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IVAX ENTERS INTO AGREEMENT TO ACQUIRE WILLEN DRUG COMPANY

IVAX ENTERS INTO AGREEMENT TO ACQUIRE WILLEN DRUG COMPANY
 MIAMI, Dec. 4 /PRNewswire/ -- IVAX Corporation (AMEX: IVX) announced today that it entered into an agreement to acquire all of the outstanding capital stock of Willen Drug Company for shares of IVAX common stock having a value equal to $11 million based on a weighted average closing price of the IVAX common stock. Completion of the proposed transaction is subject to the approval of the board of directors of IVAX and registration with the Securities and Exchange Commission of the IVAX common stock proposed to be issued in connection with the transaction.
 Willen is a privately owned corporation engaged in the manufacturing and marketing of prescription and over-the-counter urological pharmaceutical products. Willen's principal products are Bicitra(R), Polycitra(R), Polycitra(R)-K and Neutra-Phos(R). Bicitra, Polycitra and Polycitra-K are prescription drugs used for the treatment and prevention of uric acid, cystine and mixed calcium-uric acid stones. Neutra-Phos(R) is an OTC product useful for treating calcium kidney stones. Based on unaudited financial information provided by Willen, Willen had net income from operations of approximately $545,300 and $359,100 and sales of approximately $2.9 million and $2.2. million for the year ended Dec. 31, 1990 and the nine months ended Sept. 30, 1991, respectively. As of Sept. 30, 1991, Willen had total assets of approximately $961,300, no long-term debt and stockholders' equity of approximately $494,000
 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; Best Generics, Inc., a national distributor of off-patent pharmaceuticals in the United States; Baker Cummins Dermatologicals, Inc., a dermatological products company owned 50 percent by Baker Cummins Pharmaceuticals and 50 percent by Union Carbide Corporation; 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- 12/4/91
 /CONTACT: Richard C. Pfenniger Jr., senior vice president, legal affairs of IVAX Corporation, 305-590-2309/
 (IVX) CO: IVAX Corporation ST: Florida IN: MTC SU: TNM


JJ -- FL010 -- 9245 12/04/91 13:27 EST
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Publication:PR Newswire
Date:Dec 4, 1991
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