IVAX ENTERS INTO AGREEMENT TO ACQUIRE THE SOLOPAK DIVISION OF SMITH & NEPHEW, INC.
IVAX ENTERS INTO AGREEMENT TO ACQUIRE THE SOLOPAK DIVISION OF SMITH & NEPHEW, INC. MIAMI, March 2 /PRNewswire/ -- IVAX Corporation (AMEX: IVX) announced today that it entered into an agreement pursuant to which a newly formed subsidiary of IVAX will acquire the Solopak Division of Smith & Nephew, Inc. for $19 million in cash. Completion of the proposed transaction is subject to, among other things, receipt of certain requisite regulatory approvals and consents of third parties. The Solopak Division is a division of Smith & Nephew, Inc., which is engaged in the business of manufacturing generic injectable drugs principally for sale to individual hospitals and hospital buying groups and manufacturing pre-filled syringe kits principally for sale to home infusion therapy companies. Commenting on the proposed acquisition, Dr. Phillip Frost, chairman of IVAX Corporation, said, "The acquisition of Solopak with its expertise in the highly specialized area of manufacturing injectable pharmaceutical products will further our goal of becoming a fully integrated pharmaceutical company capable of manufacturing all important pharmaceutical dosage forms." 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- 3/2/92 /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-SS -- FL004 -- 3785 03/02/92 09:27 EST
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|Date:||Mar 2, 1992|
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