ("SEC") on November 21,
2017. A definitive proxy statement/prospectus will be
delivered as required by applicable law after the registration
statement on Form S-4 is declare effective by the SEC. This
communication is not a substitute for the registration statement,
definitive proxy statement/prospectus or any other documents that
Impax or Holdco has filed or may file with the SEC or send to
stockholders in connection with the proposed business combination.
INVESTORS AND SECURITY HOLDERS OF IMPAX ARE URGED TO READ ALL
RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY
STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION.
Investors and security holders will be able to obtain copies of
the registration statement, including the proxy
statement/prospectus and other documents filed with the SEC (when
available) free of charge at the SEC's website, http://www.sec.gov.
Copies of the documents filed with the SEC by Impax or Holdco will
be available free of charge on Impax's internet website at
http://www.impaxlabs.com or by contacting Mark Donohue, Investor Relations and Corporate
Communications at (215) 558-4526.
Forward-Looking Statements
This communication
includes "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements are based on our
beliefs and assumptions. These forward-looking statements are
identified by terms and phrases such as: anticipate, believe,
intend, estimate, expect, continue, should, could, may, plan,
project, predict, will, target, potential, forecast, and the
negative thereof and similar expressions. Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain, such as statements about the potential timing
or consummation of the proposed transaction or the anticipated
benefits thereof, including, without limitation, future financial
and operating results. Impax cautions readers that these and other
forward-looking statements are not guarantees of future results and
are subject to risks, uncertainties and assumptions that could
cause actual results to differ materially from those expressed in
any forward-looking statements. Important risk factors that could
cause actual results to differ materially from those indicated in
any forward-looking statement include, but are not limited to: (i)
the ability to obtain shareholder and regulatory approvals, or the
possibility that they may delay the transaction or that such
regulatory approval may result in the imposition of conditions that
could cause the parties to abandon the transaction, (ii) the risk
that a condition to effecting the transaction may not be satisfied;
(iii) the ability of Impax and Amneal to integrate their businesses
successfully and to achieve anticipated synergies, (iv) the
possibility that other anticipated benefits of the proposed
transaction will not be realized, including without limitation,
anticipated revenues, expenses, earnings and other financial
results, and growth and expansion of the new combined company's
operations, and the anticipated tax treatment, (v) potential
litigation relating to the proposed transaction that could be
instituted against Impax, Amneal or their respective directors,
(vi) possible disruptions from the proposed transaction that could
harm Impax's and/or Amneal's business, including current plans and
operations, (vii) the ability of Impax or Amneal to retain, attract
and hire key personnel, (viii) potential adverse reactions or
changes to relationships with clients, employees, suppliers or
other parties resulting from the announcement or completion of the
transaction, (ix) potential business uncertainty, including changes
to existing business relationships, during the pendency of the
business combination that could affect Impax's or Amneal's
financial performance, (x) certain restrictions during the pendency
of the transaction that may impact Impax's or Amneal's ability to
pursue certain business opportunities or strategic transactions,
(xi) continued availability of capital and financing and rating
agency actions, (xii) legislative, regulatory and economic
developments; (xiii) unpredictability and severity of catastrophic
events, including, but not limited to, acts of terrorism or
outbreak of war or hostilities, as well as management's response to
any of the aforementioned factors; and (xiv) such other factors as
are set forth in Impax's periodic public filings with the SEC,
including but not limited to those described under the headings
"Risk Factors" and "Cautionary Statement Regarding Forward-Looking
Information" in Impax's Form 10-K for the fiscal year ended
December 31, 2016, in the Form S-4
filed by Holdco and in Impax's other filings made with the SEC from
time to time, which are available via the SEC's website at
www.sec.gov. While the list of factors presented here is, and the
list of factors to be presented in the proxy statement are,
considered representative, no such list should be considered to be
a complete statement of all potential risks and uncertainties.
Unlisted factors may present significant additional obstacles to
the realization of forward looking statements. Consequences of
material differences in results as compared with those anticipated
in the forward-looking statements could include, among other
things, business disruption, operational problems, financial loss,
legal liability to third parties and similar risks, any of which
could have a material adverse effect on Impax's or Amneal's
consolidated financial condition, results of operations, credit
rating or liquidity. In light of these risks, uncertainties and
assumptions, the events described in the forward-looking statements
might not occur or might occur to a different extent or at a
different time than Impax has described. All such factors are
difficult to predict and beyond our control. All forward-looking
statements included in this document are based upon information
available to Impax on the date hereof, and unless legally required,
Impax disclaims and does not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Participants in Solicitation
Impax, Amneal, Holdco
and their respective directors and executive officers may be deemed
to be participants in the solicitation of proxies from Impax's
stockholders in respect of the proposed transaction. Information
about the directors and executive officers of Impax is set forth in
its proxy statement for its 2017 annual meeting of stockholders,
which was filed with the SEC on April 5,
2017, and in its Annual Report on Form 10-K for the year
ended Dec. 31, 2016. Other
information regarding the participants in the proxy solicitations
and a description of their direct and indirect interests, by
security holdings or otherwise, is contained in the proxy
statement/prospectus regarding the proposed transaction and other
relevant materials filed and to be filed with the SEC when they
become available. You may obtain free copies of these documents as
described in the preceding paragraph. This communication is not
intended to and shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities or a solicitation of any vote of approval, nor
shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
CONTACTS:
Amneal
Apurva
Saraf
(908) 947-3740
Impax
Mark
Donohue
(215) 558-4526
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SOURCE Impax Laboratories, Inc.