Chairman Buys 200,000 Ivax Shares After Merger Announcement

Ivax Corp. Chairman Phillip Frost paid about $2.6 million for 200,000 shares of his company’s stock in the days after Orange-based Bergen Brunswig Corp. announced plans to buy the Miami-based pharmaceutical company in a $1.41-billion transaction.

The purchases are the latest in a buying spree that began during the summer. Frost now controls about 15.3 million shares of Ivax, or about 12.6% of its outstanding common stock. Frost bought the shares from Nov. 11 to Nov. 14 at an average price of $12.75 a share, according to the Washington Service, which compiles reports on insider transactions from filings made with the Securities and Exchange Commission.

Frost couldn’t be reached for comment. A company spokesman wasn’t immediately available. Industry analysts said the purchases underscore Frost’s belief in a merger many shareholders have questioned.

Frost’s latest share purchases began the same day Bergen said it planned to acquire Ivax in a move that would combine the nation’s biggest generic drug manufacturer with the second-largest supplier to drugstores and hospitals. The deal was valued at about $13.75 per share for Ivax shareholders.

In late June, Frost snapped up 200,000 shares for an average price of $14.88. In August, he bought another 663,200 shares for an average price of $14.05.