IVAX To Make Offer To Buy Polish Pharma Co Polfa Kutno; IVAX Also Enters Into Letter Of Intent For Comml Collaboration With Polfa Kutno
DOW JONES NEWSWIRES
April 13, 2004 2:51 p.m.
MIAMI -- Ivax Corp. (IVX) plans to make a stock-for-stock offer for Kutnowskie Zaklady Farmaceutyczne Polfa S.A., a Polish pharmaceutical company which is listed on the Warsaw Stock Exchange.
In a press release Tuesday, Ivax said it will value the shares at about $79.49 each if holders tender 75% to 92% of the their stock in the company, which is also known as Polfa Kutno.
The pharmaceutical holding company agreed to raise the price to about $83.33 a share if more than 92% of the shares are tendered.
At the end of 2003, Polfa Kutno, which makes and sells both prescription and over-the-counter products, had about 1.8 million shares outstanding.
Ivax has agreed to support Polfa Kutno's efforts to acquire shares of Jelfa S.A., another pharmaceutical company in Poland, and has signed a letter of intent for commercial collaboration with Polfa Kutno.
For the year ended Dec. 31, Ivax earned about $121.3 million, or 61 cents a share, on revenue of $1.42 billion.
American Stock Exchange-listed shares of Ivax traded as high as $24.87 earlier Tuesday and changed hands at a 52-week high of $26.85 on Jan. 27. Ivax shares hit a 52-week low of $12.82 April 14, 2003.
Company Web site: ivax.com |
