IVAX Completes Acquisition of Nasarel and Nasalide Brand Products

Business Wire, Oct 16, 2001

Business Editors/Health & Medical Writers

MIAMI--(BUSINESS WIRE)--Oct. 16, 2001

IVAX Corporation (AMEX:IVX) (LSE:IVX.L) announced today it has completed the acquisition of the currently marketed intranasal steroid brand products, Nasarel(R) and Nasalide(R), for the treatment of allergic rhinitis, from Elan Corporation, plc. (NYSE:ELN). IVAX will immediately begin marketing these products in the United States through its domestic proprietary products subsidiary, IVAX Laboratories, Inc., formerly known as Wakefield Pharmaceuticals. IVAX Laboratories' direct sales force presently markets a line of respiratory products to physicians across the U.S.

Allergic rhinitis affects more than 25% of the U.S. population and intranasally administered corticosteroids are commonly used to control the symptoms of this condition. The intranasal steroid market in the U.S. is growing rapidly, approaching $1.5 billion in annual revenues.

"We believe Nasarel and Nasalide have comparable efficacy and safety to the market leaders. They also cost less. Therefore, we believe these patented prescription products have substantial growth potential," said Neil Flanzraich, vice chairman and president of IVAX Corporation. "We also continue to search for other brand products to add to IVAX' growing portfolio of branded products around the world," added Mr. Flanzraich.

IVAX' worldwide respiratory franchise comprises a variety of asthma medicines in CFC and environmentally friendly CFC-free aerosol formulations delivered in several proprietary devices, such as the company's patented, metered-dose breath-activated Easi-Breathe(R) inhaler and its non-aerosol multi-dose dry powder inhaler, as well as in conventional metered-dose inhalers. IVAX also markets Steri-Neb(R) formulations of ipratropium bromide, albuterol, and cromolyn sodium for use in nebulizers around the world.

Various asthma medications in IVAX' Easi-Breathe and conventional metered-dose inhalers are currently marketed throughout Western, Central and Eastern Europe. The Easi-Breathe inhaler is the top selling breath-activated device in the United Kingdom. In addition, the company's metered-dose dry powder inhaler with albuterol and budesonide asthma medicines is awaiting regulatory approval in Europe. These respiratory products are also currently being registered throughout Latin America and expected to be marketed over the next six-to-12 months as approvals are obtained. For the U.S. market, the FDA views each of these products as a new drug and, as a result, comprehensive clinical trials are required. At present, Phase III clinical trials for albuterol in CFC-free formulations in Easi-Breathe and conventional metered-dose inhalers are ongoing; Phase III clinical trials for beclomethasone in CFC-free formulations in Easi-Breathe and conventional metered-dose inhalers are anticipated to commence later this year; and Phase III clinical trials for budesonide in IVAX' metered-dose dry powder inhaler are planned to start in 2002.

IVAX Corporation, headquartered in Miami, Florida, is a multinational company engaged in the research, development, manufacturing, and marketing of branded and brand equivalent pharmaceuticals and veterinary and diagnostic products in the U.S. and international markets.

Copies of this and other news releases may be obtained free of charge from IVAX' Web site at http://www.ivax.com.

This press release contains certain forward-looking statements regarding product development efforts and product performance and other non-historical facts which are being are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that cannot be predicted or quantified and, consequentially, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, changing market conditions, the availability and cost of raw materials and other third party products, the impact of competitive products and pricing, successful compliance with extensive, costly, complex and evolving governmental regulations and restrictions, and the ability to increase IVAX Laboratories' sales force and increase sales of these acquired products. In addition to the risk factors set forth above, IVAX' forward looking statements may also be adversely affected by general market factors, competitive product development, product availability, federal and state regulations and legislation, the regulatory process for new products and indications, manufacturing issues that may arise, trade buying patterns, patent positions and litigation, among other things. For further details and discussion of these and other risks and uncertainties, see IVAX' Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.