IVAX Enters Marketing and Distribution Agreement with Mayne Pharmaceuticals for Injectable Paclitaxel in Europe.

Business Editors/Health/Medical Writers

MIAMI--(BUSINESS WIRE)--Feb. 25, 2004

IVAX Corporation (AMEX:IVX) (LSE:IVX.L) entered into an agreement with Mayne Group Limited for the marketing and distribution of IVAX' injectable paclitaxel product, Paxene(R), in the European Union nations of Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Sweden and the United Kingdom and in Norway. Paclitaxel is the active pharmaceutical ingredient in Taxol(R), a drug marketed by Bristol-Myers Squibb for the treatment of various cancers. Annual European sales of Taxol are over $450 million.

Neil Flanzraich, vice chairman and president of IVAX, said, "Mayne Pharmaceuticals has a substantial and highly effective marketing and sales presence in oncology products in the countries covered by our agreement. We believe this collaboration is the best and most expedient way to maximize our injectable paclitaxel opportunity in Europe."

As previously announced on January 23, 2004, the European Union's Committee for Proprietary Medicinal Products, the scientific committee of the European Medicines Evaluation Agency, issued a positive opinion recommending the extension of indication of the existing marketing authorization for IVAX' Paxene to include treatment of metastatic breast cancer and metastatic ovarian cancer in the European Union.

IVAX Corporation, headquartered in Miami, Florida, discovers, develops, manufactures, and markets branded and brand equivalent (generic) pharmaceuticals and veterinary products in the U.S. and internationally.

Mayne Group Limited is Australia's leading provider of private health care services. They are involved in the research, development, manufacture and marketing of generic injectable and oral pharmaceutical products, as well as consumer health products. Their products cover a range of therapeutic categories including oncology, pain management and cardiac care.

Copies of this and other news releases may be obtained free of charge from IVAX' website at http://www.ivax.com.

Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect the company's business and prospects, including the risks that the European Commission may not act favorably on the CPMP recommendation; that other requisite regulatory authorizations may be achieved later than anticipated or not at all; that Mayne's sales force may not be as effective as anticipated and the collaboration with Mayne may not achieve the results expected; that IVAX has in the past and may in the future experience difficulties in obtaining raw materials and other components necessary for the production of paclitaxel, on commercially reasonable terms; and the impact of competitive products and pricing and successful compliance with extensive, costly, complex and evolving governmental regulations and restrictions. In addition to the risk factors set forth above, IVAX' forward looking statements may also be adversely affected by general market factors, competitive product development, product availability, federal and state regulations and legislation, the regulatory process for new products and indications, manufacturing issues that may arise, trade buying patterns, patent positions and litigation, among other things. For further details and discussion of these and other risks and uncertainties, see IVAX' Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Taxol(R) is a registered trademark of the Bristol-Myers Squibb Company.