IVAX Revises Offer for Polfa Kutno
Miami - US-based IVAX Corp., Miami, revised its offer to acquire the shares of Kutnowskie Zaklady Farmaceutyczne Polfa SA (“Polfa Kutno”) in late April. IVAX intends to buy, in exchange for IVAX stock, up to 100%, but not less than 75% of the shares of the Polish pharmaceutical company, which is listed on the Warsaw Stock Exchange, for a price of PLN340 ($84.77) per share. The IVAX shares may be in the form of common stock or Polish depositary receipts (“PDRs”), representing shares in the common stock of IVAX, and would be listed on the Warsaw Stock Exchange. IVAX has also entered into a Letter of Intent for commercial collaboration with Polfa Kutno.
The Polish pharma company produces and sells prescription and over-the-counter (“OTC”) products and is considered to be one of Poland's leading pharmaceutical companies. Its revenues for 2003 exceeded PLN245 million ($61.1 million), with net profit of over PLN30 million ($7.48 million). “IVAX, having had a positive experience with our own small company in Poland, is eager to increase our presence in this important and growing market, the largest in Central Europe. Our existing Polish Company, IVAX Poland, would be merged with Polfa Kutno. Our experience indicates that the high level of professional talent there provides a basis for making our Polish business a valuable member of the IVAX family”, commented Phillip Frost, MD, IVAX Corporation chairman and chief executive officer.
IVAX has also agreed to support Polfa Kutno's efforts to acquire shares of Jelfa S.A., another of Poland's leading pharmaceutical companies, from the State Trea-sury.