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Thursday, October 9, 2014

Impax Labs on the hunt after striking two deals worth $700 mln, (NASDAQ: IPXL)

Impax Laboratories Inc said it was on the hunt for further deals - and would consider a so-called "tax inversion" transaction - after its acquisition of two privately held Pennsylvania drugmakers for $700 million.Impax's shares jumped as much as 17 percent to $17.85 in morning trading on the Nasdaq on Thursday.The acquisition of Lineage Therapeutics Inc and Tower Holdings Inc, both based in Horsham, Pennsylvania, gave Impax access to an emergency anti-allergen injection, epinephrine.Chief Executive Frederick Wilkinson said Hayward, California-based Impax was looking for more such deals.

Impax Laboratories Inc. is a specialty pharmaceutical company. Shares of IPXL traded higher by 10.74% or $2.56/share to $26.40. 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 1790432.