IVAX Responds to Latest Legal Maneuvers by Bristol-Myers Squibb

Business Wire, Sept 12, 2000

Business Editors

MIAMI--(BUSINESS WIRE)--Sept. 12, 2000

IVAX Corporation (AMEX:IVX) responded to questions concerning a press release issued by Bristol-Myers Squibb late yesterday concerning a lawsuit that it filed in the Federal Court in New York. Neil Flanzraich, vice chairman and president of IVAX, said, "Although we have not yet seen the complaint, judging from the press release, Bristol-Myers is obviously trying to relitigate in another court the case that it lost last week in Federal Court in Los Angeles and has also attempted to relist in the FDA's Orange Book the patent that the Federal Court in Los Angeles ordered it to delist."

Flanzraich continued, "Both Bristol-Myers in this action and American BioScience, Inc. in the infringement action that it filed last Thursday are trying to make a mockery of the Federal judicial system in their efforts to preserve an eight year old monopoly on a critical anti-cancer drug developed by the federal government at taxpayer expense. We intend to vigorously oppose these legal and regulatory actions and continue to believe that the courts will protect the public interest by permitting IVAX to promptly bring a generic form of Taxol(R) to the thousands of American women suffering from breast and ovarian cancer."

The "FDA" refers to the United States Food and Drug Administration, and the "Orange Book" is officially known as the FDA's list of Approved Drug Products with Therapeutic Equivalence Evaluations.

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 other things, the risks that American BioScience and Bristol-Myers may obtain a stay pending appeal or successfully appeal Judge Byrne's ruling; that the FDA may allow Bristol-Myers to keep its re-listed patent in the Orange Book; that the litigation initiated by Bristol-Myers and/or ABI may delay the FDA's approval of IVAX' paclitaxel ANDA; and that Bristol-Myers or others may attempt to assert in the future other Taxol-related patents that are not part of the current litigation, as well as the general risks and uncertainties inherent generally in litigation. 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.