IVAX to Begin Sale of Morphine Sulfate Controlled-Release Tablets C-II as Authorized Distributor

Business Wire, July 29, 2005

MIAMI -- IVAX Corporation (AMEX:IVX) (LSE:IVX.L) (WSE:IVX) announced today that its U.S. generic subsidiary, IVAX Pharmaceuticals, Inc., will distribute, in the United States, morphine sulfate controlled-release tablets C-II in 15, 30, 60, 100 and 200 mg dosage strengths supplied by Purdue Pharma LP of Stamford, Connecticut. Morphine sulfate controlled-release tablets C-II are the generic equivalent of MS Contin(R) (morphine sulfate controlled-release) Tablets, a narcotic analgesic indicated for the relief of moderate to severe pain in patients who require repeated dosing over periods of more than a few days. According to IMS data, U.S. sales of MS Contin Tablets and morphine sulfate controlled-release tablets were approximately $200 million during the twelve months ending March 31, 2005. Purdue will receive a share of profits from the sale of this product.

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.

Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect the company's business and prospects, including the risks that the launch of morphine sulfate controlled-release tablets C-II in 15, 30, 60, 100 and 200 mg dosage strengths will be delayed; that the change of control of the Company or regulatory issues arising from the pending merger of the Company and Teva Pharmaceutical Industries Limited could affect the Company's relationships and/or agreements with third parties, including distributors, manufacturers, suppliers and customers; changing market conditions; the results of new or changed regulations regarding authorized generics; the impact of competitive products and pricing; and other risks and uncertainties based on economic, competitive, governmental, technological and other factors discussed in the Company's Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. MS Contin(R) is a registered trademark of Purdue Pharma L.P.