Ivax Diagnostics (AMEX:IVX)
Historical Stock Chart
From Jun 2019 to Jun 2024
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) and
IVAX Corporation (AMEX: IVX) announced that, at separate shareholder
meetings held earlier today, their shareholders overwhelmingly
approved the respective proposals submitted to them relating to the
acquisition of IVAX by Teva. In excess of 98% of both the Teva shares
and the IVAX shares voting voted in favor of the transaction.
"We are pleased with the overwhelming support demonstrated by both
Teva and IVAX shareholders in approving the merger and thereby
endorsing our strategic vision for the combined company. We look
forward to completing the transaction, as we work to obtain the
requisite antitrust approvals as expeditiously as possible," stated
Israel Makov, Teva's President and Chief Executive Officer.
Commenting on the vote, Dr. Phillip Frost, Chairman and Chief
Executive Officer of IVAX, stated, "I am pleased the IVAX shareholders
voted overwhelmingly to approve the merger with Teva. IVAX and Teva
are two strong organizations with successful track records. We look
forward to the success of the combined organizations."
As previously announced, the companies continue to expect that the
transaction will close in late 2005 or early 2006.
About Teva
Teva Pharmaceutical Industries Ltd., headquartered in Israel, is
among the top 20 pharmaceutical companies and among the largest
generic pharmaceutical companies in the world. The company develops,
manufactures and markets generic and innovative human pharmaceuticals
and active pharmaceutical ingredients. Close to 90% of Teva's sales
are in North America and Europe.
About IVAX
IVAX Corporation, headquartered in Miami, Florida, discovers,
develops, manufactures, and markets branded and brand equivalent
(generic) pharmaceuticals and veterinary products in the U.S. and
internationally.
Safe Harbor Statement under the U.S. Private Securities Litigation
Reform Act of 1995:
The statements, analyses and other information contained herein
relating to the proposed merger and the contingencies and
uncertainties to which Teva and IVAX may be subject, as well as other
statements including words such as "anticipate," "believe," "plan,"
"estimate," "expect," "intend," "will," "should," "may" and other
similar expressions, are "forward-looking statements" under the
Private Securities Litigation Reform Act of 1995. Such statements are
made based upon management's current expectations and beliefs
concerning future events and their potential effects on the company.
Actual results may differ materially from the results anticipated
in these forward-looking statements. Important factors that could
cause or contribute to such differences include whether and when the
proposed acquisition will be consummated and the terms of any
conditions imposed in connection with such closing, including any
required divestitures in connection with obtaining antitrust
approvals, Teva's ability to rapidly integrate IVAX's operations and
achieve expected synergies, diversion of management time on
merger-related issues, Teva and IVAX's ability to successfully develop
and commercialize additional pharmaceutical products, the introduction
of competitive generic products, the impact of competition from
brand-name companies that sell or license their own generic products
(so called "authorized generics") or successfully extend the
exclusivity period of their branded products, the effects of
competition on Copaxone(R) sales, regulatory changes that may prevent
Teva or IVAX from exploiting exclusivity periods, potential liability
for sales of generic products prior to completion of appellate
litigation, including that relating to Neurontin(R) and Allegra(R),
the impact of pharmaceutical industry regulation and pending
legislation that could affect the pharmaceutical industry, the
difficulty of predicting U.S. Food and Drug Administration, European
Medicines Association and other regulatory authority approvals, the
regulatory environment and changes in the health policies and
structure of various countries, Teva's ability to successfully
identify, consummate and integrate acquisitions, exposure to product
liability claims, dependence on patent and other protections for
innovative products, significant operations outside the United States
that may be adversely affected by terrorism or major hostilities,
fluctuations in currency, exchange and interest rates, operating
results and other factors that are discussed in Teva's Annual Report
on Form 20-F, IVAX's Annual Report on Form 10-K and their other
filings with the U.S. Securities and Exchange Commission.
Forward-looking statements speak only as of the date on which they are
made, and neither Teva nor IVAX undertakes no obligation to update
publicly or revise any forward-looking statement, whether as a result
of new information, future developments or otherwise.
This communication is being made in respect of the proposed merger
involving Teva and IVAX. In connection with the proposed merger, Teva
has filed a registration statement on Form F-4 containing a joint
proxy statement/prospectus for the shareholders of Teva and IVAX with
the SEC. Before making any investment decision, IVAX shareholders and
other investors are urged to read the joint proxy statement/prospectus
regarding the merger and any other relevant documents carefully in
their entirety because they contain important information about the
proposed transaction. The registration statement containing the joint
proxy statement/prospectus and other documents are available free of
charge at the SEC's website, www.sec.gov. You may also obtain the
joint proxy statement/prospectus and other documents free of charge by
contacting IVAX Investor Relations at (305) 575-6000 or Teva Investor
Relations at 972-3-926-7554.