Impax Laboratories Up 6.4% After Deal With GlaxoSmithKline (IPXL, GSK)

Shares of Impax Laboratories, Inc. IPXL are trading up 6.4% at $20.85 per share during the Thursday afternoon trading session. The company announced early on Thursday morning that it had reached an agreement with GlaxoSmithKline PLC GSK, in which Impax Laboratories will receive an $11.5 million upfront payment, potential payments of up to $175 million and double-digit royalty payments on GlaxoSmithKline sales of Impax Labs' IPX066, which is used for the treatment of Parkinson's Disease. The day's range for shares of Impax Laboratories, Inc has been between $19.64 and $21.27 per share. The average price target of analysts who cover Impax Laboratories, Inc. (IPXL) is $20.14 per share. Volume of 1 million shares is already well above the daily average volume of 644,000 shares. Impax Laboratories, Inc is a technology based specialty pharmaceutical company applying its formulation expertise and drug delivery technology to the development of controlled-release and specialty generics in addition to the development of branded products. Read more from Benzinga's Company news.