IVAX announces intention to revise offer for Polfa Kutno

IVAX Corporation announced today a revised offer to acquire the shares of Kutnowskie Zaklady Farmaceutyczne Polfa SA (“Polfa Kutno”). IVAX intends to acquire, in exchange for IVAX stock, up to 100%, but not less than 75% of the shares of Polfa Kutno for a price of 340 PLN per share. 
 
If the tender offer is successful, the proposed acquisition, at this revised offer price, would be accretive to IVAX, and is part of IVAX’ proposed strategy to be one of the leading pharmaceutical companies in Poland. Poland joins the European Union on May 1, 2004 and will be one of the largest pharmaceutical markets in the European Union and is already the largest pharmaceutical market in Central and Eastern Europe. 
 
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 www.ivax.com.