BW20030213002380  20030213T165125Z UTC


( BW)(IVAX-CORPORATION)(IVX) Re Agreement

    Business Editors
    UK REGULATORY NEWS

    MIAMI--(BUSINESS WIRE)--Feb. 13, 2003--IVAX Corporation (AMEX:IVX)
(LSE:IVX.L) today announced that it has entered into a license
agreement with Purdue Pharma L.P. regarding certain patents and data
relating to naloxone, an opioid antagonist for use with opioid
analgesics. Purdue Pharma is engaged in the research and development
of pharmaceutical products, including opioid analgesics, for the
treatment of pain. Since the mid-1990s, Purdue Pharma has been
conducting research and development of potential new pharmaceutical
products intended to be more resistant to abuse. Under the license
agreement Purdue Pharma obtained non-exclusive rights to certain
patents and other proprietary information currently owned or licensed
by IVAX, and IVAX will receive an upfront payment, and potential
milestone and royalty payments.
    "We are pleased to enter into this agreement with Purdue Pharma,"
stated Neil Flanzraich, vice chairman and president at IVAX. "We
believe that our data and patents will contribute to Purdue Pharma's
efforts to develop pain relievers that are more resistant to abuse."
    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 development efforts and product performance and
other non-historical facts which 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 development efforts for Naloxone may fail, may not
achieve the expected results or effectiveness and/or may not generate
data that would support the approval or marketing of this product for
the indications being studied or for other indications; that clinical
milestones may not be achieved on a timely basis or at all and
accordingly IVAX may not receive any of the anticipated milestone or
royalty payments under the license agreement. 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, federal and state 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.

   Short Name: IVAX Corporation
   Category Code: AGR
   Sequence Number: 00001914
   Time of Receipt (offset from UTC): 20030213T155840+0000

    --30--CP/mi* FG/uk

    CONTACT: IVAX Corporation, Miami
             Jim Whitlow, 305/575-6043

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

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