Bergen Brunswig Calls Off $1.6 Billion Merger with Ivax

Chemical Market Reporter, March, 1997

BERGEN BRUNSWIG Corporation, the nation's second largest pharmaceutical wholesaler, has called off its $1.6 billion merger with Miami-based Ivax Corporation, a leading manufacturer of generic drugs. Bergen says it canceled the deal because Ivax had committed what Bergen describes as "various breaches of the merger agreement." Bergen also sued Ivax in US District Court on March 21.

Ivax contends that Bergen "has unilaterally terminated, without good cause, the previously announced merger between Ivax and Bergen." Phillip Frost, Ivax chairman and CEO, says, "Although we saw great opportunity in a merger of equals with Bergen, we are prepared to proceed on an independent basis." This was the second time Ivax has had a merger partner scuttle a deal. In...

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