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

    Business Editors
    UK REGULATORY NEWS

    LONDON--(BUSINESS WIRE)--Aug. 20, 2003--

       Lilly Dismisses Willful Infringement Claim Against IVAX

IVAX Corporation (AMEX:IVX) (LSE:IVX.L) confirmed today that Eli Lilly
and Company has agreed to dismiss with prejudice its claim of willful
infringement against IVAX related to IVAX' challenge to the patent for
olanzapine. Olanzapine is the active pharmaceutical ingredient and
also the generic name of Lilly's Zyprexa(R), an antipsychotic drug
with annual U.S. sales of approximately $3 billion.

In response to IVAX' motion for summary judgment on the willful
infringement claim, Lilly agreed to dismiss the claim with prejudice.
In addition, IVAX has agreed to dismiss certain defenses or
counterclaims related to the patent statute, 35 U.S.C. 112, including
specific defenses related to enablement and indefiniteness.

The trial over the validity of Lilly's olanzapine patent is set to
begin on January 26, 2004 in the United States District Court for the
Southern District of Indiana. IVAX has first to file status on the 5,
10 and 15 mg dosage strengths of the brand equivalent (generic)
olanzapine product.

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.

Except for the historical matters contained herein, statements in this
press release are forward-looking and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that forward-looking statements,
including the statements regarding IVAX' first to file status and the
timing of the litigation, involve risks and uncertainties which may
affect the company's business and prospects, including the risks that
IVAX may not receive approval for olanzapine, or that if approved, its
launch may be delayed or it may not be successfully commercialized;
that IVAX may not have first to file status; the impact of the FDA's
or other administrative or judicial agency's decisions on exclusivity
periods; that the olanzapine litigation may be delayed or resolved
adversely to IVAX; and other risks and uncertainties based on
economic, competitive, governmental, technological and other factors
discussed in the Company's Annual Report on Form 10-K and its other
filings with the Securities and Exchange Commission. Zyprexa(R) is a
registered trademark of Eli Lilly and Company.

   Short Name: IVAX Corporation
   Category Code: AGR
   Sequence Number: 00008718
   Time of Receipt (offset from UTC): 20030820T155936+0100

    --30--PP/mi* KO/uk

    CONTACT: IVAX Corporation

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

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