Andrx Appoints Richard J. Lane CEO; Announces Board of Directors Changes.

Business Editors & Health/Medical Writers

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--May 21, 2002

Andrx Corporation (Nasdaq:ADRX) today announced the appointment of Richard J. Lane as its new Chief Executive Officer (CEO), effective June 1, 2002. Mr. Lane, who is the former President, Worldwide Medicines Group of Bristol-Myers Squibb Company, will succeed Elliot F. Hahn, Ph.D., who, following the resignation of Alan P. Cohen in October 2001, assumed the CEO position on an interim basis in addition to being Andrx President since February 1993.

The Company also announced today various changes in its board of directors. Both of the Company's Co-Chairmen, Mr. Cohen and Dr. Chih-Ming Chen, have resigned from the board to clear the way for Andrx's new executive leadership, Dr. Hahn has been named Chairman of the Board, and Mr. Lane has been named to a Board seat. Additionally, the Company also announced that Joseph E. Breslin has become a member of Andrx's Board of Directors.

Commenting on today's announcement, Andrx founder and former Co-Chairman and CEO, Alan P. Cohen, said, "Andrx is a unique company, combining the best controlled release technologies and distribution capabilities in the generic industry with a proven clinical development team. Though this mixture made finding the right CEO candidate a difficult task, we are confident that Rick, having led pharmaceutical operations for some of the largest drug companies in the world and successfully launched products in the same therapeutic categories as those currently in our brand pipeline, is the right leader to recognize and leverage our resources into an equally successful brand business for Andrx."

Andrx President and Chairman of the Board, Dr. Hahn, added, "The contributions of Alan and Chih-Ming in making Andrx the success story it is today cannot be overstated. I applaud their leadership and their confidence in now allowing Rick and the rest of our management team to lead Andrx into the future."

Andrx's new CEO, Rick Lane, then added, "My career has been devoted to working with teams to create growth for businesses and products, and I appreciate the opportunity to continue this work through Andrx. I look forward to building on the successes of Alan, Chih-Ming and Elliot and creating a new type of pharmaceutical company which will both provide cost-effective medicines and shareholder value."

Mr. Lane, 51, has nearly 30 years of experience as a pharmaceutical executive. Prior to his position at Bristol-Myers Squibb, he served in various executive capacities for Novartis, Schering Plough and Merck, thereby obtaining a broad understanding of the industry, different corporate practices, and the management, science and marketing skills required for success.

Mr. Breslin is the Senior Managing Director of Whitehall Asset Management, Inc., a U.S.-based asset management subsidiary of Mizuho Holdings, the largest financial services company in the world. He has over 20 years of experience in the financial services area, including owning his own consulting firm, and serving as Vice President and General Counsel for Spears Benzak Salomon and Farrell and as Senior Vice President - Finance and General Counsel for National Securities and Research Corporation, an investment firm.

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," "plan," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative or 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 Company'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