Impax Laboratories, Inc., is a Delaware corporation was incorporated in 1995. It is a technology-based, specialty pharmaceutical company applying formulation and development expertise, as well as its drug delivery technology, to the development, manufacture and marketing of bioequivalent pharmaceutical products, commonly referred to as 'generics' in addition to the development and marketing of branded products. The Company operates in two segments namely Global Pharmaceuticals Division and Impax Pharmaceuticals Division. The Global Division develops, manufactures, sells and distributes its generic products, which are the pharmaceutical and therapeutic equivalents of brand-name drug products and are usually marketed under their established nonproprietary drug names rather than by a brand name. The Company develops, manufacture, sell and distribute specialty generic pharmaceuticals. The Global Division develops, manufactures, sells, and distributes generic pharmaceutical products mainly through four sales channels: the 'Global products' sales channel, for generic pharmaceutical prescription products the Company sells directly to wholesalers, large retail drug chains, and others; the 'Private Label' sales channel, for generic pharmaceutical over-the-counter ('OTC') and prescription products the Company sells to unrelated third-party customers who in-turn sell the product to third parties under its own label; the 'Rx Partner' sales channel, for generic prescription products sold through unrelated third-party pharmaceutical entities under its own label pursuant to alliance agreements; and the 'OTC Partner' sales channel, for sales of generic pharmaceutical OTC products sold through unrelated third-party pharmaceutical entities under its own label pursuant to alliance agreements. The Impax Division is engaged in the development of proprietary brand pharmaceutical products. The Impax Division is also engaged in the sale and distribution of branded Zomig(r) (zolmitriptan) products, indicated for the treatment of migraine headaches, under the terms of a Distribution, License, Development and Supply Agreement (AZ Agreement) with AstraZeneca UK Limited (AstraZeneca). The Company's Impax Division develops proprietary brand pharmaceutical products through improvements to already approved pharmaceutical products to address central nervous system ('CNS') disorders. The Impax Division is also engaged in the co-promotion through a direct sales force focused on marketing to physicians, mainly in the CNS community, pharmaceutical products developed by other unrelated third-party pharmaceutical entities. The Company markets and sells its generic pharmaceutical prescription drug products within the continental United States of America and the Commonwealth of Puerto Rico. The chemical raw materials, essential to its business, are generally readily available from multiple sources in the U.S. and throughout the world. Generic pharmaceutical product development activities include 64 Abbreviated New Drug Applications (ANDAs) approved by the U.S. Food and Drug Administration, which include generic versions of brand name pharmaceuticals such as Brethine(r), Florinef(r), Minocin(r), Claritin-D(r).12-hour, Claritin-D(r) 24-hour, Wellbutrin SR(r), Wellbutrin XL(r), Ditropan XL(r), Depakote ER(r) and Prilosec(r).; 35 applications pending at the FDA, including 3 tentatively approved. The Company's main competitors are Teva Pharmaceutical Industries Ltd., Actavis, Inc., Mylan Inc., Ranbaxy Laboratories Ltd., Lannett Company, Inc., Sandoz, Inc., and Par Pharmaceutical Companies, Inc. The manufacturing and distribution of pharmaceutical products are subject to regulation by the federal government, through the FDA and the Drug Enforcement Administration ('DEA'), and to a lesser extent by state and local governments.