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IVAX ACQUIRES WAVERLY PHARMACEUTICAL LIMITED

 IVAX ACQUIRES WAVERLY PHARMACEUTICAL LIMITED
 MIAMI, April 16 /PRNewswire/ -- IVAX Corporation (AMEX: IVX)


announced today that it completed the acquisition of Waverly Pharmaceutical Limited. IVAX acquired Waverly in exchange for 1,221,380 shares of IVAX common stock, valued at approximately $39.5 million based on the closing price of IVAX common stock as of April 15, 1992.
 Waverly, a United Kingdom company based in Runcorn, England, is the only contract manufacturer of "blow-fill-seal" ("BFS") pharmaceutical products in the United Kingdom and one of the largest manufacturers of BFS products in the world. This technology enables plastic containers to be blow molded, filled with sterile products such as contact lens solutions, unit dose eye drops, solutions for injection or irrigation and unit dose vials for nebulization to treat respiratory problems and sealed in a continuous automated operation within a sealed machine. This process provides preservative-free sterile products at a low cost.
 For the year ended Dec. 31, 1991, Waverly had total revenues of approximately $15.8 million, operating income before interest expense of approximately $870,000 and a loss after interest expense of approximately $440,000.
 While most of Waverly's revenues have previously resulted from contract manufacturing of BFS products for large healthcare companies, Waverly currently manufactures and distributes certain products under the Steripak brand name, including injectables and various solutions for irrigation. Waverly is well-positioned to expand the Steripak line of branded products.
 IVAX Corporation is a holding company with subsidiaries involved in specialty chemicals, pharmaceuticals and medical diagnostics. IVAX' principal subsidiaries include Baker Cummins Pharmaceuticals, Inc., a developer and marketer of unique brand name pharmaceuticals; Norton Healthcare Limited, a leading manufacturer and marketer of off-patent pharmaceuticals in the United Kingdom, Ireland and other countries; Goldline Laboratories, Inc., a national marketer of off-patent prescription and over the counter pharmaceuticals in the United States; Baker Cummins Dermatologicals, Inc., a dermatological products company; Willen Drug Company, a urological products company; DVM Pharmaceuticals Inc., a veterinary products company; Diamedix Corporation, a medical diagnostics company; Delta Biologicals S.r.l., a marketer of medical diagnostic tests and instruments in Italy; and IVAX Industries, Inc., a chemical specialties business.
 -0- 4/16/92
 /CONTACT: Richard C. Pfenniger Jr., senior vice president of legal affairs of IVAX Corporation, 305-590-2309/
 (IVX) CO: IVAX Corporation; Waverly Pharmaceutical Limited ST: Florida IN: MTC SU: TNM


AW-JB -- FL003 -- 9148 04/16/92 09:53 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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