IVAX Plans to Sell Products Through the Internet; Will Buy Equity Position in New Online Retail Pharmacy, go2pharmacy.com, and Also Signs Supply Agreement

Business Wire, June 17, 1999

MIAMI--(BUSINESS WIRE)--June 17, 1999--

IVAX Corporation (AMEX:IVX) today reported that it has agreed to purchase 35% of the newly formed deep discount online retail pharmacy, go2pharmacy.com. In addition, an IVAX subsidiary will become a supplier of go2pharmacy.com's generic pharmaceutical products. The online pharmacy, headquartered in Albuquerque, New Mexico, will offer generic prescription drugs, vitamins, herbal products, and other related items.

The privately held online pharmacy company is expected to be merged into an existing public company, of which IVAX will then own a 25% equity interest with warrants to purchase up to an additional 10% of the outstanding shares.

"This new venture allows IVAX to take full advantage of the explosive growth in e-commerce, not only as a shareholder in an exciting new online retail pharmacy, but also as a supplier," said Phillip Frost, MD, chairman and chief executive officer of IVAX Corporation. "We believe that this is only the beginning of IVAX's entry into the burgeoning world of electronic commerce and that our wide range of generic and proprietary pharmaceutical products and nutritionals positions us to be a significant player. It is a great opportunity for us and for our shareholders."

IVAX Corporation, headquartered in Miami, Florida, is a holding company with subsidiaries engaged in the research, development, manufacture, and marketing of branded and generic pharmaceuticals in the U.S. and international markets.

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 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, and cause results to differ materially from those set forth in the forward-looking statements. Among other things, expected profits and sales from this new venture may not be realized. In addition to the factors set forth elsewhere in this release, the economic, competitive, governmental, technological and other factors identified in IVAX's filings with the Securities and Exchange Commission could affect the forward-looking statements contained in this release.