IVX very acquisitive lately! 16.06 +.16 Tuesday April 2, 9:23 am Eastern Time
Press Release
SOURCE: IVAX Corporation
IVAX Acquires Pharmaceutical Business in France
MIAMI--(BUSINESS WIRE)--April 2, 2002--IVAX Corporation (AMEX:IVX - news; LSE:IVX.L) announced today it has entered into an agreement to acquire substantially all of the products comprising the generic pharmaceutical business of Merck & Co., Inc.'s (NYSE:MRK - news) Merck Sharp & Dohme subsidiary in France. The transaction is subject to the transfer by the Agence Francaise de Securite Sanitaire des Produits de Sante of the applicable marketing authorizations to IVAX' French subsidiary.
``As we continue to expand our global pharmaceutical business, this transaction will provide us with an immediate generic product line in France and a mechanism to leverage these distribution channels to introduce our other current and future pharmaceutical products. France is a large pharmaceutical market and the government has indicated its desire to expand the use of generic drugs. We believe this marketplace represents a significant growth opportunity for IVAX and will allow us to capitalize on our experience as a leading worldwide generic drug company and a growing proprietary drug company,'' said Neil Flanzraich, vice chairman and president of IVAX Corporation.
IVAX will market these products through its subsidiary, IVAX-France, established last year to market pharmaceutical products in this country, including various asthma drugs in the company's proprietary inhalers. Recently, IVAX launched in France the asthma drug bechlomethasone in its patented, breath-activated Easi-Breathe® inhaler using an environmentally friendly HFA propellant. It is being marketed under the trade name Ecobec.
IVAX Corporation, headquartered in Miami, Florida, is engaged in the research, development, manufacturing, and marketing of branded and brand equivalent (generic) pharmaceuticals and veterinary products in the U.S. and international markets.
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