Post by Moses on Jul 25, 2005 21:38:54 GMT -5
Posted on Mon, Jul. 25, 2005
Miami drugmaker IVAX is sold to Israeli company Teva
BY JOHN DORSCHNER
jdorschner@herald.com
An Israeli pharmaceutical company is acquiring IVAX, South Florida's largest drug maker, in a deal worth $7.4 billion, the two companies announced Monday morning.
Teva Pharmaceutical Industries, a global generics firm based in Jerusalem, has offered to pay either $26 in cash for share of each share of IVAX stock or convert it into 0.8471 shares of Tevas.
IVAX closed Friday at $22.88. Its shares hit $26 in early trading Monday.
IVAX's management team has agreed to vote the 19 percent of shares it owns in favor of the deal, which must be approved by shareholders.
''I don't consider myself a seller in this situation,'' said Phillip Frost, IVAX's chief executive in a web conference call Monday morning. ``I am exchanging my shares in such a way as to strengthen my investment.''
Teva Chief Executive Israel Makov said, ``This is a truly exciting day for TEVA. IVAX, like TEVA, has been a pioneer in its strategies for globalization and growth. Bringing our two companies together will vastly enhance our leadership position in the global generic industry. The combination of our two complementary businesses will allow TEVA to expand and strengthen our global generic and branded businesses with additional products, a deeper pipeline, and a wider presence in new therapeutic areas and growth markets.''
Makov said he anticipated that the merger will result in $150 million in cost savings over the next two years. IVAX has about 11,000 employees operating out of 40 companies.
The deal is expected to close in late 2005 or early 2006.
© 2005 Herald.com and wire service sources. All Rights Reserved.
www.miami.com
Miami drugmaker IVAX is sold to Israeli company Teva
BY JOHN DORSCHNER
jdorschner@herald.com
An Israeli pharmaceutical company is acquiring IVAX, South Florida's largest drug maker, in a deal worth $7.4 billion, the two companies announced Monday morning.
Teva Pharmaceutical Industries, a global generics firm based in Jerusalem, has offered to pay either $26 in cash for share of each share of IVAX stock or convert it into 0.8471 shares of Tevas.
IVAX closed Friday at $22.88. Its shares hit $26 in early trading Monday.
IVAX's management team has agreed to vote the 19 percent of shares it owns in favor of the deal, which must be approved by shareholders.
''I don't consider myself a seller in this situation,'' said Phillip Frost, IVAX's chief executive in a web conference call Monday morning. ``I am exchanging my shares in such a way as to strengthen my investment.''
Teva Chief Executive Israel Makov said, ``This is a truly exciting day for TEVA. IVAX, like TEVA, has been a pioneer in its strategies for globalization and growth. Bringing our two companies together will vastly enhance our leadership position in the global generic industry. The combination of our two complementary businesses will allow TEVA to expand and strengthen our global generic and branded businesses with additional products, a deeper pipeline, and a wider presence in new therapeutic areas and growth markets.''
Makov said he anticipated that the merger will result in $150 million in cost savings over the next two years. IVAX has about 11,000 employees operating out of 40 companies.
The deal is expected to close in late 2005 or early 2006.
© 2005 Herald.com and wire service sources. All Rights Reserved.
www.miami.com