Andrx Corp.: Underwriters Exercise Common Stock Overallotment Option.

Business Editors

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--May 30, 2000

Andrx Corporation (Nasdaq:ADRX) today announced that the underwriters of its recent 6,350,000 share common stock offering exercised their overallotment option and purchased 952,500 shares of common stock from certain selling shareholders, at $48.00 per share. Andrx generated net proceeds of approximately $235 million from the 5,185,128 shares it sold in the offering, after deducting underwriting discounts and other expenses of the offering.

The offering was lead-managed jointly by Banc of America Securities LLC and Bear, Stearns & Co. Inc., with CIBC World Markets and UBS Warburg LLC acting as co-managers.

Andrx is engaged in the formulation and commercialization of oral controlled-release pharmaceuticals utilizing its proprietary drug delivery technologies. In its ANDA program, the company is developing generic versions of selected high sales volume controlled-release brand name pharmaceuticals. In its NDA program, the company is developing its own brand name formulations of certain existing drugs that it believes may be improved by the application of the company's drug delivery technologies. The company also markets and distributes pharmaceutical products manufactured by third parties and, through its Cybear, Inc. (Nasdaq: CYBA) subsidiary is developing internet-based software and applications for the healthcare industry.

A registration statement relating to these securities was filed with and declared effective by the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell nor a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative other variations thereof or comparable terminology are 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 Andrx's filings with the Securities and Exchange Commission.

A copy of the prospectus may be obtained from the offices of Banc of America Securities LLC, 600 Montgomery Street, San Francisco, CA 94111 or Bear, Stearns & Co. Inc., 245 Park Avenue, New York, NY 10167.

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