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IVAX ANNOUNCES STRATEGIC ALLIANCE WITH NAPRO BIOTHERAPEUTICS REGARDING TAXOL

 MIAMI, June 8 /PRNewswire/ -- IVAX Corporation (AMEX: IVX) announced today at the PaineWebber Aggressive Growth Stock Conference that its wholly-owned subsidiary, Baker Norton Pharmaceuticals, Inc., entered into an agreement with NaPro BioTherapeutics, Inc. pursuant to which Baker Norton was granted the exclusive right to develop and market, as a finished pharmaceutical product, taxol supplied by NaPro, on a worldwide basis except for certain territories in the Far East, Australia and New Zealand. NaPro will be responsible for producing and supplying taxol to Baker Norton and Baker Norton will be responsible for conducting clinical studies, obtaining regulatory approvals, marketing and selling taxol. Concurrently with the execution of this agreement, IVAX has, through a wholly owned subsidiary, acquired 20% of the outstanding common stock of NaPro.
 Taxol is a naturally occurring compound found in various species of yew tree. In clinical trials sponsored by the National Cancer Institute, taxol has exhibited promising results in fighting advanced cases of ovarian, breast and other cancers. Bristol-Meyers Squibb Company currently markets a pharmaceutical product containing taxol under the brandname Taxol for the treatment of ovarian cancer.
 Dr. Phillip Frost, chairman and chief executive officer of IVAX stated, "Taxol is an extremely important anti-neoplastic compound and is considered by the National Cancer Institute as one of the most important new drugs for cancer therapy to be developed in the last 20 years. The staff at IVAX is excited about the opportunities this alliance with NaPro creates for IVAX to participate in the commercialization of this very important new cancer compound."
 Dr. Sterling Ainsworth, President and CEO of NaPro stated, "All of us at NaPro are very pleased and gratified to form with IVAX this worldwide development and marketing alliance for taxol. We look forward to commercializing taxol worldwide with IVAX over the coming years."
 NaPro is a privately held, biopharmaceutical research and product development company headquartered in Boulder, Colo.
 IVAX Corporation is a holding company with subsidiaries involved in specialty chemicals, pharmaceuticals and medical diagnostics. IVAX' principal subsidiaries include Baker Norton Pharmaceuticals, Inc., a developer and marketer of unique brand name pharmaceuticals; Norton Healthcare Limited, a leading manufacturer and marketer of generic pharmaceuticals in the United Kingdom, Ireland and other countries; H N Norton Co, a manufacturer of generic pharmaceuticals in the United States; Goldline Laboratories, Inc., a national marketer of generic prescription and over the counter pharmaceuticals in the United States; Baker Cummins Dermatologicals, Inc., a dermatological products company; Flori Roberts, Inc., a skin care and cosmetics company; DVM Pharmaceuticals Inc., a veterinary products company; Baker Cummins, Inc., a marketer of brand name pharmaceuticals in Canada; Diamedix Corporation, a medical diagnostics company; Delta Biologicals S.r.l., a marketer of medical diagnostic tests and instruments in Italy; and IVAX Industries, Inc., a chemical specialties business.
 -0- 6/8/93
 /CONTACT: Richard C. Pfenniger Jr., senior vice president-legal affairs of IVAX Corporation, 305-590-2309/
 (IVX)


CO: IVAX Corporation; Baker Norton Pharmaceuticals, Inc.; NaPro
 BioTherapeutics, Inc. ST: Florida IN: MTC SU:


AW -- FL003 -- 6376 06/08/93 08:44 EDT
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Publication:PR Newswire
Date:Jun 8, 1993
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