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Impax Laboratories Enters Into Development, Manufacturing and Commercialization Agreement with Perrigo

  Impax Laboratories Enters Into Development, Manufacturing and
  Commercialization Agreement with Perrigo

Business Wire

HAYWARD, Calif. -- November 21, 2012

Impax Laboratories, Inc. (NASDAQ: IPXL) today announced that it will
collaborate with Perrigo Company (NASDAQ: PRGO;TASE) on the development,
manufacturing and commercialization of an extended topical generic drug
product with first to market potential. The product and terms of the agreement
were not disclosed.

“We are excited to expand our relationship with Perrigo on this product,” said
Larry Hsu, Ph.D., president and CEO of Impax Laboratories. In just over two
years, Impax has partnered with four different companies on 27 alternative
dosage form products, with 18 of these either pending approval at the U.S.
Food and Drug Administration or under development. We will continue to focus
on delivering growth from high-value products, technologies, and businesses in
complementary dosage forms.”

Perrigo’s Chairman, President and CEO Joseph C. Papa stated, “This
collaboration is yet another example of our long-term investment in
development of products in the extended topical space. We are pleased to be
partnering with Impax on this opportunity to be first to market with this
important new product, making quality healthcare more affordable for our
customers as quickly as possible.”

About Impax Laboratories, Inc.

Impax Laboratories, Inc. (“Impax”) is a technology based 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 branded products. Impax markets its generic
products through its Global Pharmaceuticals Division and markets third-party
branded products through the Impax Pharmaceuticals Division. Additionally,
where strategically appropriate, Impax has developed marketing partnerships to
fully leverage its technology platform. Impax Laboratories is headquartered in
Hayward, California, and has a full range of capabilities in its Hayward,
Philadelphia and Taiwan facilities. For more information, please visit the
Company's Web site at: www.impaxlabs.com.

About Perrigo Company

From its beginnings as a packager of generic home remedies in 1887, Perrigo
Company, based in Allegan, Michigan, has grown to become a leading global
provider of quality, affordable healthcare products. The Company develops,
manufactures and distributes over-the-counter ("OTC") and generic prescription
("Rx") pharmaceuticals, nutritional products and active pharmaceutical
ingredients ("API") and is the world's largest manufacturer of OTC
pharmaceutical products for the store brand market. Perrigo’s mission is to
offer uncompromised “quality, affordable healthcare products”, and it does so
across a wide variety of product categories primarily in the United States,
United Kingdom, Mexico, Israel and Australia, as well as certain other markets
throughout the world, including Canada, China and Latin America. Visit Perrigo
on the Internet (http://www.perrigo.com).

"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995:

To the extent any statements made in this news release contain information
that is not historical, these statements are forward-looking in nature and
express the beliefs and expectations of management. Such statements are based
on current expectations and involve a number of known and unknown risks and
uncertainties that could cause the Company’s future results, performance or
achievements to differ significantly from the results, performance or
achievements expressed or implied by such forward-looking statements. Such
risks and uncertainties include, but are not limited to, the effect of current
economic conditions on the Company’s industry, business, financial position
and results of operations, fluctuations in the Company’s revenues and
operating income, the Company’s ability to successfully develop and
commercialize pharmaceutical products, reductions or loss of business with any
significant customer, the impact of consolidation of the Company’s customer
base, the impact of competition, the Company’s ability to sustain
profitability and positive cash flows, any delays or unanticipated expenses in
connection with the operation of the Company’s Taiwan facility, the effect of
foreign economic, political, legal and other risks on the Company’s operations
abroad, the uncertainty of patent litigation, increased government scrutiny on
the Company’s agreements with brand pharmaceutical companies, consumer
acceptance and demand for new pharmaceutical products, the difficulty of
predicting Food and Drug Administration filings and approvals, the Company’s
inexperience in conducting clinical trials and submitting new drug
applications, the Company’s ability to successfully conduct clinical trials,
the Company’s reliance on third parties to conduct clinical trials and
testing, the availability of raw materials and impact of interruptions in the
Company’s supply chain, the use of controlled substances in the Company’s
products, disruptions or failures in the Company’s information technology
systems and network infrastructure, the Company’s reliance on alliance and
collaboration agreements, the Company’s dependence on certain employees, the
Company’s ability to comply with legal and regulatory requirements governing
the healthcare industry, the regulatory environment, the Company’s ability to
protect the Company’s intellectual property, exposure to product liability
claims, changes in tax regulations, the Company’s ability to manage the
Company’s growth, including through potential acquisitions, the restrictions
imposed by the Company’s credit facility, uncertainties involved in the
preparation of the Company’s financial statements, the Company’s ability to
maintain an effective system of internal control over financial reporting, any
manufacturing difficulties or delays, the effect of terrorist attacks on the
Company’s business, the location of the Company’s manufacturing and research
and development facilities near earthquake fault lines and other risks
described in the Company’s periodic reports filed with the Securities and
Exchange Commission.Forward-looking statements speak only as to the date on
which they are made, and Impax undertakes no obligation to update publicly or
revise any forward-looking statement, regardless of whether new information
becomes available, future developments occur or otherwise.

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Contact:

Company Contacts:
Impax Laboratories, Inc.
Mark Donohue
Sr. Director, Investor Relations and Corporate Communications
(215) 558-4526
www.impaxlabs.com