IVAX Corp says that it is to offer up to $500 million of convertiblesenior subordinated notes, the proceeds of which will be used for acquisitions of businesses or products, R&D funding and general corporate purposes. The notes will have a 2008 maturity date and be redeemable after three years from issuance.
Major leap in first-quarter earnings
The company also noted that earnings including one-time items in the first quarter of 2001 reached $60.1 million compared with $26.7 million for the like, year-earlier period. Revenues rose 42% to $259.9 million, boosted by $50 million sales for Onxol, IVAX' generic version of Bristol-Myers Squibb's Taxol (paclitaxel).
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