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Executive Summary

IVAX ACQUIRING UROLOGICAL PRODUCTS FIRM WILLENS DRUG FOR $ 11 MIL. under a definitive agreement announced Dec. 4. Ivax had announced a letter of intent agreement under the same terms on Sept. 24. Ivax will acquire all outstanding common stock of the privately-held Willen Drug Company for shares of Ivax common equal in value to $ 11 mil. The transaction is subject to, among other conditions, registration with the Securities & Exchange Commission of the Ivax stock to be issued in the deal. Baltimore-based Willen markets the prescription urological products Bicitra, Polycitra and Polycitra-K for the "treatment and prevention of uric acid, cystine and mixed calcium-uric acids stones," and the OTC product Neutra-Phos for "treating calcium kidney stones," Ivax said. The Willen's product line should mesh well will Elmiron and Incystene, drugs in development by Ivax' Medical Marketing Specialties subsidiary for the treatment of interstitial cystitis. Based on unaudited data, Willen's 1990 net income from operations was $ 545,300 on sales of approximately $ 2.9 mil. Through nine months of 1991, sales are $ 2.2 mil. with operating earnings of $ 359,100, Ivax reported. Willen's total assets were $ 961,300 as of Sept. 30. The company carries no long-term debt and stockholders' equity of $ 494,000. Willen's operating management will remain intact after the acquisition, which Ivax hopes to close before year-end. Willen's principals are Barry Willen, who oversees production and administration, and Joseph Weiner, who handles marketing and sales. The company has approximately 12 employees. Willen's majority stockholders are the brothers Harry and Louis Eisenberg, who will be consultants post-acquisition. The Willen's deal is Ivax' third this year, along with the proposed acquisitions of the generic drug firm Goldline and the transdermal drug R&D firm Noven for a total of $ 80 mil. combined in Ivax newly-issued stock ("The Pink Sheet" Sept. 23, p. 18). Ivax is still negotiating on the Goldline deal and hopes to consummate the acquisition by year-end, the company said. The Noven deal, a $ 47 mil. pooling of interests, was aborted in October due to a determination that it would not satisfy the pooling of interest accounting treatment ("The Pink Sheet" Oct. 28, In Brief). Ivax recently raised through a private offering $ 110.5 mil. aggregate principal amount of its 6.5% convertible subordinated notes. The notes mature on Nov. 15, 2001 and are convertible into Ivax common stock at $ 31.75 per share. Ivax said the proceeds will be used to retire debt, for working capital and for possible acquisitions.

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