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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b),(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. 4)*
Impax Laboratories, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
45256B101
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(CUSIP Number)
December 14, 1999
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is being filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 45256B101 13G Page 2 of 5 Pages
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1 NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY).
Frederick R. Adler
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
153,995 shares - See Item 4(a)
NUMBER OF
SHARES ----------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 0
EACH
REPORTING
PERSON ----------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
153,995 shares - See Item 4(a)
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8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
729,345 (*) - See Item 4(a)
(*) 575,350 of these shares may be deemed to be beneficially owned for
federal securities laws purposes by Frederick R. Adler, as a result of
such shares being held by the Frederick R. Adler Intangible Asset
Management Trust.
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.9% (**) - See Item 4(a)
(**) Excluding the shares held by the Frederick R. Adler Intangible Asset
Management Trust, the Reporting Person would beneficially own 0.6% of the
outstanding Common Stock.
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12 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT
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CUSIP No. 45256B101 13G Page 3 of 5 Pages
Item 1. (a) Name of Issuer:
Impax Laboratories, Inc.
(b) Address of Issuer's Principal Executive Offices:
30831 Huntwood Avenue
Hayward, CA 94544
Item 2. (a) Name of Person Filing:
Frederick R. Adler
(b) Address of Principal Business Office:
c/o Venad Management, Inc.
1520 South Ocean Boulevard
Palm Beach, Florida 33480
(c) Citizenship:
Mr. Adler is a citizen of the United States
(d) Title of Class of Securities:
Common Stock, par value $.01
(e) CUSIP Number:
45256B101
Item 3. Not Applicable
Item 4. Ownership.
(a) Amount beneficially owned:
The 729,345 shares of Common Stock beneficially owned by the
Reporting Person includes 17,500 shares of Common Stock
issuable upon exercise of a currently exercisable warrant,
136,495 shares held by 1520 Partners, Ltd., a limited
partnership of which the Reporting Person is the general
partner and 575,350 shares of Common Stock held by the
Frederick R. Adler Intangible Asset Management Trust (the
"Trust").
Mr. Adler may be deemed to beneficially own the shares of
Common Stock held by the Trust for federal securities laws
purposes. Mr. Adler disclaims beneficial ownership of the
shares of Common Stock held by the Trust for purposes of
Section 13 of the Securities Exchange Act of 1934 and for all
other purposes.
(b) Percent of class:
See Item 11 of the cover page attached hereto and
Item 4(a) above.
(c) Number of shares as to which the person has:
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CUSIP No. 45256B101 13G Page 4 of 5 Pages
(i) Sole power to vote or to direct the vote:
See Item 5 of the cover page attached hereto and
Item 4(a) above.
(ii) Shared power to vote or to direct the vote:
See Item 6 of the cover page attached hereto.
(iii) Sole power to dispose or to direct the disposition of:
See Item 7 of the cover page attached hereto and Item
4(a) above.
(iv) Shared power to dispose or to direct the disposition of:
See Item 8 of the cover page attached hereto.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following:[x]. (The decrease in
percentage of beneficial ownership of the reporting person is
a result of the merger of Global Pharmaceutical Corporation
and Impax Pharmaceuticals, Inc. on December 14, 1999, pursuant
to which the shareholders of Impax Pharmaceuticals, Inc. were
issued approximately 16,904,114 shares of common stock of the
combined company and 170,000 shares of preferred stock of the
combined company, initially convertible into 11,341,651 shares
of common stock of the combined company. Global Pharmaceutical
Corporation was the legal survivor of the merger, and in
connection therewith changed its name to Impax Laboratories,
Inc.)
Item 6. Ownership of More Than Five Percent on Behalf of Another
Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary which
Acquired the Security Being Reported on By the Parent Holding
Company.
Not Applicable
Item 8. Identification and Classification of Members of the Group.
Not Applicable
Item 9. Notice of Dissolution of Group.
Not Applicable
Item 10. Certification.
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the
securities and were not acquired and are not held in
connection with or as a participant in any transaction having
that purpose or effect.
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CUSIP No. 45256B101 13G Page 5 of 5 Pages
Signature.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date: February 18, 2000
By: /s/ Frederick R. Adler
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Frederick R. Adler
