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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
(X) Check this box if no longer subject to Section 16. Form 4 or
Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person
Kingdon Capital Management, LLC
152 West 57th Street
New York, New York 10019
2. Issuer Name and Ticker or Trading Symbol
Global Pharmaceutical Corporation (GLPC) (now doing
business as Impax Laboratories, Inc. (IPXL))
3. IRS Number of Reporting Person (Voluntary)
4. Statement for Month/Year
12/99
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s)to Issuer (Check all
applicable)
( ) Director (X) 10% Owner ( ) Officer (give title below)
( ) Other (specify below)
7. Individual or Joint/Group Filing (check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED,
DISPOSED OF, OR BENEFICIALLY OWNED
<S> <C> <C> <C> <C> <C> <C>
1. Title of Security| 2. Transaction| 3. Transaction| 4. Securities | 5. Amount of | 6. Ownership |7. Nature of |
(Instr. 3) | Date | Code | Acquired (A) | Securities | Form: | Indirect |
| | (Instr. 8) | or Disposed | Beneficially | Direct (D) | Beneficial|
| (Month/ | | of (D) | Owned at End | or Indirect| Ownership |
| Day/ | | (Instr. 3,4, | of Month | (I) | (Instr. 4)|
| Year) | | and 5) | (Instr. 3 and 4)| (Instr. 4) | |
| | | | |(A) or| | | | |
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| | Code | V | Amount|(D) |Price| | | |
_________________________________________________________________________________________________________________________________
Common 12/15/99 J+ 1,129,412*+ I By M. Kingdon
Offshore NV**
Common 12/15/99 J+ 376,471*+ I By Kingdon
Associates,
L.P.**
Common 12/15/99 J+ 376,470*+ I By Kingdon
Partners,
L.P.**
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
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<TABLE>
<CAPTION>
TABLE II -- DERIVATIVE SECURITIES ACQUIRED,
DISPOSED OF, OR BENEFICIALLY OWNED
<S> <C> <C> <C> <C> <C> <C>
1. Title of | 2. Conver- | 3. Trans- | 4. Trans- | 5. Number of | 6. Date Exer- | 7. Title and Amount |
Derivative | sion or | action | action | Derivative | cisable and | of Underlying |
Security | Exercise | Date | Code | Securities | Expiration | Securities |
(Instr. 3) | Price of | (Month/ | (Instr. | Acquired | Date | (Instr. 3 and 4) |
| Deri- | Date/ | 8) | (A) or | (Month/Day/ | |
| vative | Year) | | Disposed of | Year) | |
| Security | | | (D) (Instr. | | |
| | | | 3, 4 and 5) | | |
| | |____________|_________________|___________________|_____________________|
| | | | | | | | | | |
| | | | | | | Date | Expira- | | Amount or |
| | | | | | | Exer- | tion | | Number of |
| | | Code | V | (A) | (D) | cisable | Date | Title | Shares |
___________________|_____________|____________|______|_____|________|________|_________|_________|________|____________|
| | | | | | | | | | |
l l l l l l l l l l l
</TABLE>
<TABLE>
<S> <C> <C> <C>
| 8. Price of | 9. Number of | 10. Ownership | 11. Nature of |
| Derivative | derivative | Form of | Indirect |
| Security | Securities | Derivative | Beneficial |
| (Instr. 5) | Benefi- | Security | Ownership |
| | cially | Direct (D) | (Instr. 4) |
| | Owned at | or Indirect | |
| | End of | (I) (Instr. | |
| | Month | 4) | |
| | (Instr. 4) | | |
</TABLE>
Explanation of Responses:
* The Reporting Person disclaims beneficial ownership of these
securities except to the extent of its pecuniary interest
therein.
** The Reporting Person has voting or investment control over
shares held by these entities.
+ The shares represent securities held by the Reporting Person
in Impax Laboratories, Inc. pursuant to a merger of Impax
Pharmaceutical, Inc. into Global Pharmaceutical Corporation
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("Global") effective December 15, 1999 and the subsequent name
change by Global to Impax Laboratories, Inc.
KINGDON CAPITAL
MANAGEMENT, LLC
/s/ Peter J. Cobos December 30, 1999
__________________________ _________________
Name: Peter J. Cobos
Title: Chief Financial
Officer
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See U.S.C. 1001 and 15 U.S.C.
78ff(a).
Note: File three copies of this Form, one of which must be
manually signed. If space is sufficient, see Instruction 6 for
procedure.
