- --------------------------------
FORM 4
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|_| CHECK THIS BOX IF NO LONGER
SUBJECT TO SECTION 16. FORM 4
OR FORM 5 OBLIGATIONS MAY
CONTINUE. SEE INSTRUCTION 1(B).
(Print or Type Responses)
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the
Investment Company Act of 1940
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1. Name and Address of Reporting Person** 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person(s)
to Issuer (Check all applicable)
ROBERT FLEMING, INC. IMPAX LABORATORIES, INC. (IPXL)
- ---------------------------------------------------------------------------------------------
Director X 10% Owner
--- ---
(Last) (First) (Middle) 3. IRS Identification 4. Statement for Officer (give Other (specify
Number of Reporting Month/Year --- title below) --- below)
Person, if an Entity March 2000
320 PARK AVENUE, 11TH FLOOR (Voluntary)
- ----------------------------------------------- ------------------------------------------------------------
(Street) 5. If Amendment, 7. Individual or Joint/Group Filing
Date of (Check Applicable Line)
Original(Month/Year) Form filed by one Reporting Person
NEW YORK NY 10022 May 1999 ---
X Form filed by more than one
--- Reporting Person
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(City) (State) (Zip)
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TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action or Disposed of (D) Securities ship of In-
Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 8) Owned at Direct Bene-
(Month/ End of (D) or ficial
Day/ Month Indirect Owner-
Year) (Instr. 3 and 4) (I) ship
(Instr. 4) (Instr. 4)
-------------------------------------------
(A) or
Code V Amount (D) Price
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
Page 1 of 7
<PAGE>
<TABLE>
<CAPTION>
FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
(Print or Type Responses)
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<S> <C> <C> <C> <C> <C> <C> <C>
1. Title of 2. 3. Tran- 4. Transac- 5. Number of 6. Date Exer- 7. Title and Amount of 8. Price
Derivative Conver- saction tion Derivative Securities cisable and Ex- Underlying Securities of
Security sion Date Code Acquired (A) or piration Date (Instr. 3 and 4) Derivative
(Instr. 3) or (Month/ (Instr.8) Disposed of (D) (Month/Day/ Security
Exercise Day/ (Instr. 3, 4, and 5) Year) (Instr. 5)
Price of Year)
Deriv-
ative
Security
---------------------------------------------------------
Date Expira- Title Amount or
Exer- tion Number of
cisable Date Shares
-------------------------------------
Code V (A) (D)
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Series 2 $5.00 3/23/00 J(1) 75,000 Immed. 3/31/2005 Common 1,500,000 (2)
Convertible per share Stock
Preferred
Stock
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- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
9. Number of 10.Owner- 11. Nature
Derivative ship of Indirect
Securities Form of Beneficial
Beneficially Derivative Ownership
Owned at End Security: (Instr. 4)
of Month Direct (D) or
(Instr. 4) Indirect (I)
(Instr.4)
- --------------------------------------------------
75,000 (1) (1)
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- --------------------------------------------------
<FN>
Explanation of Responses:
(1) Fleming US Discovery Fund III, L.P. ("US Fund") purchased 64,637 shares of
Series 2 Convertible Preferred Stock, which are currently convertible into
1,292,740 shares of Common Stock (in addition to the (x) 43,093 shares of
Series 1-A Convertible Preferred Stock it already owned and (y) 538,662
warrants to purchase shares of Common Stock it already owned). Fleming US
Discovery Offshore Fund III, L.P. ("Offshore Fund") purchased 10,363
shares of Series 2 Convertible Preferred Stock, which are currently
convertible into 207,260 shares of Common Stock (in addition to the (x)
6,907 shares of Series 1-A Convertible Preferred Stock it already owned
and (y) 86,338 warrants to purchase shares of Common Stock it already
owned). Fleming US Discovery Partners, L.P. ("Fleming Partners") is the
general partner of the US Fund and a general partner of the Offshore Fund,
and thus may be deemed to have an indirect beneficial ownership in these
securities. Fleming Partners disclaims beneficial ownership of such
securities except to the extent of its pecuniary interest therein. Fleming
US Discovery, LLC ("Discovery") is the general partner of Fleming
Partners, and thus may be deemed to have an indirect beneficial ownership
in these securities. Discovery disclaims beneficial ownership of such
securities except to the extent of its pecuniary interest therein. Robert
Fleming, Inc. ("RFI") is the investment adviser to US Fund and Offshore
Fund, and thus may be deemed to have an indirect beneficial ownership in
these securities. RFI disclaims beneficial ownership of such securities
except to the extent of its pecuniary interest therein. Robert Fleming
Holdings, Ltd. ("RFH") is the parent of RFI, and thus may be deemed to
have an indirect beneficial ownership in these securities. RFH disclaims
beneficial ownership of such securities except to the extent of its
pecuniary interest therein.
