Impax Labs resolves FDA warning letter; shares up 12%

• The market's up move notwithstanding, shares of Impax Laboratories (IPXL +11.6%) head north on almost double normal volume in response to its announcement that it has successfully addressed all the issues cited in the FDA's May 2011 warning letter related to its Hayward, CA manufacturing facility. The regulator's written confirmation that all items have been adequately addressed followed its re-inspection of the Hayward site last year.
• The company intends to accelerate certain spending initiatives during the remainder of this year to prepare the site for product approvals and launches of new products produced there.