IVAX ripe for takeover?
Shares in US generic drugmaker IVAX Corp have been climbing amidspeculation that it could be a target for acquisition. Reuters reports that the firm might fetch as much as $30 per share in a buyout, valuing the company at more than $6 billion. IVAX has about 200 million shares outstanding.
Potential buyers being mentioned include Israel's Teva Pharmaceutical Industries, which has been active on the acquistion trail over the past few years and could be interested in assuming IVAX' significant presences in Eastern European and Latin American markets. Buying a well-established US company would also seem to be an attractive proposition.
It is debatable as to whether any major pharmaceutical players would be interested in acquiring IVAX. Raymond James & Associates analyst Mike Krensavage said: "I don't think it makes any sense for big drugmakers to get into generics. They've already tried and failed.".
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