BW2536 JUN 21,2001 17:33 PACIFIC 20:33 EASTERN
( BW)(FL-IVAX)(IVX) IVAX Reports Progress in Tender Offer for
Laboratorio Chile S.A.
Business Editors/Health & Medical Writers
MIAMI--(BUSINESS WIRE)--June 21, 2001--IVAX (AMEX:IVX):
Due Diligence Condition Satisfied; Other Conditions Remain,
Including 67% of Shares Must be Tendered
Before Shareholders Meeting Tomorrow
IVAX (AMEX:IVX) said today progress has been made on its pending
tender offer in the United States (the "U.S. Offer") and the pending
tender offer in Chile (the "Chilean Offer") for all of the outstanding
shares and American Depositary Shares (ADSs) of Laboratorio Chile S.A.
IVAX announced that it had completed its due diligence review of
Laboratorio Chile, and as a result of such review, the due diligence
condition set forth in Section 15(d) of the U.S. Offer to Purchase and
Section 7 (b)4 of the Chilean prospectus has been satisfied.
IVAX cautions that other important conditions to the offer remain,
including that at least 67% of the outstanding Shares (including
Shares represented by the ADSs) shall have been tendered into the
offer before the Company's Shareholders Meeting, which has been
scheduled for 4:00 PM, June 22, 2001. Therefore, IVAX strongly
encourages all holders of Shares and/or ADSs to instruct their bank or
broker to tender their Shares and/or ADSs as soon as possible.
Except for the due diligence condition, which has been satisfied,
the terms and conditions of IVAX' U.S. Offer and concurrent Chilean
Offer remain in effect and unmodified.
IVAX Corporation, headquartered in Miami, Florida, is engaged in
the research, development, manufacturing, and marketing of branded and
brand equivalent pharmaceuticals and veterinary and diagnostic
products in the U.S. and international markets.
Except for the historical matters contained herein, statements in
this press release are forward-looking. Investors are cautioned that
forward-looking statements involve risks and uncertainties that may
affect IVAX' business and prospects, including the risks that the
remaining conditions for the successful completion of the tender offer
for Laboratorio Chile may not be satisfied; that upon completion of
the tender offer IVAX may not be able to integrate the operations of
Laboratorio Chile without significant capital expenditures or other
costs; that IVAX may not realize the anticipated benefits of the
acquisition of Laboratorio Chile; that if the tender offer is
completed that risks will arise from the operation of Laboratorio
Chile; and other factors discussed in the Company's Annual Report on
form 10K and other filings with the Securities and Exchange
Commission.
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CONTACT: IVAX Corporation, Miami
Tabitha H. Licea, 305/575-6043
http://www.ivax.com
KEYWORD: FLORIDA CHILE INTERNATIONAL LATIN AMERICA
INDUSTRY KEYWORD: PHARMACEUTICAL MEDICAL