IVAX Announces Agreement With Purdue Pharma

Business Wire, Feb 13, 2003

Business Editors/Health & Medical Writers

MIAMI--(BUSINESS WIRE)--Feb. 13, 2003

IVAX Corporation (AMEX:IVX) (LSE:IVX.L) today announced that it has entered into a license agreement with Purdue Pharma L.P. regarding certain patents and data relating to naloxone, an opioid antagonist for use with opioid analgesics. Purdue Pharma is engaged in the research and development of pharmaceutical products, including opioid analgesics, for the treatment of pain. Since the mid-1990s, Purdue Pharma has been conducting research and development of potential new pharmaceutical products intended to be more resistant to abuse. Under the license agreement Purdue Pharma obtained non-exclusive rights to certain patents and other proprietary information currently owned or licensed by IVAX, and IVAX will receive an upfront payment, and potential milestone and royalty payments.

"We are pleased to enter into this agreement with Purdue Pharma," stated Neil Flanzraich, vice chairman and president at IVAX. "We believe that our data and patents will contribute to Purdue Pharma's efforts to develop pain relievers that are more resistant to abuse."

IVAX Corporation, headquartered in Miami, Florida, discovers, develops, manufactures, and markets branded and brand equivalent (generic) pharmaceuticals and veterinary products in the U.S. and internationally.

Copies of this and other news releases may be obtained free of charge from IVAX' website 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 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 development efforts for Naloxone may fail, may not achieve the expected results or effectiveness and/or may not generate data that would support the approval or marketing of this product for the indications being studied or for other indications; that clinical milestones may not be achieved on a timely basis or at all and accordingly IVAX may not receive any of the anticipated milestone or royalty payments under the license agreement. 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.