EXHIBIT 10.22

                         NON-NEGOTIABLE PROMISSORY NOTE

Principal Amount: $50,000,000                                  November 18, 1999

         For value received, IVAX CORPORATION, a Florida corporation (the
"Maker"), promises to pay to FROST-NEVADA, LIMITED PARTNERSHIP, a limited
partnership organized under the laws of Nevada ("Payee"), at such place as the
Payee may designate from time to time, in lawful money of the United States of
America, the principal sum of FIFTY MILLION DOLLARS ($50,000,000), together with
interest in arrears on the unpaid principal balance at an annual rate equal to
ten percent (10%), in the manner provided below. Interest shall be calculated on
the basis of a year of 365 or 366 days, as applicable, and charged for the
actual number of days elapsed.

         The principal balance of this Note shall be due and payable on January
17, 2001. Interest shall accrue on the outstanding principal balance of this
Note from the date hereof until its repayment in full, at a rate equal to ten
percent (10%) per annum, and shall be payable quarterly on the last day of each
March, June, September and December, commencing on March 31, 2000. The entire
principal balance of this Note, together with accrued and unpaid interest, shall
be due and payable on January 17, 2001.

         If any payment of principal or interest on this Note is due on a day
which is not a Business Day, such payment shall be due on the next succeeding
Business Day, and such extension of time shall be taken into account in
calculating the amount of interest payable under this Note. "Business Day" means
any day other than a Saturday, a Sunday or a legal holiday on which U.S.
commercial banks located in Miami, Florida are closed for the purpose of
conducting commercial banking business.

         Maker may, without premium or penalty, at any time and from time to
time, prepay all or any portion of the outstanding principal balance due under
this Note, provided that each such prepayment is accompanied by accrued interest
on the amount of principal prepaid calculated to the date of such prepayment.

         Upon default in the timely payment of principal or interest, the entire
principal amount outstanding and accrued interest thereon shall at once become
due and payable at the option of the Payee upon notice to the Maker. This Note
shall be binding upon the Maker and its successors and assigns, and shall inure
to the benefit of the Payee



and its successors and assigns, but the Payee may not assign or transfer this
Note without the express written consent of the Maker. This Note shall be
governed by the laws of the State of Florida. The Payee shall be entitled to
collect from the Maker all costs and expenses incurred by the Payee in
connection with the enforcement of this Note.

         IN WITNESS WHEREOF, Maker has executed and delivered this Note in New
York, New York, as of the date first stated above.

                                                 IVAX CORPORATION


                                                 By: /s/ Phillip Frost
                                                    ----------------------------
                                                     Phillip Frost, M.D.
                                                     Chairman of the Board
                                                     and Chief Executive Officer

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