Ivax Corporation announced that it has acquired Medco, a Peruvian pharmaceutical company, with headquarters in Lima. Medco develops, manufactures and sells branded over-the-counter and prescription products, as well as generic prescription drugs.

Roberto Prego, vice-president Ivax Latin America, said, "Medco is a company with a superior reputation and management which will be an important addition to Ivax' operations in Latin America. We expect our Peruvian business to be a growing contributor to Ivax' earnings."

Ivax Corporation, headquartered in Miami, Florida develops generic pharmaceuticals and veterinary products in the US and internationally.