IVAX' Hungarian Research Subsidiary Celebrates 50th Anniversary.

Business Editors/Health Writers

MIAMI--(BUSINESS WIRE)--Sept. 22, 2000

The Institute for Drug Research, Ltd. (IDR) in Budapest, Hungary, a wholly owned subsidiary of IVAX Corporation (AMEX:IVX), recently celebrated its 50th Anniversary. A two-day symposium was organized in the Ceremonial Hall of the 175-year-old Hungarian Academy of Science (HAS) to recognize this achievement. IDR senior scientists and foreign collaborators from the United States and United Kingdom made presentations to a capacity crowd on past and current research in new central nervous system active drugs (epilepsy, parkinsonism, neuroprotection and multiple sclerosis), cardiovascular agents (antiarythmics, peptide analogs and peptidomimetrics), drugs for the treatment of benign prostatic hypertrophy, anticancer drugs, and agents to treat ulcers, colitis, inflammatory and other allergic diseases. All of these active research projects provide IVAX with a rich development pipeline for future IVAX proprietary products.

IDR is currently developing a new drug for benign prostatic hypertrophy that has shown superior uroselectivity with fewer side effects than other similar drugs. The drug has completed Phase Ia clinical trials, and further human trials will commence next month. One of IDR's unique antithrombotic drug candidates, Efegatran has demonstrated significant value in several Phase II trials. IDR is also conducting a comprehensive program for the preclinical and clinical development of a new type of soft steroid to treat asthma, colitis and other allergic and inflammatory diseases, and developing a new small molecule with angiogenesis inhibition activity as an anti-neoplastic drug.

Representatives of the Hungarian government and Food and Drug Administration, the President of the Hungarian Association of Pharmaceutical Manufacturers, and the Vice President of the Hungarian Academy of Science recognized IDR's research contributions to the Hungarian medical industry and offered congratulatory remarks. The President of the Hungarian Patent Office presented IDR with a newly established award for excellence in innovation.

IDR is a comprehensive pharmaceutical research institute, originally founded in 1950 as a government-owned pharmaceutical research and development center for the Hungarian pharmaceutical industry. The company is engaged in all phases of discovery including computer aided design, synthesis, pharmacology, pharmacokinetics, toxicology, and process development for both synthetic and fermentation products. IDR currently employs approximately 250 scientists and support staff, more than half experienced and highly qualified researchers with Ph.D., MD, D.Sc., or DVM degrees.

IVAX Corporation, headquartered in Miami, Fla., is a holding company with subsidiaries engaged in the research, development, manufacturing and marketing of branded and generic pharmaceuticals and veterinary and diagnostic products in the U.S. and international markets.

The statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect IVAX' business and prospects, including the risks that the company's research and development efforts may not result in marketable products and the risks associated with clinical development, regulatory approvals and patent litigation, and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. In addition to the risk factors set forth above, investors should consider the economic, competitive, governmental, technological and other factors discussed in the Company's Annual Report on form 10KA and other filings with the Securities and Exchange Commission.