Press Release                                                 Exhibit 99.(A)(20)

            IVAX ANNOUNCES SUCCESSFUL COMPLETION OF TENDER OFFERS OF
                     LABORATORIO CHILE S.A.; 99.9% ACQUIRED

         MIAMI - July 2, 2001- IVAX (AMEX:IVX) said today that it has accepted
for payment 99.9% of the shares of Laboratorio Chile S.A. (NYSE:LBC),
successfully completing its tender offers in the United States (the "U.S.
Offer") and in Chile (the "Chilean Offer") for all of the outstanding shares and
American Depositary Shares ("ADSs") of Laboratorio Chile. IVAX has accepted for
purchase and payment, pursuant to both of its tender offers, all of the shares
and ADSs of Laboratorio Chile which were validly tendered as of the expiration
of both tender offers at 12:00 midnight, New York City time, on June 29, 2001.

         "We are enthusiastic about the acquisition of Laboratorio Chile as it
is another step in implementing our strategy of emphasis on rapidly growing,
less mature, but significant pharmaceutical markets," said Phillip Frost, M.D.,
CEO and chairman of IVAX.

         Laboratorio Chile is the largest Chilean pharmaceutical company in
revenue terms and is also among the major pharmaceutical companies in Argentina
and Peru. Laboratorio Chile manufactures and markets a broad line of more than
900 branded and brand equivalent products in Chile, Argentina and Peru and
reported revenues over US$173 million in 2000. Its main products are to treat
respiratory and infectious diseases, but it also has strong franchises with
cardiovascular, neurological and gynecologic products. IVAX already has
companies in Argentina, Mexico, Peru, Uruguay and Venezuela which along with
Laboratorio Chile, provide strength in production and marketing so as to create
an excellent platform from which to launch IVAX' proprietary and brand
equivalent pharmaceutical products as well as products from other companies
which may not be so well represented in Latin America.

         Approximately 59,229,840 shares, including shares represented by ADSs,
were tendered into the U.S. Offer and approximately 252,229,699 shares were
tendered into the Chilean Offer. Additionally, approximately 4,156,000 shares
tendered in the U.S. Offer are subject to notices of guaranteed delivery.
Assuming all shares subject to guaranteed delivery are received, the Laboratorio
Chile shares tendered, including shares represented by ADSs, represent
approximately 99.9% of all outstanding shares of Laboratorio Chile common stock.

         IVAX Corporation, headquartered in Miami, Florida, is engaged in the
research, development, manufacturing, and marketing of branded and brand
equivalent pharmaceuticals and veterinary and diagnostic products in the U.S.
and international markets.

         Except for the historical matters contained herein, statements in this
press release are forward-looking. Investors are cautioned that forward-looking
statements involve risks and uncertainties that may affect IVAX' business and
prospects, including that IVAX may not be able to integrate the operations of
Laboratorio Chile without significant capital expenditures or other costs; that
IVAX may not realize the anticipated benefits of the acquisition of Laboratorio
Chile; that risks will arise from the operation of Laboratorio Chile; that the
revenues, earnings and profits of Laboratorio Chile may not continue to grow or
may decline; that economic instability,


political instability, and/or currency fluctuation, and other risks associated
with operations in emerging markets may reduce the profitability of the
pharmaceutical markets in which Laboratorio Chile operates; and other factors
discussed in the Company's Annual Report on form 10K and other filings with the
Securities and Exchange Commission.



CONTACT:

IVAX Corporation, Miami
Investor Relations
Tabitha H. Licea
305/575-6043
www.ivax.com