IVAX to Distribute Letter to Shareholders

Business Wire, June 14, 2001

Business Editors

MIAMI--(BUSINESS WIRE)--June 14, 2001

IVAX Corporation (AMEX:IVX) will distribute a general letter to shareholders relating to recent corporate events. The text of the letter to shareholders follows:

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June 14, 2001

Dear Fellow Shareholders:

IVAX continues to advance, and we take this opportunity to update you on recent items we consider to be of shareholder importance.

Record First Quarter Earnings

On April 25th, we announced that first quarter 2001 income from continuing operations had increased by 126% over the 2000 first quarter to more than $60 million, and that our earnings per diluted share had grown to $0.29 (adjusted for the 5-for-4 stock split effective 5/18/01) for the quarter. Coming shortly after the record income from continuing operations of $139.8 million achieved for the 2000 fiscal year, these quarterly results reflect the results of prior years' investment in new products, improved facilities, geographic expansion and, most important, in new talent brought into the Company. Because of our Board's confidence in the continued growth of our company, they declared a 5-for-4 stock split in April 2001. This is the second stock split declared by our Board during the past 15 months.

Convertible Note Offering

In May we sold $725 million of 4.5% Convertible Senior Subordinated Notes due 2008, giving us substantial liquidity to implement our corporate strategies for growth. Net proceeds from the sale of the notes will be used to acquire businesses and products that expand IVAX' global reach or its product portfolio; to fund the research, development, testing and commercialization of IVAX' pharmaceutical products; and for general corporate purposes.

Additional Paclitaxel Supplies

The FDA has approved an additional supplier of paclitaxel active drug substance as well as an additional manufacturer of the finished product. This injectable product, equivalent to Bristol-Myers Squibb Company's Taxol(R), already is an important product for IVAX, having achieved sales of over $120 million to date. These additional sources of supply will permit us to serve a larger market segment, resulting in increased sales and profits.

Tender Offer for Laboratorio Chile S.A.

We have made a tender offer to acquire all of the shares of Laboratorio Chile S.A., a prominent Latin American pharmaceutical company whose American Depositary Shares are traded on the NYSE. Laboratorio Chile is the largest pharmaceutical company in Chile and also has important operations in Argentina, Peru, and Bolivia. The successful completion of this tender offer will add Chile to the growing IVAX Latin American family, which already includes companies in Mexico, Venezuela, Peru, Argentina and Uruguay. Our continued growth in this region is part of our previously announced strategy to increase our presence in rapidly growing markets such as Latin America, Central and Eastern Europe and Asia.

IVAX Executive Appointed Chairman of Chinese Joint Venture

Jane Hsiao, Ph.D., the Vice Chairman and Chief Technical Officer of IVAX, has been elected Chairman of the Board of Directors of the corporation's joint venture in Kunming, China. This appointment is a tribute to Dr. Hsiao's leading role in the success of this cross-cultural partnership. The joint venture has also appointed a new general manager.

Respiratory Drug Developments

IVAX continues to expand its worldwide distribution of asthma drugs in its patented Easi-Breathe(R) inhaler, having recently launched the product in the Czech Republic, the Slovak Republic, Poland and Russia. The Easi-Breathe products now available are albuterol (in both CFC and CFC-free formulations), beclomethasone (also in CFC and CFC-free formulations) and cromolyn sodium (in a CFC formulation), which are marketed in various European countries.

As a service to asthma patients worldwide and physicians who treat them, we have now launched a website at www.asthma4all.com, which provides comprehensive, up-to-date information on the management of this condition. This website features state of the art graphics as well as a live news feed of developments relating to asthma, information about IVAX products, links to other sources of information for asthma sufferers, and a powerful search engine to explore these resources.

R & D Activities

-- Oral Paclitaxel. The U.S. Patent and Trademark Office has issued a notice of
allowance in connection with another of our patent applications relating to an
oral formulation of paclitaxel. The patent application is directed to
formulations and methods that make it possible to administer paclitaxel orally,
rather than by injection or infusion as it must now be given. This allowance
follows the issuance of U.S. Patent Number 5,968,972 entitled "Method for
Increasing the Oral Bioactivity of Pharmaceutical Agents," and further expands
our portfolio of proprietary rights protecting our innovative taxane
technology. Phase II studies of oral paclitaxel are currently being conducted
in non-small-cell lung cancer, breast cancer and stomach cancer. Preliminary
results of these studies are promising, and we plan to expand our paclitaxel
development program to include Phase III pivotal trials as well as Phase II
trials for additional indications.

-- Talampanel. In Phase II studies conducted by Eli Lilly & Co., talampanel was
shown to reduce the incidence of seizures in patients with epilepsy, and we are
preparing to conduct additional Phase II studies in epilepsy patients. We are
also planning additional Phase II clinical trials of this compound in multiple
sclerosis and Parkinson's Disease. Through this multi-targeted approach, we
hope to make this drug available more quickly to patients suffering from a
broad range of neurological disorders that it may help to alleviate.