IMPAX
LABORATORIES,INC.
[graphic omitted: logo]




Company Contacts:                       Investor Relations Contacts:
IMPAX Laboratories, Inc.                Lippert/Heilshorn & Associates, Inc.
Barry R. Edwards, Co-CEO                Kim Sutton Golodetz (kgolodetz@lhai.com)
(215) 289-2220, Ext. 1771               (212) 838-3777
Larry Hsu, Ph.D. President              Bruce Voss (bvoss@lhai.com)
(510) 476-2000, Ext. 1111               (310) 691-7100
Cornel C. Spiegler, CFO                 www.lhai.com
(215) 289-2220, Ext. 1706
www.impaxlabs.com


            IMPAX SIGNS AGREEMENT WITH ANDRX AND TEVA FOR GENERIC
                FORMULATIONS OF WELLBUTRIN(R)SR AND ZYBAN(R)

HAYWARD, Calif (July 31, 2003) - IMPAX Laboratories, Inc. (NASDAQ NM: IPXL)
announced today that it has entered into an exclusivity transfer agreement with
Andrx Corporation (NASDAQ:ADRX) and a subsidiary of Teva Pharmaceutical
Industries Ltd. (NASDAQ:TEVA) pertaining to pending Abbreviated New Drug
Applications (ANDAs) for bioequivalent versions of Wellbutrin(R) SR and Zyban(R)
(Bupropion Hydrochloride) 100 mg and 150 mg Extended Release Tablets filed by
Andrx, as well as by the Company. Pursuant to the Company's existing strategic
alliance agreement with Teva, Teva has U.S. marketing rights to IMPAX's versions
of these products. Wellbutrin SR and Zyban, marketed by GlaxoSmithKline, had
U.S. sales of over $1.7 billion for the twelve-month period ended May 31, 2003
according to NDCHealth.

The parties believe that the Andrx ANDAs for the products are entitled, under
the Hatch-Waxman Act, to a 180-day period of marketing exclusivity. Under the
exclusivity transfer agreement, Andrx will continue to seek approval of its
ANDAs. The agreement provides, among other things, that if Andrx is unable to
launch its own products within a defined period of time, and IMPAX is able to
market its products, Andrx will enable IMPAX to launch its own products through
Teva, with the parties sharing certain payments with Andrx relating to the sale
of the products for a 180 day period. Should Andrx launch its own products prior
to the Impax product launch, it will share with IMPAX certain payments for a 180
day period.

"We are pleased that our technology has enabled us to provide patients
affordable alternatives to both Wellbutrin SR and Zyban," said Barry R. Edwards,
Co-Chief Executive Officer of IMPAX. "This agreement with Andrx and Teva
provides us with an opportunity to bring our products to the market earlier than
would be possible alone."

Andrx and IMPAX have both obtained favorable summary judgment decisions that
their formulations of  the  products  do  not  infringe  GlaxoSmithKline's
patents. GlaxoSmithKline, however, has appealed both decisions.




The transactions that are contemplated by the exclusivity transfer agreement are
subject to all necessary government approvals.

IMPAX has 20 applications pending at the FDA, including three tentatively
approved that address approximately $6.2 billion in U.S. branded product sales
for the twelve months ended May 31, 2003. Fifteen of these filings were made
under Paragraph IV of the Hatch-Waxman Amendments.


"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995:
To the extent any statements made in this news release contain information that
is not historical, these statements are forward-looking in nature and express
the beliefs and expectations of management. Such statements are based on current
expectations and involve a number of known and unknown risks and uncertainties
that could cause Impax's future results, performance or achievements to differ
significantly from the results, performance or achievements expressed or implied
by such forward-looking statements. Such risks and uncertainties include, but
are not limited to, Impax's ability to obtain sufficient capital to fund its
operations, the difficulty of predicting FDA filings and approvals, consumer
acceptance and demand for new pharmaceutical products, the impact of competitive
products and pricing, Impax's ability to successfully develop and commercialize
pharmaceutical products, Impax's reliance on key strategic alliances, the
uncertainty of patent litigation, the availability of raw materials, the
regulatory environment, dependence on patent and other protection for innovative
products, exposure to product liability claims, fluctuations in operating
results and other risks detailed from time to time in Impax's filings with the
Securities and Exchange Commission. Forward-looking statements speak only as to
the date on which they are made, and Impax undertakes no obligation to update
publicly or revise any forward-looking statement, regardless of whether new
information becomes available, future developments occur or otherwise.




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