Ivax

Company is acquiring 60% of the Czech pharmaceutical firm Galena under an agreement with the National Property Fund of the Czech Republic announced July 6. Ivax will pay $12 mil. in cash to the fund and another $2 mil. to Galena. Ivax also will contribute licenses to certain developmental drug products as well as $6.6 mil. in equipment. Ivax says the agreement will give it access to Eastern European markets and also cited Galena's pharmaceutical raw material production facilities. Galena produces bulk cyclosporine, Ivax noted, and markets a finished dose version of the product in several countries where Sandoz does not have patent protection. Galena's sales in 1993 were $49 mil. with $2.5 mil. in profits