(2) The US Fund purchased its Series 2 Convertible Preferred Stock that it
acquired on the Transaction Date for an aggregate purchase price of
$6,463,700. The Offshore Fund purchased its Series 2 Convertible Preferred
Stock that it acquired on the Transaction Date for an aggregate purchase
price of $1,036,300.
</FN>
</TABLE>
ROBERT FLEMING, INC.
**Intentional misstatements or
omissions of facts
constitute Federal
Criminal Violations.
SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). By: /s/ Arthur A. Levy
-------------------------------
**Signature of Reporting Person
Arthur A. Levy, Director
4/7/00
-------------------------------
Date
NOTE. File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, SEE Instruction 6 for procedure.
Page 2 of 7
<PAGE>
Joint Filer Information
Name: FLEMING US DISCOVERY FUND III, L.P.
Address: 320 Park Avenue, 11th Floor
New York, NY 10022
Designated Filer: Robert Fleming, Inc.
Issuer & Ticker Symbol: Impax Laboratories, Inc. (IPXL)
Date of Event
Requiring Statement: 3/23/00
Signature: FLEMING US DISCOVERY FUND III, L.P.
By: Fleming US Discovery Partners, L.P.,
its general partner
By: Fleming US Discovery, LLC, its
general partner
By: /s/ Robert L. Burr
-----------------------------
Robert L. Burr, Member
Page 3 of 7
<PAGE>
Joint Filer Information
Name: FLEMING US DISCOVERY OFFSHORE FUND III, L.P.
Address: c/o Bank of Bermuda, Ltd,
6 Front St
Hamilton HM 11 Bermuda
Designated Filer: Robert Fleming, Inc.
Issuer & Ticker Symbol: Impax Laboratories, Inc. (IPXL)
Date of Event
Requiring Statement: 3/23/00
Signature: FLEMING US DISCOVERY OFFSHORE FUND III, L.P.
By: Fleming US Discovery Partners, L.P.,
its general partner
By: Fleming US Discovery, LLC, its
general partner
By: /s/ Robert L. Burr
-----------------------------
Robert L. Burr, Member
Page 4 of 7
<PAGE>
Joint Filer Information
Name: FLEMING US DISCOVERY PARTNERS, L.P.
Address: 320 Park Avenue, 11th Floor
New York, NY 10022
Designated Filer: Robert Fleming, Inc.
Issuer & Ticker Symbol: Impax Laboratories, Inc. (IPXL)
Date of Event
Requiring Statement: 3/23/00
Signature: FLEMING US DISCOVERY PARTNERS, L.P.
By: Fleming US Discovery, LLC, its
general partner
By: /s/ Robert L. Burr
-----------------------------
Robert L. Burr, Member
Page 5 of 7
<PAGE>
Joint Filer Information
Name: FLEMING US DISCOVERY, LLC
Address: 320 Park Avenue, 11th Floor
New York, NY 10022
Designated Filer: Robert Fleming, Inc.
Issuer & Ticker Symbol: Impax Laboratories, Inc. (IPXL)
Date of Event
Requiring Statement: 3/23/00
Signature: FLEMING US DISCOVERY, LLC
By: /s/ Robert L. Burr
-----------------------------
Robert L. Burr, Member
Page 6 of 7
<PAGE>
Joint Filer Information
Name: ROBERT FLEMING HOLDINGS, LTD.
Address: 25 Copthall Avenue
London EC2B 7PQ, England
Designated Filer: Robert Fleming, Inc.
Issuer & Ticker Symbol: Impax Laboratories, Inc. (IPXL)
Date of Event
Requiring Statement: 3/23/00
Signature: ROBERT FLEMING HOLDINGS, LTD.
By: /s/ Arthur A. Levy
-----------------------------
Arthur A. Levy, Director
