Re Agreement

    IVAX Corporation

IVAX And Gedeon Richter Collaborate On New Generic Products

IVAX Corporation (AMEX:IVX) (LSE:IVX.L) has entered into agreements
with Gedeon Richter Ltd under which a number of generic drugs will be
developed for the United States market and distributed exclusively by
IVAX' wholly-owned subsidiary, IVAX Pharmaceuticals, Inc.

Dr. Rafick Henein, IVAX Pharmaceuticals, Inc.'s president and
chief executive officer, said, "IVAX is very pleased with this new
collaboration. Gedeon Richter's technical abilities and dedication to
excellence are truly outstanding. IVAX Pharmaceuticals, Inc. continues
to build alliances with exceptional companies to achieve our objective
of being the USA's leading generic company."

Gedeon Richter Ltd, founded in 1901 and headquartered in Budapest,
Hungary, is the largest pharmaceutical company in Hungary and one of
the largest in Eastern Europe. Its activities cover the full range of
R&D, manufacture of bulk raw materials, intermediates, final dosage
form pharmaceuticals, and packaging, marketing, distribution and
sales.

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
regarding product and business development efforts and other
non-historical facts 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 IVAX may not file ANDAs with the United
States Food and Drug Administration for these products; that any ANDAs
IVAX does file may not receive approval on a timely basis or at all;
and that IVAX may not become the world's leading generic company. 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, governmental
regulations and legislation, the regulatory process for new products
and indications, 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.