IVAX Receives Clearance Of Polish Anti-Monopoly Office For Acquisition Of Polfa Kutno; Polish Securities Commission Decision Expected Shortly

Business Wire, May 21, 2004

Business Editors/Health/Medical Writers

MIAMI--(BUSINESS WIRE)--May 21, 2004

IVAX Corporation (AMEX:IVX) (LSE:IVX.L) announced today that the Polish Office for Competition and Consumer Protection (Urzad Ochrony Konkurencji i Konsumentow) granted clearance to IVAX to acquire control over Kutnowskie Zaklady Farmaceutyczne Polfa SA ("Polfa Kutno"), a pharmaceutical company listed on the Warsaw Stock Exchange.

Following the decision today from the Competition Office, IVAX expects a decision shortly from the Polish Securities and Exchange Commission (Komisja Papierow Wartosciowych i Gield) regarding its application to acquire more than 50% of the voting power of Polfa Kutno stock. Upon receipt of the necessary remaining approvals, IVAX will continue with its plans to acquire Polfa Kutno.

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 www.ivax.com.

This press release contains certain forward-looking statements which are being 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, the risks that the plans to acquire Polfa Kutno may not be successful; or that the transaction may not be approved by the Polish Securities Commission. 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.