IVAX acquires Mexican pharmaceutical company
Laboratorios Fustery, founded in 1937, manufactures, markets, and distributes prescription pharmaceutical products. In 1999, the company had net revenues in excess of $80 million. Under IVAX ownership, Laboratorios Fustery will continue to sell its own pharmaceutical products, but will also market and sell existing and future IVAX products.
"The acquisition of Laboratorios Fustery continues IVAX' expansion strategy in Latin America as part of a more general program to participate in rapidly expanding markets around the world," IVAX chairman and CEO Phillip Frost said in a company press release. Earlier this year, IVAX acquired Laboratorios Elmor S.A., the second largest Venezuelan pharmaceutical company located in Caracas. IVAX also has Latin American operations in Argentina, Uruguay, and Peru.
"With this acquisition, IVAX gains an experienced management team lead by Domingo R. Benavides, chief operating officer of Laboratorios Fustery," Neil Flanzraich, vice chairman and president of IVAX, stated. "Through a highly trained workforce of over 900 employees and ISO 9002 certified manufacturing facilities located in Mexico City and Ramos Arizpe, near Monterrey, Laboratorios Fustery has a tradition of providing high quality products and superior customer service."
Mexico is the second-largest economy in Latin America, and the Mexican pharmaceutical market is expected to grow from $5.3 billion in 1999 to over $7.5 billion in 2003.
IVAX Corp. is a holding company with subsidiaries engaged in the research, development, manufacturing, and marketing of branded and generic pharmaceuticals and veterinary and diagnostic products in the U.S. and international markets.
For more information, contact Jordan I. Siegel, vice president and treasurer of IVAX Corp., at 305-575-6043.
Edited by Jim Pomager
Assistant Editor, Pharmaceutical Online