IVAX ENTERS INTO AGREEMENT TO ACQUIRE FLORI ROBERTS, INC.
IVAX ENTERS INTO AGREEMENT TO ACQUIRE FLORI ROBERTS, INC. MIAMI, July 2 /PRNewswire/ -- IVAX Corporation (AMEX: IVX) announced
today that it entered into an agreement to acquire Flori Roberts, Inc. The purchase price will be $20 million, payable $15 million in cash and the remainder in shares of IVAX common stock, based on the average closing price of the stock for a period of time prior to the closing. As part of the transaction, IVAX also proposes to acquire a 30,000- square-foot facility currently leased by Flori Roberts for $2 million to be paid in shares of IVAX stock.
Flori Roberts, which is based in Lakewood, N.J., is engaged in the business of formulating, packaging, marketing and distributing skin care and cosmetic products. It markets a line of cosmetics for dark-skinned women under the name Flori Roberts(R); a unique line of makeup designed to conceal skin blemishes under the name "Dermablend(R)" Corrective Cosmetics; and a line of cosmetics for women of all skin types under the name Glamatone(R). For the 12 months ended Dec. 31, 1991, Flori Roberts had net revenues of $17.2 million, income before taxes of $1.8 million, and net income of $1.1 million. For the three months ended March 31, 1992, Flori Roberts had net revenues of $4.9 million, income before taxes of $1.1 million, and net income of $641,000. Commenting on the acquisition, Dr. Phillip Frost, chairman of IVAX, stated, "Together with Baker Cummins Dermatologicals, a well established company marketing the X-Seb(R) Plus line of anti-dandruff shampoos and the Aquaderm(R) line of moisturizers, Flori Roberts will help create a broader based line of skin care products to be promoted through dermatologists and other channels." Dr. Richard Wildnauer, who recently came to Baker Cummins Dermatologicals from Johnson and Johnson Corporation where he was the director of new business development for the skin care group, will head the new, enlarged group. Douglas Roberts, presently with Flori Roberts, Inc. will become the chief operating officer of the new skin care products group. Consummation of the acquisition is subject to, among other things, the receipt of regulatory approval and the effectiveness of a registration statement relating to the IVAX shares to be issued in the acquisition. 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; 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- 7/2/92 /CONTACT: Richard C. Pfenniger Jr., senior vice president of legal affairs of IVAX Corporation, 305-590-2309/ (IVX) CO: IVAX Corporation; Flori Roberts, Inc. ST: Florida, New Jersey IN: MTC SU: TNM
AW-JJ -- FL001 -- 6023 07/02/92 08:57 EDT
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|Date:||Jul 2, 1992|
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