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IPXL

Impax

$19.95

-0.85 (-4.09%)

07:34
10/17/17
10/17
07:34
10/17/17
07:34

Impax, Amneal Pharmaceuticals to merge in all-stock transaction

Amneal Pharmaceuticals and Impax announced that they have entered into a definitive business combination in an all-stock transaction. As a result of the transaction, Amneal Holdings members will own approximately 75% and Impax shareholders will own approximately 25% of the new company's pro forma shares on an as converted basis. The combined company, to be named Amneal Pharmaceuticals, Inc., will have a robust generics business that will rank as the 5th largest in the United States by gross revenue and a growing, high-margin specialty franchise. The combined company is expected to have 2018 pro forma adjusted EBITDA of approximately $700 million to $750 million, which includes expected significant cost savings within the first full year of close. In addition to its broad existing commercial product portfolio, the combined organization will have a diverse and differentiated pipeline with more than 300 products either filed with the FDA or in active stages of development, a foundation for international expansion with select commercial presence in the United Kingdom and Germany, and cost-efficient global manufacturing and development capabilities in all dosage forms. The transaction is expected to enhance the combined organization's competitive position and allow for continued success in an evolving generics market. "This transaction is financially compelling as we expect the combination to be accretive to Impax's standalone adjusted per share earnings in the first 12 months and generate double-digit growth in revenue and adjusted EPS over the three years following the close of the transaction. We expect to achieve annual cost synergies of approximately $200 million within three years," Bisaro continued. "The anticipated strong cash flows from the combined company allow for the repayment of debt and the ability to meaningfully invest in our business." The new company will be led by an experienced team with a proven track record in driving strong organic growth and successfully integrating acquisitions. Amneal's Founders and Co-Chief Executive Officers, Chirag Patel and Chintu Patel, will serve as Co-Chairmen of the combined company's Board of Directors. Paul Bisaro, President and Chief Executive Officer of Impax, will serve as Chief Executive Officer of the combined company, and Bryan Reasons, Senior Vice President, Finance and Chief Financial Officer of Impax, will serve as Chief Financial Officer. This leadership team will be supported by the combined company's nearly 6,500 employees operating from strategically positioned locations around the globe. The combined company is expected to have 2017 pro forma net revenue ranging from $1.75 billion to $1.85 billion and pro forma adjusted EBITDA of approximately $600 million to $650 million in 2017 and $700 million to $750 million in 2018, each including $80 million to $120 million of annualized cost savings within the first full year of close. The significant cash flow generated will enable the new company to pay down debt, while also continuing to invest in R&D and high-growth specialty assets. The transaction agreement has been unanimously approved by the Boards of Directors of Amneal and Impax, and is supported by the management teams of both companies. The transaction is expected to close in the first half of 2018, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals and Impax shareholder approval. Amneal Pharmaceuticals received the requisite approval from its members for the transaction.

  • 09

    Nov

IPXL Impax
$19.95

-0.85 (-4.09%)

09/28/17
GSCO
09/28/17
INITIATION
Target $20
GSCO
Neutral
Impax initiated with a Neutral at Goldman Sachs
Goldman analyst Dana Flanders Impax with a Neutral and $20 price target. The analyst sees downside risk to 2018 generic fundamentals given lack of sustainable R&D and said shares trade at a significant premium to peers.
09/27/17
RBCM
09/27/17
NO CHANGE
Target $9
RBCM
Sector Perform
Endo could pursue strategy similar to Impax, says RBC Capital
After The Wall Street Journal's recent report that Impax (IPXL) and Amneal Pharmaceuticals are in talks to combine to better compete in the generic drug market, RBC Capital analyst Randall Stanicky said the activity could shift focus to Endo (ENDP), which he believes could pursue a similar strategy. The analyst, who added that the similarities of Impax and Endo are "striking," but notes Impax shares have outperformed largely on M&A expectations, has a Sector Perform rating on Endo shares.
09/19/17
DBAB
09/19/17
NO CHANGE
Target $23
DBAB
Buy
Impax price target raised to $23 from $20 at Deutsche Bank
Deutsche Bank analyst Gregg Gilbert raised his price target for Impax Laboratories to $23 citing the potential for additional cost savings on a standalone basis. The analyst, while admitting the shares "could take a breather" after rallying 40% since the Q2 earnings call, is optimistic that CEO Paul Bisaro will pursue strategic initiatives to increase shareholder value. He keeps a Buy rating on Impax.
09/11/17
CANT
09/11/17
NO CHANGE
Target $32
CANT
Neutral
Epipen market likely unaffected by Pfizer warning letter, says Cantor
Cantor Fitzgerald analyst Louise Chen said Friday that she does not expect the FDA's warning letter to Pfizer (PFE) to result in any material change in the market for Mylan's (MYL) Epipen in the near term. In a research note titled "No Need To Go Into Shock Yet Over PFE Warning Letter For Epipen," Chen added that she thinks Pfizer will work with the FDA to get the warning letter resolved. This news could be positive for Impax Laboratories (IPXL), which has the capacity to supply 30% of the market, above its current mid-20% range market share, Chen contends. She has a Neutral rating on Mylan and Overweight rating on Impax.

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