Mark Donohue (215) 558-4526 AMNEAL AND IMPAX COMPLETE BUSINESS COMBINATION Creates Diversified Pharmaceutical Company with 5th Largest Generics Business in the United States Combined First

AMNEAL AND IMPAX COMPLETE BUSINESS COMBINATION

Creates Diversified Pharmaceutical Company with 5th Largest Generics Business in the United States

Combined First Quarter 2018 Total Revenues of $418 Million; GAAP Net Loss of $79 million; Adjusted EBITDA of $96 Million

Provides Full Year 2018 Financial Guidance

Conference Call Scheduled for 8:30 AM ET

BRIDGEWATER, NJ, May 7, 2018 Amneal Pharmaceuticals LLC and Impax Laboratories, Inc. ( Impax ) today announced that

they have completed their business combination to form Amneal Pharmaceuticals, Inc. ( Amneal or the Company ). As a diversified company with a robust generics business, Amneal is now the 5th largest generics business in the

United States, with a growing, high-margin specialty franchise.

Shares of Impax (IPXL) ceased trading on the NASDAQ stock exchange on May 4, 2018.

Amneal will begin trading today on the New York Stock Exchange (NYSE) under the ticker AMRX . Pursuant to the business combination agreement, each share of Impax common stock was converted into the right to receive one share of Amneal

Class A common stock.

We are very excited for the future of Amneal, and strongly believe that with our team, differentiated product portfolio,

extensive R&D and manufacturing infrastructure and expertise, Amneal is well positioned to become an industry leader, said Chirag Patel and Chintu Patel, Co-Founders and Co-Chairmen of Amneal. We are very proud of the Company we have built and look forward to Amneal s continued success under Rob Stewart s leadership.

Robert Stewart, President and Chief Executive Officer of Amneal, said, As we enter our next stage of growth, we look forward to implementing our

integration plans and quickly starting to realize the many benefits of this combination. We will promptly begin to leverage our enhanced product portfolio to fuel organic growth while capturing numerous synergies to unlock value and generate strong

cash flow to support the rapid repayment of debt and further investment in growth opportunities.

The Company expects to benefit from its expanded

product portfolio, differentiated pipeline and cost-efficient global manufacturing and development capabilities in nearly all dosage forms. Amneal expects to generate annual double-digit revenue and adjusted EPS growth and to achieve annual cost

synergies of approximately $200 million within three years.

This is a truly transformative combination that firmly establishes Amneal as an

industry leader, with high-value generic product pipelines and a growing specialty business, said Paul Bisaro, Executive Chairman of Amneal. With our combined resources, we are well-positioned to execute our plans to bring high-quality,

affordable medicines to patients and generate long-term returns for our shareholders.

Review of the Strategic and Financial Benefits of the Combination

The combined companies debt was refinanced with a $2.7 billion term loan at a rate of three-month LIBOR plus 350 basis points. The Company currently

expects that significant cash flow generated by the combination will enable rapid deleveraging, and enable the Company to continue to invest in R&D and high-growth specialty assets.

Amneal Acquires Gemini Laboratories, LLC and Enters Into Biosimilar Partnership with mAbxience S.L.

Concurrent with the closing of the business combination, Amneal acquired Gemini Laboratories, LLC, a company focused on marketing and sales of branded

pharmaceuticals for $117 million. Gemini s portfolio includes licensed and owned, niche and mature branded products, and a pipeline of 505(b)(2) products for niche therapeutic areas.

Gemini s lead product, Unithroid , is detailed primarily to endocrinologists and high

prescribing primary care physicians through a contracted salesforce. Gemini has a long-term distribution agreement for Unithroid with Jerome Stevens Pharmaceuticals.

Concurrent with the closing of the business combination, Amneal entered into a licensing agreement for the U.S.

market, with MabXience S.L. for its biosimilar candidate for Avastin (bevacizumab). This is the third biosimilar product licensed by Amneal, which demonstrates its commitment to strategically

invest and execute in the biosimilar space.

First Quarter 2018 Combined Company Unaudited Financial Results

Assuming the combination had been completed as of January 1, 2018, total combined Company net revenues in the first quarter 2018 were $417.5 million,

an increase of 1.8%, compared to $410.1 million in the prior year period.

