ANDRX Reacquires Exclusive Marketing Rights From Geneva for Metformin XT and Altocor.

Business Editors, Health/Medical Writers

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Oct. 24, 2001

Successfully Completes Analysis of Metformin XT Phase III Trials

ANDRX CORPORATION - Andrx Group (Nasdaq: ADRX) today announced that it has terminated its 1999 agreement with Geneva Pharmaceuticals, Inc., a member of the Novartis Corporation ("Geneva"), and reacquired all of Geneva's marketing rights for two brand products under development consisting of U.S. and selected international rights for Metformin(TM) XT, a controlled release formulation of the anti-diabetic drug, metformin, and selected international marketing rights to Altocor(TM), a high-potency, extended-release lovastatin.

In return for relinquishing Geneva's marketing rights to these products, Geneva will no longer fund Andrx's development costs and Andrx will pay Geneva certain milestone payments and a royalty on net sales in the United States for Metformin XT after the product is launched. Andrx's distribution operation will continue to distribute Geneva products in the normal course of business.

Andrx also announced today that it has successfully completed an analysis of two Phase III trials for Metformin XT. Metformin XT's formulation employs Andrx's patented technology (SCOT(TM)) to provide extended delivery of metformin, allowing for once daily dosing. The data indicate that Andrx's product has a safety and efficacy profile similar to the currently marketed product that is administered two or three times daily. The Andrx trials evaluated doses up to 2500 mg per day. Andrx expects to submit an NDA to the FDA in the first half of 2002, with detailed study results to be published in a peer-reviewed journal thereafter.

Andrx President, Elliot F. Hahn, Ph.D., commented: "Our agreement with Geneva enabled us to complete a program for the development of our first two internally developed brand products. We are excited to reacquire the exclusive marketing rights to Metformin XT, with a unique higher dose and enhanced dosing flexibility. Furthermore, since diabetics are typically prone to elevated cholesterol levels, there are synergies between Metformin XT and Altocor, our cholesterol-lowering product, which our sales force can leverage. Metformin XT will complement our brand sales force product offerings while providing better utilization of the force."

According to the American Diabetes Association, there are approximately 16 million patients with Type II diabetes in the U.S. and this number is growing as the population ages, lifestyles change and obesity becomes more prevalent. Metformin XT will compete in this market, in which sales of the currently marketed multiple daily dose metformin product in the U.S. exceeds $1.5 billion annually.

Altocor will compete in the cholesterol-lowering category - a $10 billion U.S. market - which has grown at 20% per year. Andrx filed an NDA with the FDA in the first quarter of 2001 and is projecting a launch of Altocor in the second quarter of 2002.

Andrx Corporation is a specialty pharmaceutical company engaged in the formulation and commercialization of oral controlled-release generic and brand pharmaceuticals utilizing its proprietary drug delivery technologies.

Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "to," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative other variations thereof or comparable terminology is intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Andrx Corporation's filings with the Securities and Exchange Commission.

This release and additional information about Andrx Corporation are also available on the Internet at: http://www.andrx.com