SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 17)*
IVAX CORPORATION
(Name of Issuer)
COMMON STOCK, $.10 PAR VALUE
(Title of Class of Securities)
465823102
(Cusip Number)
RICHARD C. PFENNIGER, JR. 4400 BISCAYNE BOULEVARD, MIAMI, FL 33137
(305) 575-6000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
MARCH 20, 1997
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of the Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filed out for a reporting person's
initial on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures
provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on following page(s))
Page 1 of 11
<PAGE>
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CUSIP NO. 465823102 13D PAGE 2 OF 11
- -------------------------------- ----------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PHILLIP FROST, M.D.
SS# ###-##-####
- --------------------------------------------------------------------------------
2 Check the appropriate Box if a Member of a Group (a)[X}
(b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFI- ----------------------------------------------------
CIALLY 8 SHARED VOTING POWER
OWNED BY 15,484,384
EACH
REPORTING ----------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
15,484,384
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,484,384
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
<PAGE>
- ---------------------------------- --------------------------
CUSIP NO. 465823102 13D PAGE 3 OF 11
- ---------------------------------- --------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FROST-NEVADA, LIMITED PARTNERSHIP
IRS I.D. #59-2749083
- --------------------------------------------------------------------------------
2 Check the appropriate Box if a Member of a Group (a)[X]
[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEVADA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFI- ----------------------------------------------------
CIALLY 8 SHARED VOTING POWER
OWNED BY 15,484,384
EACH
REPORTING ----------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
15,484,384
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,484,384
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP NO. 465823102 13D PAGE 4 OF 11
- ----------------------------------- -------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FROST-NEVADA CORPORATION
IRS I.D. #59-274-9057
- --------------------------------------------------------------------------------
2 Check the appropriate Box if a Member of a Group (a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEVADA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFI- ----------------------------------------------------
CIALLY 8 SHARED VOTING POWER
OWNED BY 15,484,384
EACH
REPORTING ----------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
15,484,384
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,484,384
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
<PAGE>
Item 1. SECURITY AND ISSUER.
This is Amendment No. 17 to the Schedule 13D previously filed
by Phillip Frost, M.D., Frost-Nevada, Limited Partnership (the "Partnership"),
Frost-Nevada Corporation and Patricia Frost (collectively, the "Reporting
Persons"), with respect to Common Stock, $.10 par value (the "Shares"), of IVAX
Corporation (the "Issuer"). The principal executive officers of the Issuer are
located at 4400 Biscayne Boulevard, Miami, Florida, 33137-3227. Information
regarding each of the Reporting Persons is set forth in Amendment No. 15 to the
Schedule 13D previously filed by the Reporting Persons.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 is amended in its entirety and restated as follows:
AMOUNT OF SHARES PERCENTAGE
NAME BENEFICIALLY OWNED CLASS*
---- ------------------ ----------
Phillip Frost, M.D. 15,484,384** 12.7%
Frost-Nevada Corporation 15,484,384** 12.7%
Frost-Nevada, Limited 15,484,384** 12.7%
Partnership
Patricia Frost 163,034*** 0.1%
- ----------------------------
* Based on 121,792,115 Shares consisting of 121,482,617 Shares
outstanding as of March 20, 1997, as reported on the Issuer's Annual
Report on Form 10-K for the year ended December 31, 1996 and assumes
(i) the exercise by Phillip Frost, M.D. of options to purchase 293,750
Shares and (ii) the conversion by the Partnership of $500,000 in
principal amount of the Issuer's 6 1/2% Subordinated Convertible Notes
due in 2001 into 15,748 Shares.
** These Shares are owned of record by one or more of such Reporting
Persons. As the sole limited partner of the Partnership and the sole
shareholder, a director and an officer of Frost-Nevada Corporation, the
general partner of the Partnership, Dr. Frost may be deemed a
beneficial owner of the Shares. Record ownership of the Shares may be
transferred from time to time among any or all of Dr. Frost, the
Partnership and Frost-Nevada Corporation. Accordingly, solely for
purposes of reporting beneficial ownership of the Shares pursuant to
section 13(d) under the Securities Exchange Act of 1934, as amended,
each of Dr. Frost, the Partnership and Frost-Nevada Corporation will be
deemed to be the beneficial owner of Shares held by any of them.
*** These Shares are owned of record by Patricia Frost. Dr. Frost
disclaims beneficial ownership of these Shares.
The Partnership shares the power to vote or dispose of the
Shares beneficially owned by it with Frost-Nevada Corporation and Dr. Frost.
Frost-Nevada Corporation, in its capacity as the general partner of the
Partnership, has the power to vote or direct the vote of these Shares or to
dispose or direct the disposition of these Shares for the Partnership.
