Latin American Expansion By Ivax

IVAX Corporation of the USA has acquired all the capital stock of three affiliated pharmaceutical companies conducting business in Argentina and Uruguay in exchange for 1,490,909 shares of IVAX common stock. Elvetium and Alet Laboratorios are both based in Buenos Aires, Argentina, and the Uruguay acquisition is Elvetium, based in Montevideo.

"With the acquisition of the Elvetium group of companies we have established an effective presence in two important and attractive South American markets," commented Phillip Frost, chairman and chief executive of IVAX. "In a broader sense, we have acquired a sound foundation for expansion throughout the South American continent." Global expansion is a primary component in Ivax' growth strategy, he said.