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Biotech / Medical : IVAX, Generic Giant

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To: John J. Frawley who wrote (206)	5/31/1997 4:41:00 PM
From: Mark A. Stang	Read Replies (1) of 212

"Smart Money" Prediction re: McGaw sale-- June 1997 Smart Money article profiled Ivax with story "A Drug Maker Stirs From Its Sickbed". In the story, Hemant Shah of HKS & Co. opined that Ivax's assets are worth $22/share, with $3.40/share attributable to McGaw. $3.40/share X 121 million shares outstanding = $411 million. The sale to Braun, $320 million in June and $80 million deferred, is not too far off the mark. With this infusion of cash, Ivax can be more aggressive in pricing its other divestitures. In Smart Money, Shah said that the "time frame is imminent" for Ivax to return to the 20's.

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