Frost-Nevada Corporation will be deemed the beneficial owner of the Shares owned
by the Partnership by virtue of this relationship to the Partnership. Dr. Frost,
in his capacity as the sole shareholder, a director and an officer of
Frost-Nevada Corporation, the general partner of the Partnership, will be deemed
the beneficial owner of all Shares owned by the
Page 5 of 11
<PAGE>
Partnership by virtue of his power to vote or direct the vote of the Shares or
to dispose or direct the disposition of the Shares owned by the Partnership.
Other than as reported on Exhibit 2 attached hereto, none of
the Reporting Persons has engaged in any transaction involving Shares of the
Issuer since the date of the last statement filed by the Reporting Persons.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Item 6 is amended and supplemented as follows:
On March 20, 1997, Bergen Brunswig Corporation, a New Jersey
corporation ("Bergen") unilaterally terminated the Agreement and Plan of Merger,
dated as of November 10, 1996, between, among others, the Issuer and Bergen (the
"Agreement"). The Reporting Persons believe that Bergen's termination of the
Agreement caused the Voting Agreement (the "Voting Agreement"), dated as of
November 10, 1996, among Bergen, the Partnership and Dr. Frost, pursuant to
which the Partnership and Dr. Frost had each agreed to vote their respective
Shares in favor of the transactions contemplated by the Agreement and against
certain other matters relating to the Issuer, to terminate in accordance with
its terms, on March 20, 1997.
In connection with the termination, Bergen filed a lawsuit against the
Issuer on March 21, 1997, in the United States District Court for the Southern
District of New York alleging, among other things, various breaches of the
Agreement. The Reporting Persons do not believe that Bergen had a legal right to
terminate the Agreement.
Page 6 of 11
<PAGE>
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Joint Filing Agreement.
2. Description of transactions in the Issuer's Shares by Phillip
Frost, M.D.
3. Power of Attorney granted to Phillip Frost, M.D. by Neil
Flanzraich, previously filed with the Securities and Exchange
Commission.
Page 7 of 11
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of the undersigned's knowledge
and belief, the undersigned certify that the information set forth in this
Statement is true, complete and correct.
/S/ PHILLIP FROST, M.D.
--------------------------------------
Date: March 27, 1997 Phillip Frost, M.D.
FROST-NEVADA, LIMITED
PARTNERSHIP
*
--------------------------------------
Date: March 27, 1997 Neil Flanzraich
President of Frost-Nevada Corporation,
General Partner
FROST-NEVADA CORPORATION
*
--------------------------------------
Date: March 27, 1997 Neil Flanzraich
President
/S/ PATRICIA FROST
--------------------------------------
Date: March 27, 1997 Patricia Frost
*By/S/ PHILLIP FROST, M.D.
----------------------------------
Phillip Frost, M.D.
(Attorney-in-fact pursuant
to Power of Attorney)
Page 8 of 11
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
1. Joint Filing Agreement.
2. Description of transactions in the Issuer's Shares by Phillip
Frost, M.D.
3. Power of Attorney granted to Phillip Frost, M.D. by Neil
Flanzraich, previously filed with the Securities and Exchange
Commission.
Page 9 of 11
EXHIBIT 1
The undersigned hereby agree that this Amendment to the Schedule 13D
filed by us with respect to the Common Stock of IVAX Corporation is filed on
behalf of each of us.
/S/ PHILLIP FROST, M.D.
--------------------------------------
Date: March 27, 1997 Phillip Frost, M.D.
FROST-NEVADA, LIMITED
PARTNERSHIP
*
--------------------------------------
Date: March 27, 1997 Neil Flanzraich
President of Frost-Nevada Corporation,
General Partner
FROST-NEVADA CORPORATION
*
--------------------------------------
Date: March 27, 1997 Neil Flanzraich
President
/S/ PATRICIA FROST
--------------------------------------
Date: March 27, 1997 Patricia Frost
*By /S/ PHILLIP FROST, M.D.
--------------------------------
Phillip Frost, M.D.
(Attorney-in-fact pursuant
to Power of Attorney)
Page 10 of 11
EXHIBIT 2
Set forth below is a summary of acquisitions of beneficial ownership in
the Shares of the Issuer by Phillip Frost, M.D., effected from November 21, 1996
through the date of this Amendment No. 17. These acquisitions consist of the
vesting of options previously granted to Dr. Frost pursuant to the Issuer's
stock option plans.
VESTING NUMBER OF SHARES EXERCISE PRICE TYPE OF
DATE SUBJECT TO OPTION PER SHARE TRANSACTION
- ------- ----------------- -------------- -----------
2/19/97 50,000 $21.13 Vesting of Options
2/21/97 18,750 $26.75 Vesting of Options
2/24/97 18,750 $20.625 Vesting of Options
2/25/97 12,500 $34.875 Vesting of Options
Page 11 of 11
