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Dr. Larry Hsu, Impax Laboratories President and Chief Executive Officer, to Retire



  Dr. Larry Hsu, Impax Laboratories President and Chief Executive Officer, to
  Retire

              Impax Laboratories to commence search for new CEO

 Dr. Hsu to remain CEO until a replacement CEO is named; will remain on Board
                                 of Directors

Business Wire

HAYWARD, Calif. -- June 25, 2013

Impax Laboratories, Inc. (NASDAQ: IPXL) today announced that Dr. Larry Hsu
plans to retire as President and Chief Executive Officer of Impax
Laboratories, Inc. Dr. Hsu will remain with the Company in his current
position until a replacement CEO is hired; he will also remain a member of the
Board of Directors following the appointment of his successor.

Dr. Allen Chao will lead a three-person search committee, which includes Dr.
Hsu and Bob Burr, Chairman of the Board of Directors of Impax, to identify and
hire Dr. Hsu’s replacement.

Dr. Hsu and the current management team will manage the Company through this
transition period. The Board of Directors will be working closely with Dr. Hsu
to ensure an orderly transition.

“Larry has been instrumental in every step of Impax' development. As
co-founder and later CEO, he helped guide the Company from its founding in
1994, through the 1999 reverse merger with Global Pharmaceuticals that gave
Impax its current shape, up through today,” said Bob Burr, Chairman of the
Board of Directors of Impax. “Since becoming CEO in 2006, Larry has led Impax
through an important period of substantial growth resulting in a four-fold
increase in revenues, a strong balance sheet, initiating the Company’s brand
strategy and successfully positioning the Company for long-term future
growth.”

“The Board of Directors remains confident in and committed to the Company’s
strategic direction. We are focused on finding a successor CEO that will lead
Impax through its future growth,” Mr. Burr added. “During this time, we will
remain focused on our highest corporate priority, promptly and successfully
addressing our FDA compliance, while simultaneously continuing to execute on
our core competencies in drug delivery expertise, formulation technology and
our extensive experience in product development.”

“I am extremely proud of the many accomplishments Impax has realized over the
past several years,” said Dr. Hsu. “I am truly grateful for the support I’ve
received from the Board of Directors, the executive management team, our
customers and our employees. I am confident Impax is well positioned to
execute on its long-term business strategy. With an executive management team
that boasts significant generic and brand industry experience, I know Impax is
well positioned for great success in the future. I look forward to being a key
participant in the process of selecting my successor as CEO and ensuring our
future growth as a continuing member of the Board of Directors.”

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 central nervous system disorder branded
products. Impax markets its generic products through its Global
Pharmaceuticals division and markets its branded products through the Impax
Pharmaceuticals 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 the Company's Web
site at: www.impaxlabs.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 revenues and operating income, the
Company’s ability to promptly correct the issues raised in the warning letter
and Form 483 observations received from the FDA, the Company’s ability to
successfully develop and commercialize pharmaceutical products in a timely
manner, 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, the increased government scrutiny on the Company’s
agreements with brand pharmaceutical companies, consumer acceptance and demand
for new pharmaceutical products, the impact of market perceptions of the
Company and the safety and quality of the Company’s products, the difficulty
of predicting FDA filings and approvals, the Company’s ability to achieve
returns on its investments in research and development activities, 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, impact of illegal distribution and sale by third parties of
counterfeits or stolen products, 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 its intellectual property, exposure to
product liability claims, changes in tax regulations, the Company’s ability to
manage 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, 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 the Company
undertakes no obligation to update publicly or revise any forward-looking
statement, regardless of whether new information becomes available, future
developments occur or otherwise.

Contact:

Impax Laboratories, Inc.
Mark Donohue, 215-558-4526
Investor Relations and Corporate Communications
www.impaxlabs.com
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