<PAGE>
CONFIRMING STATEMENT
This Statement confirms that the undersigned, M. Kingdon
Offshore NV, has authorized and designated Kingdon Capital
Management, LLC to execute and file on the undersigned's behalf
all Forms 3, 4, and 5 (including any amendments thereto) that the
undersigned may be required to file with the U.S. Securities and
Exchange Commission as a result of the undersigned's ownership of
or transactions in securities of Global Pharmaceutical
Corporation. The authority of Kingdon Capital Management, LLC
under this Statement shall continue until the undersigned is no
longer required to file Forms 3, 4, and 5 with regard to the
undersigned's ownership of or transactions in securities of
Global Pharmaceutical Corporation unless earlier revoked in
writing. The undersigned acknowledges that Kingdon Capital
Management, LLC is not assuming any of the undersigned's
responsibilities to comply with Section 16 of the Securities
Exchange Act of 1934.
Date: December 30, 1999
M. KINGDON OFFSHORE NV
By: Kingdon Capital Management, LLC,
Investment Manager
/s/ Peter J. Cobos
__________________
By: Peter J. Cobos
Title: Chief Financial Officer
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CONFIRMING STATEMENT
This Statement confirms that the undersigned, Kingdon
Associates, L.P., has authorized and designated Kingdon Capital
Management, LLC to execute and file on the undersigned's behalf
all Forms 3, 4, and 5 (including any amendments thereto) that the
undersigned may be required to file with the U.S. Securities and
Exchange Commission as a result of the undersigned's ownership of
or transactions in securities of Global Pharmaceutical
Corporation. The authority of Kingdon Capital Management, LLC
under this Statement shall continue until the undersigned is no
longer required to file Forms 3, 4, and 5 with regard to the
undersigned's ownership of or transactions in securities of
Global Pharmaceutical Corporation unless earlier revoked in
writing. The undersigned acknowledges that Kingdon Capital
Management, LLC is not assuming any of the undersigned's
responsibilities to comply with Section 16 of the Securities
Exchange Act of 1934.
Date: December 30, 1999
KINGDON ASSOCIATES, L.P.
By: Kingdon Capital Management, LLC,
General Partner
/s/ Peter J. Cobos
__________________
By: Peter J. Cobos
Title: Chief Financial Officer
<PAGE>
CONFIRMING STATEMENT
This Statement confirms that the undersigned, Kingdon
Partners, L.P., has authorized and designated Kingdon Capital
Management, LLC to execute and file on the undersigned's behalf
all Forms 3, 4, and 5 (including any amendments thereto) that the
undersigned may be required to file with the U.S. Securities and
Exchange Commission as a result of the undersigned's ownership of
or transactions in securities of Global Pharmaceutical
Corporation. The authority of Kingdon Capital Management, LLC
under this Statement shall continue until the undersigned is no
longer required to file Forms 3, 4, and 5 with regard to the
undersigned's ownership of or transactions in securities of
Global Pharmaceutical Corporation unless earlier revoked in
writing. The undersigned acknowledges that Kingdon Capital
Management, LLC is not assuming any of the undersigned's
responsibilities to comply with Section 16 of the Securities
Exchange Act of 1934.
Date: December 30, 1999
KINGDON PARTNERS, L.P.
By: Kingdon Capital Management, LLC,
General Partner
/s/ Peter J. Cobos
__________________
By: Peter J. Cobos
Title: Chief Financial Officer
<PAGE>
Joint Filer Information
Name: M. Kingdon Offshore NV
Kingdon Associates, L.P.
Kingdon Partners, L.P.
Address: c/o Kingdon Capital Management, LLC
152 West 57th Street
New York, New York 10019
Designated Filer: Kingdon Capital Management, LLC
Issuer & Ticker
Symbol: Global Pharmaceutical Corporation (GLPC)
(now doing business as Impax
Laboratories, Inc. (IPXL))
Signature: M. KINGDON OFFSHORE NV
By: Kingdon Capital Management, LLC,
Investment Manager
/s/ Peter J. Cobos
__________________
By: Peter J. Cobos
Title: Chief Financial Officer
KINGDON ASSOCIATES, L.P.
By: Kingdon Capital Management, LLC,
General Partner
/s/ Peter J. Cobos
__________________
By: Peter J. Cobos
Title: Chief Financial Officer
KINGDON PARTNERS, L.P.
By: Kingdon Capital Management, LLC,
General Partner
/s/ Peter J. Cobos
__________________
By: Peter J. Cobos
Title: Chief Financial Officer
48400002.AO5
