Impax Shares Plummet as FDA Finds Manufacturing Issues
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Impax Laboratories Inc., the developer of the experimental drug Rytary for Parkinson’s disease, fell the most in four years after regulators found that manufacturing issues persist at a company plant.
Impax declined 26 percent to $14.80 at 4 p.m. New York time, the biggest one-day drop since Jan. 14, 2009. The plant in Hayward, California, where the company is based, is barred by the Food and Drug Administration from producing new drugs.