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Biotech / Medical : IVX: IVAX Corporation

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To: Jim Oravetz who wrote (51)	6/8/2004 12:48:19 PM
From: Jim Oravetz	Read Replies (1) of 78

IVAX Acquires Peruvian Pharmaceutical Co DOW JONES NEWSWIRES June 4, 2004 2:39 p.m. MIAMI -- Ivax Corp. (IVX) acquired Peruvian pharmaceutical company Medco, a maker of branded over-the-counter and prescription products, as well as generic prescription drugs. Financial terms weren't disclosed. Ivax, which makes branded and generic pharmaceuticals and veterinary products, said in a press release Friday that combining Lima-based Medco with its existing operations in Peru will create the fourth-largest company in the area's growing pharmaceutical market. The acquisition will permit further integration of Ivax's business units throughout the region and other parts of the world, the company said. Ivax expects the Peruvian business will be a growing contributor to its earnings. A company spokesman wasn't immediately available to provide further comment on the expectation. For 2003, Ivax reported total revenue of $1.42 billion, with Latin American revenue rising 10% to $251.9 million. American Stock Exchange-listed shares of Ivax recently traded at $23.57, up 22 cents, or 0.9%.

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