Generic division revenues, net, in the first quarter 2018 were

$358.3 million, a slight decline compared to $359.8 million in the prior year period, due to revenue reductions from increased competition on budesonide, lidocaine, yuvafem-estradiol, mixed amphetamine salts and fenofibrate, partially

offset by increased revenue from new product launches including oseltamivir, methylphenidate HCI ER and erythromycin. First quarter 2018 sales were negatively impacted by lower revenues of epinephrine auto-injector due to a recent supply shortage at

the Company s third-party manufacturer, and lower than expected sales of aspirin dipyridamole ER due to limited raw material availability.

Pharma division revenues, net, in the first quarter 2018 were $59.2 million, an increase of 17.8%, compared to $50.3 million in the prior year period, driven by higher revenue from

Rytary , Zomig and the anthelmintic products franchise.

Gross margin in the first quarter 2018 was 41.9%, compared to 34.4% in the prior year period. The prior year gross margin was negatively impacted by an

approximate $39 million intangible asset impairment charge, for which there were no comparable amounts in the current year. Adjusted gross margin was 48.0% for the first quarter 2018, a slight decrease compared to 50.3% for the first quarter

2017, partially due to the supply shortages on epinephrine auto-injector and aspirin dipyridamole ER, as well as product sales mix.

first quarter 2018 was $79.4 million, compared to a net loss of $56.6 million in the prior year period. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $95.9 million for the first quarter 2018,

compared to $96.0 for the first quarter 2017.

Refer to the Non-GAAP Financial Measures section for

additional information, including reconciliations of all GAAP to non-GAAP financial measures.

Amneal s full year 2018 estimates are based on management s current expectations, including with respect to prescription trends,

pricing levels, inventory levels, and the anticipated timing of future product launches and events. The Company does not provide forward-looking guidance metrics as outlined below on a GAAP basis. Consequently, the Company cannot provide a

reconciliation between non-GAAP expectations and corresponding GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant

items required for the reconciliation. The items include, but are not limited to, acquisition-related expenses, restructuring expenses, asset impairments and certain and other gains and losses. These items are uncertain, depend on various factors,

and could have a material impact on U.S. GAAP reported results for the guidance period. The following statements are forward looking and actual results could differ materially depending on market conditions and the factors set forth under Safe

2018 Key Guidance Assumptions

J.P. Morgan Securities LLC served as financial advisor to Amneal Pharmaceuticals LLC in connection with the business combination, with

Latham & Watkins LLP acting as its legal advisor.

Morgan Stanley served as financial advisor to Impax, with Sullivan & Cromwell LLP and

McDermott, Will & Emery LLP acting as its legal advisors. In addition, Impax received advice from BofA Merrill Lynch.

Amneal will hold a conference call on May 7, 2018 at 8:30 a.m. Eastern Time to discuss the transaction. The call and presentation can

also be accessed via a live Webcast through the Investor Relations section of Amneal s Web site at

https://investors.amneal.com/investor-relations, or directly at https://event.on24.com/wcc/r/1627874/508FEB8742DB6A45D45E06D703CE394D. The number

to call from within the United States is (877) 356-3814 and (706) 758-0033 internationally. The conference ID is 4364429. A replay of the conference call will be

available shortly after the call for a period of seven days. To access the replay, dial (855) 859-2056 (in the U.S.) and (404) 537-3406 (international callers).

Amneal Pharmaceuticals, Inc. (NYSE: AMRX), headquartered in Bridgewater, NJ, is an integrated specialty pharmaceutical company focused on developing,

manufacturing and distributing generic, brand and biosimilar products. The Company has approximately 6,500 employees in its operations in North America, Asia, and Europe, working together to bring high-quality medicines to patients primarily within

Amneal is one of the largest and fastest growing generic pharmaceutical manufacturers in the United States, with an expanding

portfolio of generic products to include complex dosage forms in a broad range of therapeutic areas. The Company markets a portfolio of branded pharmaceutical products through its Impax Specialty Pharma division focused principally on central

nervous system disorders and parasitic infections. For more information, visit www.amneal.com.

Safe Harbor Statement

Certain statements contained herein, regarding matters that are not historical facts, may be forward-looking statements (as defined in Section 27A of the

United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking

statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with the safe harbor provisions. Such forward-looking statements include statements regarding management s

intentions, plans, beliefs, expectations or forecasts for the future. The words such as may, will, could, should, expect, plan, anticipate, intend,

believe, estimate, continue, and similar words are intended to identify estimates and forward-looking statements.

