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IVAX ENTERS INTO AGREEMENT TO ACQUIRE CERTAIN ASSETS OF THE U.K. GENERIC PHARMACEUTICAL OPERATIONS OF MEDEVA PLC

 IVAX ENTERS INTO AGREEMENT TO ACQUIRE CERTAIN ASSETS
 OF THE U.K. GENERIC PHARMACEUTICAL OPERATIONS OF MEDEVA PLC
 MIAMI, Oct. 14 /PRNewswire/ -- IVAX Corporation (AMEX: IVX) announced today that its wholly owned subsidiary, Norton Healthcare Limited, entered into an agreement to acquire certain assets of the U.K. generic pharmaceutical operations of Medeva PLC. The purchase price of approximately $40 million, will be paid one-half in cash at closing and one-half in installments during the 12 months following the closing. The closing is expected to occur in November, 1992.
 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 certain assets of this business to concentrate on its strength in the specialty and branded pharmaceuticals market.
 The acquisition will include, 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 future rights to the "Kerfoot" name and trademarks, which name has been used in the U.K. pharmaceutical industry for over 140 years.
 Commenting on the acquisition, Isaac Kaye, IVAX' Deputy Chief Executive Officer and Norton's Chief Executive Officer, stated, "This acquisition will strengthen Norton's role in the U.K. pharmaceutical industry and will solidify its position as the leading manufacturer and distributor of generic pharmaceutical products in the U.K., giving Norton immediate access to important new channels of distribution." Kaye further commented, "We believe the acquisition will also assist Norton in achieving the critical mass needed to fulfill its long term objectives of establishing a significant presence in the growing European generic business. We have already expanded production capacity at a number of our sites and this latest acquisition will provide the further resources needed to achieve our long term objectives."
 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- 10/14/92
 /CONTACT: Richard C. Pfenniger Jr., senior vice president of 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 -- FL001 -- 9662 10/14/92 07:59 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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