Impax completes acquisition of Tower Holdings and Lineage Therapeutics
Impax Laboratories, a pharmaceutical company headquartered in Hayward, Calif., has completed its acquisition of Tower Holdings (including operating subsidiaries CorePharma and Amedra Pharmaceuticals), and Lineage Therapeutics.
Impax also is reshaping the operating and reporting structure of its two divisions—the Impax generic products division now will be known as Impax Generics and the Impax branded products division now will be known as Impax Specialty Pharma. In addition, Impax has launched a new corporate logo to better reflect the growth and future of the company.
"We are pleased to complete this acquisition, which is another important step forward in executing our plan to create value through strategic acquisitions that enhance our existing strategies," said Fred Wilkinson, president and CEO of Impax. "By joining together our collective capabilities, we accelerate Impax's growth while also bolstering our operating foundation with a robust product pipeline and an expanded, more diversified manufacturing footprint."
Wilkinson said, "The acquisition significantly expands our commercialized generic portfolio to 47 products and the number of potential generic product launches in 2015 of up to 18 products, nine of which already are approved. Our branded commercialized portfolio also expands with the addition of four Amedra products. These branded products should benefit from promotional efforts utilizing our established sales and marketing organization."
The privately held companies acquired by Impax specialize in the development, manufacture and commercialization of complex generic and branded pharmaceutical products. This profitable and growing portfolio consists of four branded products, including the branded Albenza franchise, Adrenaclick and the related authorized generic, ten complementary commercialized generic products as well as other near-term generic opportunities.
Impax has reshaped its operating and reporting structure of its two divisions, Impax Generics and Impax Specialty Pharma. Impax Generics will include the company's legacy Global Pharmaceuticals business as well as the acquired CorePharma and Lineage Therapeutics businesses. Impax Specialty Pharma will include the legacy Impax Pharmaceuticals business as well as the acquired Amedra Pharmaceuticals business.
Impax Generics will be responsible for overseeing all early stage development for brand and generic products, generic regulatory affairs, as well as all phases of development for the Company's generics business, in addition to generic marketing and sales. The Impax Specialty Pharma division will oversee clinical development for brand and generics, brand regulatory affairs, drug safety/pharmacovigilance and medical affairs, brand marketing and sales and managed markets.