Tuesday, IVAX Diagnostics, Inc. (IVD), a Miami, Florida-based manufacturer of diagnostic test kits, reagents and instruments, said a group controlled by two experienced international medical diagnostics and pharmaceutical industry entrepreneurs, Paul Kennedy and Patrice Debregeas, purchased from its parent company Teva Pharmaceutical Industries Limited all the approximately 72% of the shares owned by it in the company for $14 million or $0.70 per share.
Paul Kennedy has more than 30 years of senior executive experience. During his 15-year tenure as CEO and President of Novo Nordisk France, that company achieved a market share of more than 65% of the insulin market in France. Kennedy was most recently a member of senior management and an executive director of Cozart plc, a medical diagnostics company specializing in drugs-of-abuse testing in the U.K. and Europe. During his tenure at Cozart, he was responsible for establishing and growing international sales.
Patrice Debregeas is currently the President of Debregeas & Associes Pharma SAS, a company specializing in drug development located in Paris, France. Previously, Debregeas was the CEO, President and co-founder of drug delivery company Ethypharm SA.
Paul Kennedy and Patrice Debregeas are expected to join IVAX Diagnostics' Board of Directors. Paul Kennedy is also expected to be appointed to lead IVAX Diagnostics' executive management team.
IVD is currently trading at $0.70, up $0.10 or 16.67%, on 21,066 shares.
For comments and feedback: editorial@rttnews.com