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IVAX COMPLETES ACQUISITION OF CERTAIN ASSETS OF THE U.K. GENERIC PHARMACEUTICAL OPERATIONS OF MEDEVA PLC

 IVAX COMPLETES ACQUISITION OF CERTAIN ASSETS
 OF THE U.K. GENERIC PHARMACEUTICAL OPERATIONS OF MEDEVA PLC
 MIAMI, Nov. 4 /PRNewswire/ -- IVAX Corporation (AMEX: IVX) announced today that its wholly owned subsidiary, Norton Healthcare Limited, completed the previously announced acquisition of certain assets of the U.K. generic pharmaceutical operations of Medeva PLC. Approximately one-half of the approximately $37 million purchase price was paid at closing, with the remainder to be paid in installments during the 12 months following the closing.
 Medeva, through its Evans-Kerfoot division, is one of the leading generic pharmaceutical manufacturers and distributors in the U.K., with sales of approximately $53 million for the year ended Dec. 31, 1991. Medeva determined to divest this business to concentrate on its strength in the specialty branded pharmaceuticals market.
 The acquisition included, among other things, most of Medeva's existing inventory of generic products; a manufacturing plant and office building consisting of approximately 81,000 square feet of space on 29 acres near London; certain product licenses; an antibiotics business; and the rights to the "Kerfoot" name and trademarks, which name has been used in the U.K. pharmaceutical industry for over 140 years.
 IVAX Corporation is a holding company with subsidiaries involved in specialty chemicals, pharmaceuticals and medical diagnostics. IVAX' principal subsidiaries include Baker Norton 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; LuChem Pharmaceuticals, Inc., a manufacturer of off- patent pharmaceuticals in the United States; 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; Flori Roberts, Inc., a skin care and cosmetics 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- 11/4/92
 /CONTACT: Richard C. Pfenniger Jr., senior vice president -- legal affairs, of IVAX Corporation, 305-590-2309/
 (IVX) CO: IVAX Corporation; Norton Healthcare Limited; Medeva PLC ST: Florida IN: MTC SU: TNM


JJ-JB -- FL010 -- 2376 11/04/92 10:10 EST
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Publication:PR Newswire
Date:Nov 4, 1992
Words:370
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