IVAX Commences Cash Tender Offer for Remaining
                       Laboratorio Chile Shares and ADSs

     MIAMI - July 31, 2001 - IVAX Corporation (AMEX: IVX) today commenced a
tender offer in the United States (the "U.S. Offer") and in Chile (the "Chilean
Offer") for all of the outstanding shares (the "Shares") and American Depositary
Shares (the "ADSs") of Laboratorio Chile, S.A. that it does not already own.
This tender offer is required under Chilean law following IVAX' recent
acquisition of 99.6% of the outstanding Shares (including Shares represented by
ADSs) of Laboratorio Chile in its initial tender offer that expired on June 29,
2001.  These U.S. and Chilean Offers (the "Offers") are for the same price terms
as the prior tender offer.

     The U.S. and Chilean Offers expire at 5:30 p.m., New York City time, on
August 29, 2001, unless otherwise extended.  IVAX is offering to pay $1.25 per
Share payable in Chilean pesos, calculated at Ch$629.00 per U.S. $1.00, the
Observed Exchange Rate used to calculate the purchase price paid in the initial
tender offer, or Ch$786.25, and $25 per ADS payable in U.S. dollars.  The Offers
are not subject to any conditions.  The U.S. Offer is open to all holders of
ADSs and to all holders of Shares who are U.S. holders.  Non-U.S. holders of
Shares must tender their Shares into the Chilean Offer.  U.S. holders of Shares
may tender their Shares into either the U.S. Offer or the Chilean Offer, but not
into both Offers.

     IVAX has filed a Tender Offer Statement (including an offer to purchase, a
related letter of transmittal and other offer documents) with the U.S.
Securities and Exchange Commission ("SEC").

     The offer to purchase, the related letter of transmittal and certain other
documents are available to all shareholders of Laboratorio Chile, at no expense
to them.  These tender offer documents are also available at no charge at the
SEC's Web site at www.sec.gov.  These tender offer documents contain important
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information that should be read carefully before any decision is made with
respect to the Offers.  The Offers are being conducted through wholly owned
subsidiaries.

     IVAX Corporation, headquartered in Miami, Florida, is a leading
multinational pharmaceutical company engaged in the research, development,
manufacturing, and marketing of branded and brand equivalent pharmaceuticals and
veterinary and diagnostic products in the U.S. and more than 30 other countries.

     Laboratorio Chile is the largest Chilean pharmaceutical company, in revenue
terms, and among the major pharmaceutical companies in Argentina and Peru.  It
manufactures and markets a broad line of branded and brand equivalent products.

Contact:
Howard A. Goldman
Director/Investor Relations & Corporate Communications
IVAX Corporation
Phone: 305.575.6043
www.ivax.com
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