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IVAX FORMS JOINT VENTURE WITH CHINESE PHARMACEUTICAL FACTORY

 IVAX FORMS JOINT VENTURE WITH CHINESE PHARMACEUTICAL FACTORY
 MIAMI, Oct. 26 /PRNewswire/ -- IVAX Corporation (AMEX: IVX) announced today the formation of Kunming Baker Norton Pharmaceutical Co., Ltd., a joint venture between a subsidiary of IVAX and the Kunming Pharmaceutical Factory in Yunan, China. IVAX had previously announced the execution of a letter of intent with Kunming Factory. The official ceremonies, held in Yunan, China, were attended by representatives of the Peoples Republic of China, the Kunming Factory and IVAX.
 IVAX contributed approximately $2.1 million to the joint venture, one half in cash and one half in technology. Kunming Factory contributed a recently completed pharmaceutical factory and certain pharmaceutical products. Prior to its contribution to the joint venture, the Kunming Factory had annual sales of approximately $7 million and was profitable. Each joint venture partner owns 50 percent of the joint venture company.
 The joint venture will produce and market a range of immediate and controlled release tablets and capsules, as well as a line of pediatric and dermatological products. Presently, all products are made for domestic consumption in China. In the future, the joint venture expects to market additional products for export from China.
 Commenting on the formation of the joint venture, Phillip Frost, M.D., chairman of IVAX, stated that "together with our joint venture with the National Institute of Pharmaceutical Research and Development in Beijing, China, the Kunming joint venture furthers IVAX' goal of participating in the expanding pharmaceutical markets of China and neighboring countries."
 IVAX Corporation is a holding company with subsidiaries involved in specialty chemicals, pharmaceuticals and medical diagnostics. IVAX' principal subsidiaries include Baker Norton 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; LuChem Pharmaceuticals, Inc., a manufacturer of off- patent pharmaceuticals in the United States; 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; Flori Roberts, Inc., a skin care and cosmetics 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- 10/26/92
 /CONTACT: Phillip Frost, M.D., chairman and chief executive officer of IVAX Corporation, 305-590-2309/
 (IVX) CO: IVAX Corporation; Kunming Pharmaceutical Factory ST: Florida IN: MTC SU: JVN


JB-AW -- FL008 -- 4862 10/26/92 13:48 EST
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Publication:PR Newswire
Date:Oct 26, 1992
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