IVAX UK Plant Receives $6 Million Grant

     
BW20030703002036  20030703T155600Z UTC


( BW)(IVAX-CORPORATION)(IVX) IVAX UK Plant Receives $6 Million Grant

    Business Editors
    UK REGULATORY NEWS

    MIAMI--(BUSINESS WIRE)--July 3, 2003--

IVAX Corporation (AMEX:IVX) (LSE:IVX.L) announced today that its
subsidiary, IVAX Pharmaceuticals UK, has received a $6 million grant
to complete the construction of a $41 million manufacturing plant at
Preston Brook in Cheshire, United Kingdom. The North West Development
Agency's Cheshire Development Fund provided $2.8 million of the grant,
and the Regional Selective Assistance, $3.3 million.

Construction of the new facility, which will greatly increase IVAX'
manufacturing for its Steri-Neb(TM), injectable, and ophthalmic
products, is nearing completion. Because of its proximity to its
present facility in nearby Runcorn - which will be closed - employees
can transfer into the new plant.

Steri-Nebs are IVAX' patented nebules containing medications used for
nebulizers (devices used to change liquid medications to a mist form
for inhalation) to treat asthma. Nebulizers are useful for people who
have difficulty using traditional inhalers - in particular, elderly,
young and disabled patients. The incidence of asthma has increased
over the past 20 years for all age groups, children under five being
the hardest hit. Worldwide, the cost of treating asthma patients is
estimated to have risen to $16 billion.

Steve Forrester-Coles, site director at IVAX Pharmaceuticals U.K.,
stated, "We've outgrown our two sites in Runcorn due to the rapid
success of our products. It's a significant investment for the Company
and a statement of confidence in its people and products. The support
provided through NWDA and RSA is pivotal to the success of the whole
expansion project and will secure the long term success of the
business, safeguarding existing jobs and creating new opportunities."

IVAX Pharmaceuticals UK, formerly Norton Healthcare Limited, is now
one of the UK's top ten pharmaceutical companies.

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.

   Short Name: IVAX Corporation
   Category Code: MSC
   Sequence Number: 00006618
   Time of Receipt (offset from UTC): 20030703T163851+0100

    --30--GAA/mi* KO/uk

    CONTACT: IVAX Corporation

    KEYWORD: UNITED KINGDOM INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: MEDICAL PHARMACEUTICAL 
    SOURCE: IVAX Corporation

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