Further re - IVAX Confirms Consummation of 3M Transaction

    IVAX Corporation

As previously announced on Oct. 1, 2003, IVAX Corporation
(AMEX:IVX) (LSE:IVX.L) has consummated its agreement with the 3M
Company (NYSE:MMM) in which IVAX assumes exclusive rights to branded
respiratory products, together with related marketing and sales people
in nine European countries: United Kingdom, Ireland, France, Germany,
Netherlands, Finland, Norway, Denmark and Sweden. The agreement covers
the products QVAR(R) (CFC-free beclomethasone dipropionate),
Airomir(R) (CFC-free salbutamol, known in the U.S. as albuterol) in
Autohaler(R) and MDI devices; and over 200 professionals to market and
sell these products.
   
IVAX confirms the transaction is consummated. As part of securing
the necessary approvals of this transaction in the United Kingdom,
IVAX has agreed to enter into certain undertakings with the United
Kingdom's Office of Fair Trading relating to the pricing of one
product in the United Kingdom. This undertaking does not concern the
product that is the main subject of this transaction nor is it
expected to lessen the benefits IVAX anticipates from the transaction.
The main subject of this transaction is the product QVAR, which IVAX
also obtained exclusive U.S. rights to in April 2002. QVAR is
currently the only CFC-free aerosol corticosteroid for asthma on the
U.S. market and IVAX' U.S. sales of QVAR have grown substantially.
   
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 by
IVAX regarding expectations 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, that the benefits IVAX anticipates from the transaction
with 3M will be less than expected; and that proposed undertakings
with the OFT will not be accepted or additional more restrictive
undertakings may be imposed. 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.