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Ivax Acquires ChemSource, Manufacturer Of Active Pharmaceutical Ingredients
Acquisition Of API Manufacturing Business In Puerto Rico Furthers Expansion And Vertical Integration.
January 27, 2003
MIAMI -- IVAX Corporation (AMEX:IVX)(LSE:IVX.L) today announced that it has acquired ChemSource Corporation in Puerto Rico from Chemo Iberica, S.A. and Quimica Sintetica S.A. ChemSource develops, manufactures and sells active pharmaceutical ingredients (APIs) for various pharmaceutical products, including many products currently being sold or under development by IVAX. ChemSource is a 170,000 square foot facility on 45 acres in Puerto Rico. The API products manufactured at the acquired facility complement those now manufactured at IVAX' facility in the Czech Republic.
"This acquisition represents an important expansion of our API manufacturing capabilities and furthers our goal of achieving vertical integration by providing us with additional capacity and expertise to manufacture the active ingredients utilized in pharmaceutical products," said Phillip Frost, M.D., chairman and chief executive officer of IVAX.
IVAX Corporation, headquartered in Miami, Florida, discovers, develops, manufactures, and markets branded and brand equivalent (generic) pharmaceuticals and veterinary products in the U.S. and internationally.
CONTACT: IVAX Corporation Jim Whitlow, 305/575-6043 Director/Investor Relations & Corporate Communications.