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IVAX CORPORATION COMPLETES PRIVATE OFFERING

 IVAX CORPORATION COMPLETES PRIVATE OFFERING
 MIAMI, Nov. 26 /PRNewswire/ -- IVAX Corporation (AMEX: IVX)


announced today the closing of a private offering of $110,525,000 in aggregate principal amount of its 6 1/2 percent convertible subordinated notes. The notes were offered and sold in the United States only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the "Securities Act") and a limited number of other institutional "accredited investors" in a private sale exempt from the registration requirements of the Securities Act and outside the United States only to institutional non-U.S. persons in reliance upon Regulation S under the Securities Act. The offering was managed by PaineWebber Incorporated, Lehman Brothers and Tucker Anthony Incorporated.
 The notes have a maturity date of Nov. 15, 2001 and are convertible at any time prior to redemption or maturity into shares of IVAX common stock at a conversion price of $31.75 per share, subject to adjustment in certain circumstances. The notes are redeemable, subject to certain conditions, at the option of IVAX, in whole or in part, on or after Nov. 15, 1993. The notes will be unsecured general obligations of IVAX, subordinated to all existing and future senior indebtedness of IVAX and third party indebtedness of IVAX' subsidiaries.
 The approximate $107,511,875 in estimated net proceeds from the sale of the notes will be used to retire certain existing indebtedness, to fund capital expenditures, working capital needs and possible acquisitions and for general corporate purposes. A portion of the net proceeds may also be used to retire indebtedness which may be assumed by IVAX or any of its subsidiaries in connection with any acquisitions.
 IVAX Corporation is a holding company with subsidiaries involved in specialty chemicals, pharmaceuticals and medical diagnostics. IVAX' principal subsidiaries include Baker Cummins Pharmaceuticals, Inc., a developer and marketer of unique brand name pharmaceuticals; Norton Healthcare Limited, a leading manufacturer and marketer of off- patent pharmaceuticals in the United Kingdom, Ireland and other countries; Best Generics, Inc., a national distributor of off-patent pharmaceuticals in the United States; Baker Cummins Dermatologicals, Inc., a dermatological products company owned 50 percent by Baker Cummins Pharmaceuticals and 50 percent by Union Carbide Corporation; 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- 11/26/91
 /CONTACT: Richard C. Pfenniger Jr., senior vice president-legal affairs of IVAX Corporation, 305-590-2309/
 (IVX) CO: IVAX Corporation ST: Florida IN: MTC SU: OFR


MR-SS -- FL003 -- 7288 11/26/91 12:23 EST
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Date:Nov 26, 1991
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