Alan Phillip Cohen (born October 5, 1954) is an American businessman, best known for his ownership of the Florida Panthers hockey team and his founding of several generic pharmaceutical companies, most notably the Davie, Florida-based Andrx Corp. Cohen.
In 1984, he founded the drug distribution firm Best Generics Inc.[2] and sold it to Florida's Ivax Corporation in 1988 for $10 million although he stayed as president until 1990. In 1992, he founded Andrx Pharmaceuticals Inc. 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. 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, Florida, 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.
Florida Panthersedit
In June 2001, he led a consortium of local businessman (former quarterback Bernie Kosar; David Epstein, co-founder of Precision Response Corporation; Mike Maroone, president and chief operating officer of AutoNation, and his father Al Maroone, retired chairman of Maroone Auto Group; Jordan Zimmerman, CEO of Zimmerman Advertising; his brother, Steve Cohen, vice president of national sales for Andrx; and Elliot Hahn, Andrx president) in purchasing the Panthers from H. Wayne Huizenga's Boca Resorts Inc for $101 million.[3] Huizenga continued to own a minority interest in the franchise.[3] In 2009, Cohen sold the Panthers to Cliff Viner but maintained a minority interest.
Horse racing and breedingedit
Since 2003, he has been racing and breeding horses on his Arindel Farms in Ocala, Florida. 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 year old filly in 2006.
alan, cohen, former, owner, boston, celtics, jersey, nets, alan, cohen, american, alan, cohen, this, biography, living, person, needs, additional, citations, verification, please, help, adding, reliable, sources, contentious, material, about, living, persons, . For the former co owner of the Boston Celtics and the New Jersey Nets see Alan N Cohen For the American CEO see Alan L Cohen This biography of a living person needs additional citations for verification Please help by adding reliable sources Contentious material about living persons that is unsourced or poorly sourced must be removed immediately from the article and its talk page especially if potentially libelous Find sources Alan Cohen news newspapers books scholar JSTOR February 2009 Learn how and when to remove this template message Alan Phillip Cohen born October 5 1954 is an American businessman best known for his ownership of the Florida Panthers hockey team and his founding of several generic pharmaceutical companies most notably the Davie Florida based Andrx Corp Cohen Alan Phillip CohenBorn 1954 10 05 October 5 1954 age 69 EducationUniversity of FloridaOccupationBusiness executiveKnown forco owner of the Florida PanthersSpouseKaren Cohen Contents 1 Biography 1 1 Florida Panthers 1 2 Horse racing and breeding 2 Personal life 3 ReferencesBiography editCohen graduated from the University of Florida with a degree in pharmacy 1 In 1984 he founded the drug distribution firm Best Generics Inc 2 and sold it to Florida s Ivax Corporation in 1988 for 10 million although he stayed as president until 1990 In 1992 he founded Andrx Pharmaceuticals Inc 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 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 Florida 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 Florida Panthers edit In June 2001 he led a consortium of local businessman former quarterback Bernie Kosar David Epstein co founder of Precision Response Corporation Mike Maroone president and chief operating officer of AutoNation and his father Al Maroone retired chairman of Maroone Auto Group Jordan Zimmerman CEO of Zimmerman Advertising his brother Steve Cohen vice president of national sales for Andrx and Elliot Hahn Andrx president in purchasing the Panthers from H Wayne Huizenga s Boca Resorts Inc for 101 million 3 Huizenga continued to own a minority interest in the franchise 3 In 2009 Cohen sold the Panthers to Cliff Viner but maintained a minority interest Horse racing and breeding edit Since 2003 he has been racing and breeding horses on his Arindel Farms in Ocala Florida 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 year old filly in 2006 Personal life editHe and his wife Karen 1 live in Weston Florida 4 He is of Jewish descent 2 References edit a b Championship Season Ocala Style Magazine May 14 2007 a b Mendelsohn Ezra March 31 2009 Jews and the Sporting Life Studies in Contemporary Jewry XXIII Oxford University Press p 98 ISBN 9780195382914 a b Talalay Sarah June 5 2001 Panthers Sold For 101 Million South Florida Sun Sentinel Alan Cohen baltimoresun com Retrieved from https en wikipedia org w index php title Alan Cohen amp oldid 1168067477, wikipedia, wiki, book, books, library,
