Acquisition

     
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( BW)(IVAX-CORPORATION)(IVX) Acquisition

    Business Editors
    UK REGULATORY NEWS

    MIAMI--(BUSINESS WIRE)--July 16, 2003--

        IVAX Expands Respiratory Products Franchise in Europe

IVAX Corporation (AMEX:IVX)(LSE:IVX.L) has agreed to assume exclusive
rights to 3M Company's (NYSE:MMM) branded respiratory products,
together with related marketing and sales people in nine European
countries: United Kingdom, Ireland, France, Germany, Netherlands,
Finland, Denmark, Norway and Sweden. The agreement covers the products
QVAR(R) (HFA beclomethasone dipropionate), Airomir(R) (HFA salbutamol)
in Autohaler(R) and MDI devices, and over 200 professionals to market
and sell these products.

Neil Flanzraich, IVAX Corporation vice chairman and president, said,
"This transaction complements IVAX' growing strength in the global
respiratory products market. Additionally, these products, along with
the marketing and sales infrastructure, will expand IVAX' presence in
several strategically important countries and provide a robust
platform for IVAX' rich and diverse product pipeline."

Dr. Charles Reich, executive vice president, 3M Health Care Business
said, "This agreement with IVAX is a continuation of our global
strategy to participate in the respiratory market through alliances,
while focusing 3M's research and commercial resources on our new
Immune Response Modifier compounds. It further strengthens our
position as a leading supplier of innovative drug delivery systems,
pharmaceuticals, medical supplies and dental materials that benefit
patients and health care professionals worldwide."

In April 2002, IVAX obtained exclusive U.S. rights to QVAR, currently
the only CFC-free (free of chlorofluorocarbons that deplete
atmospheric ozone) aerosol corticosteroid on the U.S. market to treat
asthma. QVAR delivers its medication in small particles (1.1 microns
versus 3+ microns for other orally-inhaled steroids) for greater drug
deposition in the small as well as intermediate and large airways of
the lung. IVAX' sales of QVAR in the U.S. have shown substantial
growth.

QVAR, a CFC-free aerosol corticosteroid, is a "maintenance" medication
used to prevent asthma attacks. Airomir, which contains salbutamol
(known in the U.S. as albuterol), is a "rescue" medication to relieve
acute asthma symptoms. Its HFA formulation means that it also is
CFC-free. IVAX and 3M have been world leaders in developing and
marketing CFC-free inhaler devices.

IVAX welcomes and values the knowledge and skills of the sales,
marketing and support professionals joining IVAX.

3M will continue to manufacture and supply these products to IVAX and
provide transitional services for twelve months. The transaction is
pending regulatory and other approvals and completion of an employee
consultation process.

About 3M

3M is a $16 billion diversified technology company with leading
positions in consumer and office; display and graphics; electronics
and telecommunications; health care; industrial; safety, security and
protection services; transportation and other businesses.
Headquartered in St. Paul, Minnesota, the company has operations in
more than 60 countries and serves customers in nearly 200 countries.
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 about 3M, go to http://www.3m.com.

About IVAX

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
abroad. IVAX has direct operations in more than 30 countries and its
products are sold in more than 80 countries.

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 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 the transaction with 3M
will not expand IVAX' presence in any country, will not provide a
platform or otherwise support IVAX' product pipeline, and will not
strengthen IVAX' position in the global asthma product market, that
IVAX' position in the global asthma product market will not grow; that
QVAR may not prove to have the perceived advantages over other
available inhaled asthma products; that IVAX' sales of QVAR will not
continue to grow and may decrease; changing market conditions; that
the compounds and products in IVAX' pipelines will not be successfully
developed, will not receive regulatory approval or will not be
successfully commercialized; the impact of competitive products and
pricing; the impact of foreign currency exchange rates and
fluctuations in those rates; and timely and satisfactory completion of
the employee consultation process and timely receipt of regulatory and
other approvals of the transactions described herein and satisfaction
of all conditions. 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, 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.

   Short Name: IVAX Corporation
   Category Code: ACQ
   Sequence Number: 00007123
   Time of Receipt (offset from UTC): 20030715T194504+0100

    --30--JAR/mi* DB/ny

    CONTACT: IVAX Corporation, Miami
             David Malina, Investor Relations, 305/575-6043
             or
             3M Investor Relations
             Matt Ginter, 651/733-8206
             or
             3M Media Relations
             John Cornwell, 651/733-7698

    KEYWORD: MINNESOTA FLORIDA UNITED KINGDOM INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: MEDICAL PHARMACEUTICAL MARKETING AGREEMENTS
PRODUCT
    SOURCE: IVAX Corporation

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