June 7, 1994
Ivax Corp. denied allegations of securities fraud contained in a lawsuit brought by the former chairman of McGaw Inc. Ivax, a Miami maker of generic drugs, said Friday that the lawsuit, filed Thursday in U.S. District Court in Santa Ana by former McGaw Chairman James M. Sweeney, is without merit. Both the corporation and Chairman Phillip Frost were named as defendants. "We intend to defend the suit vigorously," Ivax's general counsel, Armando A. Tabernilla, said in a statement.
June 3, 1994
The former chairman of an Irvine medical products company filed a lawsuit Thursday in federal court against the Miami company that acquired it, accusing that company and its chairman of securities fraud, lawyers said. James M. Sweeney alleges in the lawsuit, filed in U.S. District Court in Santa Ana, that IVAX Corp. and Chairman Phillip Frost misrepresented their company's financial condition before it acquired McGaw, a maker of intravenous products, last March.
March 29, 1994
Ivax Corp., a Miami company that makes chemical and generic drugs, has completed its acquisition of McGaw Inc. in a stock swap valued at about $440 million, the companies said Monday. McGaw shareholders will receive $16 worth of Ivax stock for each McGaw share. About half a share of Ivax common stock will be exchanged for each of McGaw's 27.4 million shares. Shares of McGaw, an Irvine-based intravenous-solution maker, stopped trading Friday. Ivax stock closed Monday at $27.375, down $1.
February 8, 1994 |
McGaw Inc. said Monday that James Sweeney, who bought the firm in 1990 and arranged its pending sale to a Florida generic drug manufacturer, has resigned his post as chairman and chief executive officer. Sweeney, 52, who took the Irvine-based provider of intravenous products public last year, was replaced by McGaw President Norwick (Wick) Goodspeed "in anticipation of McGaw's merger," the company said. The resignation was effective immediately, said McGaw spokesman Lawrence Watts.
January 7, 1994
McGaw Inc.'s stock soared 41.9% on the Nasdaq market Thursday, a day after the Irvine supplier of intravenous solutions, bags and pumps said it will be acquired by a Florida drug manufacturer. McGaw, which began selling stock publicly last February, announced Wednesday that it signed an agreement to become a wholly owned subsidiary of IVAX Corp. of Miami in a stock swap valued at $440 million. Accounting for an assumption of McGaw's $150 million in debt, IVAX would pay nearly $600 million.