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IVAX ENTERS INTO AGREEMENT TO ACQUIRE LUCHEM PHARMACEUTICALS

 IVAX ENTERS INTO AGREEMENT TO ACQUIRE LUCHEM PHARMACEUTICALS
 MIAMI, May 20 /PRNewswire/ -- IVAX Corporation (AMEX: IVX) announced today that it entered into an agreement to acquire LuChem Pharmaceuticals, Inc. The purchase price will be approximately $20.6 million, payable in shares of IVAX common stock. The number of IVAX common shares to be issued in the merger will be between approximately 676,600 and 915,400, depending on the average closing price of the stock for a period prior to closing.
 LuChem, which is based in Shreveport, La., is engaged principally in the business of developing, manufacturing and selling generic pharmaceutical products. For the 12 months ended Oct. 31, 1991, LuChem had net revenues of $14.6 million, income before taxes of $3.2 million, and net income of $2.1 million. For the three months ended Jan. 31, 1992, LuChem had net revenues of $6.6 million, income before taxes of $1.5 million, and net income of $940,000.
 Consummation of the acquisition is subject to, among other things, the receipt of regulatory approval, the effectiveness of a registration statement relating to the IVAX shares to be issued in the acquisition, the approval of LuChem's shareholders, and confirmation that the acquisition qualifies for pooling of interest accounting treatment.
 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- 5/20/92
 /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


JJ-AW -- FL006 -- 2215 05/20/92 09:35 EDT
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Publication:PR Newswire
Date:May 20, 1992
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