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Thursday, October 9, 2014

CORRECTED-Impax buys anti-allergy injection makers for $700 mln, (NASDAQ: IPXL)

Impax Laboratories Inc said it gained access to an emergency anti-allergen injection, epinephrine, by acquiring two privately held Pennsylvania drugmakers for $700 million.Epinephrine is used to fight sudden allergic reactions such as severe rashes and swelling of the windpipe.Impax said it bought Lineage Therapeutics Inc, which sells a generic epinephrine drug administered through its USP auto-injector system, and Tower Holdings Inc.Tower, which like Lineage is based in Horsham, Pennsylvania, makes Adrenaclick, the branded version of the Lineage drug.

Impax Laboratories Inc. is a specialty pharmaceutical company. Shares of IPXL traded higher by 11.16% or $2.66/share to $26.50. In the past year, the shares have traded as low as $19.39 and as high as $31.04. On average, 653172 shares of IPXL exchange hands on a given day and today's volume is recorded at 1601050.