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Biotech / Medical : IVAX Insider Trading -- Ignore unavailable to you. Want to Upgrade?

To: Doug who wrote (652)	5/26/1998 9:50:00 PM
From: harkenman	Read Replies (1) \| Respond to of 756

Ivax To Explore Possible Spin-Offs And Related Deals At last some common sense to build value in an undervalued company Dow Jones Newswires MIAMI -- Ivax Corp.'s (IVX) board authorized management to explore a strategic restructuring of the company's business, including possible spinoffs and related transactions. In a press release Tuesday, the company said its board approved the hiring of Schroders to assist in exploring the feasibility of an initial public offering of its Norton Healthcare unit, which is a generic drug company in the U.K. The board also authorized the hiring of Lehman Brothers to explore the possibility of an exchange offer of Norton Healthcare stock for Ivax common shares. The company said Lehman Brothers will also advise the board on possible spinoffs or other transactions involving Zenith Goldine, its U.S. generics pharmaceutical business; DVM Pharmaceuticals Inc., its veterinary products business; and Diamedix Corp., its diagnostics business. Ivax also said its board created a new unit consisting of the company's activities in oncology and its Zenith Goldline business. Ivax named David R. Bethune chairman and chief executive of the new unit. Bethune had been the company's president and chief operating officer. The company said the new unit will initially focus on maximizing opportunities for its Paxene product, and particularly in obtaining regulatory approval of the product for the treatment of Kaposi's sarcoma. Ivax also named Neil W. Flanzraich vice chairman and president. Flanzraich, who is currently an Ivax director, is a former senior vice president and general counsel of Syntex Corp. Ivax also said it changed its name to IVX BioSciences to reflect its focus on proprietary pharmaceuticals. The name change is subject to shareholder approval. Ivax is a holding company with core units that research, develop, make and market generic and branded pharmaceuticals.