IVAX Expands U.S. Asthma Products Line Through Agreement With 3M for QVAR Brand Inhaler

Business Wire, April 1, 2002

Business Editors/Health & Medical Writers

MIAMI--(BUSINESS WIRE)--April 1, 2002

IVAX Corporation (AMEX:IVX) (LSE:IVX.L) and 3M (NYSE:MMM) today announced the signing of an exclusive U.S. agreement related to the currently marketed QVAR(TM) brand (beclomethasone dipropionate HFA) inhalation aerosol, an inhaler prescribed to treat chronic asthma. QVAR is a novel metered-dose inhaler that delivers asthma medicine via an HFA (hydrofluoroalkane) aerosol rather than conventional CFC (chlorofluorocarbon) propellant.

Under the terms of the agreement, IVAX has obtained exclusive U.S. rights to the QVAR product as well as a non-exclusive worldwide license to certain 3M patents covering HFA formulations of various asthma drugs. In addition, IVAX can exercise an option to obtain ownership of the U.S. QVAR trademark, as well as related patents and the New Drug Application. 3M Drug Delivery Systems will manufacture the QVAR product for IVAX under a long-term contract. This transaction is expected to close within the next month or two, upon regulatory approval.

Neil Flanzraich, vice chairman and president of IVAX Corporation, said: "This is an important addition to our growing U.S. proprietary pharmaceutical business. QVAR provides us immediate entry into the largest asthma market in the world with a brand product with considerable growth potential. QVAR is a unique product with certain competitive advantages. It delivers beclomethasone in smaller particles than those in other products so as to more easily reach the small airways of the lung. In addition, having the license to other HFA formulations is expected to accelerate our introduction of various inhaler products in the U.S. and other markets."

Mr. Flanzraich added: "QVAR expands our asthma products line in the U.S. and will be marketed through our domestic proprietary pharmaceuticals subsidiary, IVAX Laboratories. We previously acquired Wakefield Pharmaceuticals (now IVAX Laboratories) which markets a line of proprietary cough and cold products and products to treat allergic respiratory disorders. We also recently acquired the U.S. branded intranasal steroid products Nasarel(R) and Nasalide(R) and their European counterpart brands of flunisolide hemihydrate for the treatment of allergic rhinitis. To aggressively market our proprietary products, we are actively expanding our IVAX Laboratories' sales force."

John Benson, executive vice president, 3M Health Care, said: "This agreement is a testament to 3M Drug Delivery Systems' leadership in developing and manufacturing advanced drug-delivery technologies - in this case, CFC-free inhalers - and supplying them to leading pharmaceutical companies. For 3M Pharmaceuticals, this agreement reaffirms our strategy of both commercializing branded pharmaceutical products and also forming strategic alliances to accelerate growth. As a company, we are committed to further expanding 3M Health Care by leveraging our already strong positions in pharmaceuticals, medical supplies and dental segments to improve patient care and maximize value for our shareholders."

About IVAX

IVAX Corporation, headquartered in Miami, Florida, is engaged in the research, development, manufacturing, and marketing of branded and brand equivalent (generic) pharmaceuticals and veterinary products in the U.S. and international markets.

IVAX markets and is developing a variety of asthma drugs in aerosol (both CFC and HFA) formulations as well as non-aerosol dry powder formulations. IVAX also markets Steri-Neb(R) formulations of ipratropium bromide, albuterol, and cromolyn sodium for use in nebulizers to treat asthma and chronic obstructive pulmonary disease. In 2001, the company's worldwide respiratory business grew to approximately $225 million from approximately $140 million in 2000, and from approximately $92 million in 1999.

Copies of this and other news releases may be obtained free of charge from IVAX' web site at http://www.ivax.com. Shareholders and prospective investors can register to automatically receive the company's press releases via email at http://www.ivax.com/ComNewsv2.htm.> About 3M

3M is a $16 billion diversified technology company with leading positions in health care, safety, electronics, telecommunications, industrial, consumer and office, and other markets. Headquartered in St. Paul, Minnesota, the company has operations in more than 60 countries and serves customers in nearly 200 countries. 3M businesses share technologies, manufacturing operations, brands, marketing channels and other important resources. 3M is one of the 30 stocks that make up the Dow Jones Industrial Average and also is a component of the Standard & Poor's 500 Index. For more information, go to http://www.3M.com/pharma or http://www.3M.com/profile/pressbox/index.jhtml.> Forward Looking Statements

This press release contains certain forward-looking statements by IVAX regarding product development efforts, growth prospects, 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, that this product may not prove to have the perceived advantages over other available inhaled asthma products; the market for this product may not grow at the rate forecasted; 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; the ability to increase IVAX Laboratories' sales force and increase sales of this product; the ability to grow IVAX proprietary pharmaceuticals business and the ability to accelerate the introduction of various inhaler products in the U.S. and other markets; and timely governmental approval of the transactions described herein. 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. QVAR is a trademark of 3M Company.