Alan Cohen
Encyclopedia
Alan Phillip Cohen is an American businessman, best known for his ownership of the Florida Panthers
hockey team and his founding of several Pharmaceutical companies. Cohen holds several degrees from the University of Florida
. He and his wife, Karen, live in Weston, Florida
.
-based Andrx Corp. The entrepreneur, who still maintains a pharmacist's license, has been described by colleagues as an intense, driven man who prefers to stay out of the limelight, but his professional life has frequently thrust him into the headlines.
He founded the drug distribution firm Best Generics Inc. in 1984 and sold it to Florida's Ivax Corporation
in 1988 for $10 million although he stayed as president until 1990. He incorporated Andrx Pharmaceuticals
Inc. in 1992 as a private company. The new firm grew through the production of generic drugs when patents expired and drugs using the company's time-release technology. In 1996, the company went public at $12 and its stock eventually soared as high as $400 a share split adjusted. In August 2000, Cohen sold 500,000 shares of Andrx stock for $43 million with the stated goal of leaving the company and bankrolling the purchase of a professional sports team. Cohen's stock was worth around $700 million.
, to develop and manufacture drug delivery systems such as skin patches and oral sprays. Four years later, he sold it for $235 million to Actavis Group, an international generic drug company in Iceland. In 2009, Cohen sold the Panthers to Cliff Viner.
. Cohen's interest was sparked in his youth accompanying his father to racetracks in New York and spending summers as a young man betting on horses at the Calder racetrack. One of his horses, Wait A While, competed in a Breeder's Cup race at Churchill Downs
in 2006. She went on to become United States Champion 3 yr old filly in 2006.
Florida Panthers
The Florida Panthers are a professional ice hockey team based in Sunrise, Florida, in the Miami metropolitan area. They are members of the Southeast Division of the Eastern Conference of the National Hockey League . They play their games at the BankAtlantic Center in Sunrise and are the...
hockey team and his founding of several Pharmaceutical companies. Cohen holds several degrees from the University of Florida
University of Florida
The University of Florida is an American public land-grant, sea-grant, and space-grant research university located on a campus in Gainesville, Florida. The university traces its historical origins to 1853, and has operated continuously on its present Gainesville campus since September 1906...
. He and his wife, Karen, live in Weston, Florida
Weston, Florida
Weston is a suburb of South Florida located in Broward County, Florida, USA. Established as a city in 1996, much of the community was developed by Arvida/JMB Realty and is located near the western developmental boundary of Broward County. It is the most western city in Broward County, and its...
.
Life and career
He made his reputation in the business world as the founder of generic pharmaceutical concerns, most notably the Davie, FloridaDavie, Florida
Davie is a town in Broward County, Florida, United States. The town's population was 91,992 at the 2010 census.- History :Davie was founded by Jake Tannebaum and Tamara Toussaint. The original name of the town was Zona. In 1909 R.P. Davie assisted then Governor Broward by draining the swamplands...
-based Andrx Corp. The entrepreneur, who still maintains a pharmacist's license, has been described by colleagues as an intense, driven man who prefers to stay out of the limelight, but his professional life has frequently thrust him into the headlines.
He founded the drug distribution firm Best Generics Inc. in 1984 and sold it to Florida's Ivax Corporation
Ivax Corporation
IVAX Corporation was a Miami, Florida, United States public corporation focused on manufacturing and distributing generic pharmaceutical products.-History:...
in 1988 for $10 million although he stayed as president until 1990. He incorporated Andrx Pharmaceuticals
Watson Pharmaceuticals
Watson Pharmaceuticals, Incorporated is the 5th largest pharmaceutical company in the United States based on number of prescriptions dispensed...
Inc. in 1992 as a private company. The new firm grew through the production of generic drugs when patents expired and drugs using the company's time-release technology. In 1996, the company went public at $12 and its stock eventually soared as high as $400 a share split adjusted. In August 2000, Cohen sold 500,000 shares of Andrx stock for $43 million with the stated goal of leaving the company and bankrolling the purchase of a professional sports team. Cohen's stock was worth around $700 million.
Florida Panthers
In June 2001, he led a consortium of wealthy fans in purchasing the Panthers from H. Wayne Huizenga's Boca Resorts Inc. He did not initially plan to leave Andrx until a successor was found to lead the firm. But he resigned that October, saying he was comfortable with the existing management. He stayed on briefly as a co-chairman of the board of directors. The company's stock fell in the years after his departure to as low as the $20-a-share range. In less than a year, Cohen said he missed the pharmaceutical business. In 2002, he created Abrika Pharmaceuticals Inc. in Sunrise, FloridaSunrise, Florida
-Overview:Sunrise is a city in southwestern Broward County, Florida, United States. It was incorporated in 1961 by Norman Johnson – a developer whose World Famous Upside-Down House attracted buyers to what was then a remote area...
, to develop and manufacture drug delivery systems such as skin patches and oral sprays. Four years later, he sold it for $235 million to Actavis Group, an international generic drug company in Iceland. In 2009, Cohen sold the Panthers to Cliff Viner.
Horse racing and breeding
Since 2003, one of his hobbies has been racing and breeding horses on his Arindel Farms in Ocala, FloridaOcala, Florida
Ocala is a city in Marion County, Florida. As of 2007, the population recorded by the U.S. Census Bureau was 53,491. It is the county seat of Marion County, and the principal city of the Ocala, Florida Metropolitan Statistical Area, which had an estimated 2007 population of 324,857.-History:Ocala...
. Cohen's interest was sparked in his youth accompanying his father to racetracks in New York and spending summers as a young man betting on horses at the Calder racetrack. One of his horses, Wait A While, competed in a Breeder's Cup race at Churchill Downs
Churchill Downs
Churchill Downs, located in Central Avenue in south Louisville, Kentucky, United States, is a Thoroughbred racetrack most famous for hosting the Kentucky Derby annually. It officially opened in 1875, and held the first Kentucky Derby and the first Kentucky Oaks in the same year. Churchill Downs...
in 2006. She went on to become United States Champion 3 yr old filly in 2006.