IVAX Prevails Over Bristol-Myers Squibb in U.K. Patent Suit

Business Wire, May 25, 2000

Business Editors/Health & Medical Writers

MIAMI--(BUSINESS WIRE)--May 25, 2000

IVAX Corporation (AMEX:IVX) today announced that the U.K. Court of Appeals unanimously upheld a 1998 lower court's ruling in favor of IVAX in which a Bristol-Myers Squibb (BMS) patent relating to the use of Taxol(R) (paclitaxel) was invalidated. In its decision, the Court of Appeals additionally awarded IVAX an increase in the amount of costs, including legal fees, that it may recover from BMS.

IVAX' paclitaxel product is approved for marketing in the European Union as well as Poland, the Czech Republic and Canada. In the U.S., IVAX is awaiting FDA approval of its generic paclitaxel, which it expects to launch this summer.

IVAX Corporation, headquartered in Miami, Florida, 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.

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. These risks include, among others, the risks that other patents that are not part of the current litigation may be asserted against IVAX in the future, that the FDA may not approve, or may delay approval of, IVAX' ANDA for generic paclitaxel, that the U.S. launch of generic paclitaxel will be delayed, and the risks and uncertainties inherent generally in litigation and in the FDA approval process. In addition to these factors, the economic, competitive, governmental, technological and other factors identified in IVAX' filings with the Securities and Exchange Commission could affect the forward-looking statements contained in this release. Taxol(R) is a registered trademark of the Bristol-Myers Squibb Company.