Ivax Corporation has entered into an agreement to acquire Phoenix Scientific, Inc. Headquartered in St. Joseph, Missouri. Phoenix Scientific (Phoenix) is the industry's largest manufacturer of generic veterinary pharmaceutical formulations, with 2004 sales of over $130 million.

The closing of the transaction, subjected to certain customary conditions including clearance under the Hart-Scott-Rodino Antitrust Improvements Act, is expected to occur during the second quarter of 2005, after which Phoenix will be combined with DVM Pharmaceuticals, Inc. (DVM), Ivax's veterinary products business.

Jane Hsiao, chairman and CEO of DVM Pharmaceuticals, Inc., said, "It will be an important addition to Ivax' existing veterinary operations and greatly enhance our ability to compete in the US animal health market. The acquisition of Phoenix is expected to be immediately accretive and a growing contributor to Ivax's earnings."