Knoll And Ivax Set Up Euro Generics JV

Germany's Knoll AG and USA-based Ivax Corp are setting up an equally-owned joint venture company, to be known as Knoll-Norton GmbH, to develop their generic drug businesses in Europe. A letter of intent for such a move was signed last year (Marketletter October 31, 1994).

Commenting on the thinking behind the deal, Ivax chairman and chief executive Philip Frost said: "as a market leader for generics in the US and British markets, we were looking for a partner who is well-established on the continent. Penetrating the German market is one of our priorities." Through its Norton Healthcare subsidiary, which has a generics portfolio of some 150 products, Ivax claims to be the largest manufacturer and marketer of generics in the UK.

The contribution to the joint venture of Knoll, itself a subsidiary of chemicals major BASF, is affiliate BASF Generics GmbH and the registration package it acquired last year. BASF Generics was set up in the fall of 1994 and started operating in Germany at the beginning of this year. The unit was also strengthened at end-1994 by the acquisition of the German generics company Sagitta.