Agis buys U.S. Generic Drug Co. for $56.7 M.(Israel's Agis Industries)

Israel Business Today, October, 1994

Agis Industries, of Bnei Brak, has completed the acquisition of the U.S. generic drug manufacturer Clay Park in partnership with the Chase Manhattan Bank which funded the transaction. Agis along with part of the current shareholders of Clay Park set up a new company in the U.S. which purchased the goodwill, assets and debts of the former company for $56.7 million. Of that amount, Agis invested $25.1 million and Clay Park's current shareholders $10.2 million.

In recent months, Agis carried out a comprehensive study of Clay Park which led to a contract which was dependent on the receipt of $35 million in financing which Chase Manhattan will provide. So far, the company has received loans of $20.3 million from the bank. Clay Park is located in New York and is a...