IVAX ACQUIRES DVM PHARMACEUTICALS, INC.
IVAX ACQUIRES DVM PHARMACEUTICALS, INC. MIAMI, April 1 /PRNewswire/ -- IVAX Corporation (AMEX: IVX)
announced today that it completed the acquisition of DVM Pharmaceuticals, Inc. IVAX acquired DVM in exchange for approximately 575,000 shares of IVAX common stock, valued at $20 million (based on the average closing price for a period of time preceding the closing).
DVM is a Miami-based company engaged in the formulation, manufacture and distribution of various veterinary products, including agents for the treatment of skin disorders, ectoparasitic infections, and the promotion and wound healing. Some of DVM's significant products include Derm Caps(TM), SynerKyl(TM) and BioDres(TM). For the year ended Dec. 31, 1991, DVM had net sales of $8.2 million, income before taxes of $1.2 million, and after-tax income of $769,000. Commenting of the acquisition, Dr. Phillip Frost, chairman of IVAX Corporation, stated "DVM is a strategically important acquisition that provides us with direct access to the veterinary products market. We have had an interest in veterinary medicine for some time, and believe that several of our pharmaceutical products may have important veterinary applications." 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; Best Generics, Inc., a national distributor of off-patent pharmaceuticals in the United States; Baker Cummins Dermatologicals, Inc., a dermatological 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- 1/31/92 /CONTACT: Richard C. Pfenniger Jr., senior vice president of legal affairs of IVAX Corporation, 305-590-2309/ (IVX) CO: IVAX Corporation ST: Florida IN: MTC SU: TNM
SS-JB -- FL001 -- 3734 04/01/92 09:00 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Apr 1, 1992|
|Previous Article:||NUTMEG ANNOUNCES EXECUTION OF LETTER OF INTENT TO ACQUIRE LEXINGTON FABRICS|
|Next Article:||NEW TEST WILL AID IN THE DIAGNOSIS OF ALZHEIMER'S DISEASE, SAYS RESEARCH REPORT FROM SIBIA AND THE UNIVERSITY OF CALIFORNIA, IRVINE|