Such forward-looking statements are based on the expectations of Amneal Pharmaceuticals, Inc. ( our or the Company ) and involve risks

and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements. Such risks and uncertainties include, but are not limited to (i) our ability to integrate the operations of Amneal

Pharmaceuticals LLC ( Amneal ) and Impax Laboratories, Inc. ( Impax ) pursuant to the transactions (the Combination ) contemplated by that certain Business Combination Agreement dated as of October 17, 2017 by and

among the Company, Amneal, Impax and K2 Merger Sub Corporation as amended by Amendment No. 1, dated November 21, 2017 and Amendment No. 2 dated December 16, 2017 and our ability to realize the anticipated synergies and other

benefits of the Combination, (ii) the fact that certain of our stockholders holding over a majority of our shares may have interests different from those of our other stockholders, (iii) the transaction costs related to the Combination,

(iv) results from the public unaudited financial information of Impax and Amneal may not be indicative of the Company s future operating performance, (v) business issues faced by either Amneal or Impax may be imputed to the operations

of the Company, (vi) the impact of a separation of Impax or Amneal as a subsidiary of the Company, (vii) the change of control or early termination rights in certain of Impax s or Amneal s contracts that may be implicated by the

Combination, (viii) payments required by the Company s Tax Receivables Agreement, (ix) the impact of global economic conditions, (x) our ability to successfully develop or commercialize new products, (xi) our ability to

obtain exclusive marketing rights for our products or to introduce products on a timely basis, (xii) the competition we face in the pharmaceutical industry from brand and generic drug product companies, (xiii) our ability to manage our

growth, (xiv) the impact of competition, (xv) the illegal distribution and sale by third parties of counterfeit versions of our products or of stolen products, (xvi) market perceptions of us and the safety and quality of our products,

(xvii) the substantial portion of our total revenues derived from sales of a limited number of products, (xviii) our ability

to develop, license or acquire and introduce new products on a timely basis, (xix) the ability of our approved products to achieve expected levels of market acceptance, (xx) the risk

that we may discontinue the manufacture and distribution of certain existing products, (xxi) the impact of manufacturing or quality control problems, (xxii) product liability risks, (xxiii) risks related to changes in the regulatory

environment, including United States federal and state laws related to healthcare fraud abuse and health information privacy and security and changes in such laws, (xxiv) changes to FDA product approval requirements, (xxv) risks related to

federal regulation of arrangements between manufacturers of branded and generic products, (xxvi) the impact of healthcare reform, (xxvii) business interruptions at one of our few locations that produce the majority of our products,

(xxviii) relationships with our major customers, (xxix) the continuing trend of consolidation of certain customer groups, (xxx) our reliance on certain licenses to proprietary technologies, (xxxi) our dependence on third party

suppliers and distributors for raw materials for our products, (xxxii) the time necessary to develop generic and branded drug products, (xxxiii) our dependence on third parties for testing required for regulatory approval of our products,

(xxxiv) our dependence on third party agreements for a portion of our product offerings, (xxxv) our ability to make acquisitions of or investments in complementary businesses and products, (xxxvi) regulatory oversight in international

markets, (xxxvii) our increased exposure to tax liabilities and the impact of recent United State tax legislation, (xxxviii) third parties infringement of our intellectual property rights, (xxxix) our involvement in various

legal proceedings, (xl) increased government scrutiny related to our agreements to settle patent litigation, (xli) the impact of legal, regulatory and legislative strategies by our brand competitors, (xlii) the significant amount of

resources we expend on research and development, (xliii) our substantial amount of indebtedness, (xliv) risks inherent in conducting clinical trials, (xlv) our reporting and payment obligations under the Medicaid and other government

rebate programs, (xlvi) fluctuations in our operating results, (xlvii) adjustments to our reserves based on price adjustments and sales allowances, (xlviii) impact of impairment on our goodwill and other intangible assets,

(xlix) investigations and litigation concerning the calculation of average wholesale prices, (l) cybersecurity and data leakage risks, (li) our ability to attract and retain talented employees and consultants, (lii) uncertainties

involved in the preparation of our financial statements, (liii) impact of terrorist attacks and other acts of violence, (liv) expansion of social media platforms, (lv) our need to raise additional funds in the future, (lvi) the