IVAX Divests McGaw To Braun In Effort To Refocus
In the firm's first major step to refocus on its core pharmaceuticalbusinesses, IVAX of the USA is divesting its subsidiary McGaw, which develops, manufactures and markets intravenous solutions and related products. The unit is being acquired by Braun of America, a US subsidiary of the German company B Braun Melsungen AG.
The sale is made up of three components. Braun will pay $320 million in cash, it will also make additional payments over a period of years to a total of $80 million, and IVAX will receive royalties and other payments based on McGaw and Braun's commercialization of the Duplex drug delivery system, which is being developed for intravenous drugs that have limited stability after mixing.
The deal marks the start of refocusing at IVAX since its most recent attempt to merge with Bergen Brunswick fell through (Marketletters passim).
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