Talk of Altered Ivax Deal Boosts Bergen Brunswig

Bergen Brunswig Corp. shares gained 6% amid speculation that its planned $1.4-billion purchase of Ivax Corp. may be altered or even collapse, analysts said.

Bergen Brunswig shares gained $1.625 to $28 in heavy trading. A total of 1.05 million shares changed hands, more than the three-month daily average of 198,000. Ivax stock closed at $11, up 12.5 cents per share.

Since the drug distributor announced its plan to buy generic drug-maker Ivax on Nov. 11, shares in both companies have slipped, reflecting investor dissatisfaction with the transaction as it is structured, analysts said. “People are recognizing that the deal isn’t going to happen the way it was configured,” said Everen Securities analyst Kevin Silverman.

Both companies insisted that the deal is still on, however. Bergen “is still committed to seeing this merger go through, spokeswoman Lisa Riordan said. Ivax spokesman Joe Jones said, “The deal remains as structured.”