SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): MAY 19, 1999
IVAX CORPORATION
4400 BISCAYNE BLVD. MIAMI, FLORIDA 33137
305-575-6000
Incorporated under the laws of the Commission File Number
STATE OF FLORIDA 1-09623
I.R.S. Employer Identification Number
16-1003559
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ITEM 5. OTHER EVENTS.
TENDER OFFER FOR SHARES OF GALENA A.S.
On May 19, 1999, IVAX International B.V., a wholly-owned subsidiary of
IVAX Corporation, made a tender offer pursuant to the securities laws of the
Czech Republic for all remaining publicly held shares of Galena, a.s., a
majority-owned subsidiary of IVAX International B.V. incorporated in the Czech
Republic. A copy of the press release issued by IVAX Corporation in the United
States concerning this transaction is filed as Exhibit 99.1 to this Report on
Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
99.1 Press Release of IVAX Corporation Dated May 19, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
IVAX CORPORATION
\s\ CAROL J. GILLESPIE
----------------------
Carol J. Gillespie
Senior Vice President,
General Counsel
and Secretary
Date: May 25, 1995
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EXHIBITS INDEX
EXHIBIT
NO. DESCRIPTION
- -------- -----------
99.1 Press Release of IVAX Corporation Dated May 19, 1999.
EXHIBIT 99.1
IVAX SUBSIDIARY MAKES TENDER OFFER FOR OUTSTANDING SHARES
OF GALENA, A.S.
MIAMI - May 19, 1999 - IVAX Corporation (AMEX:IVX) today announced that
its Netherlands' subsidiary, IVAX International B.V., has made a tender offer
for the 22.17% of Galena, a.s -- its subsidiary in the Czech Republic -- that it
does not presently own. The tender offer, which is binding for the period May 19
- - July 19, 1999, is priced at CZK 576 (approximately $16.35) per common share.
As of May 19, 1999, IVAX owned 77.83% of the 2.7 million outstanding shares of
Galena.
"We are making this tender offer because we believe that Galena
represents the perfect vehicle for IVAX to obtain its proper share of the
rapidly growing eastern European marketplace," commented Phillip Frost, M.D.,
chairman and chief executive officer of IVAX Corporation.
In March, Galena received approval from the Czech Ministry of Health to
market the proprietary anti-cancer drug, PAXENE(R) (paclitaxel), developed by
IVAX's Baker Norton Pharmaceuticals subsidiary, to treat AIDS-related Kaposi's
sarcoma. The product will be available for use in the Czech Republic shortly
after government pricing has been established, expected in mid-year. Galena
recently launched Easi-BreatheTM, a branded breath-activated inhalation device
developed by Norton Healthcare Limited (an IVAX subsidiary), containing the
asthma medication beclamethasone in 100 and 250 microgram doses.
Galena, a.s., one of the leading pharmaceutical companies in eastern
Europe, develops, manufactures, and markets a variety of pharmaceutical finished
products and pharmaceutical raw materials. IVAX Corporation, headquartered in
Miami, Florida, is a holding company with subsidiaries engaged in the research,
development, manufacture and marketing of branded and generic pharmaceuticals in
the U.S. and international markets.
CONTACT:
Sara L. Wilkins
Director, Investor Relations and Corporate Communications
IVAX Corporation .
305-575-6043
[email protected]
www.ivax.com
