Ivax Corporation announced that it has agreed to assume exclusive rights to 3M Company's branded respiratory products, together with related marketing and sales people in nine European countries: United Kingdom, Ireland, France, Germany, Netherlands, Finland, Denmark, Norway and Sweden. The agreement covers the products Qvar (HFA beclomethasone dipropionate), Airomir (HFA salbutamol) in Autohaler and MDI devices, and over 200 professionals to market and sell these products.

Neil Flanzraich, Ivax Corporation vice chairman and president, said, "This transaction complements Ivax' growing strength in the global respiratory products market. Additionally, these products, along with the marketing and sales infrastructure, will expand Ivax' presence in several strategically important countries and provide a robust platform for Ivax' rich and diverse product pipeline."

Dr. Charles Reich, executive vice president, 3M Health Care Business said, "This agreement with Ivax is a continuation of our global strategy to participate in the respiratory market through alliances, while focusing 3M's research and commercial resources on our new Immune Response Modifier compounds. It further strengthens our position as a leading supplier of innovative drug delivery systems, pharmaceuticals, medical supplies and dental materials that benefit patients and health care professionals worldwide."

In April 2002, Ivax obtained exclusive U.S. rights to Qvar, currently the only CFC-free (free of chlorofluorocarbons that deplete atmospheric ozone) aerosol corticosteroid on the U.S. market to treat asthma. Qvar delivers its medication in small particles (1.1 microns versus 3+ microns for other orally-inhaled steroids) for greater drug deposition in the small as well as intermediate and large airways of the lung. Ivax' sales of Qvar in the U.S. have shown substantial growth.

Qvar, a CFC-free aerosol corticosteroid, is a "maintenance" medication used to prevent asthma attacks. Airomir, which contains salbutamol (known in the U.S. as albuterol), is a "rescue" medication to relieve acute asthma symptoms. Its HFA formulation means that it also is CFC-free. Ivax and 3M have been world leaders in developingand marketing CFC-free inhaler devices.

Ivax welcomes and values the knowledge and skills of the sales, marketing and support professionals joining Ivax. 3M will continue to manufacture and supply these products to Ivax and provide transitional services for twelve months. The transaction is pending regulatory and other approvals and completion of an employee consultation process.

3M is a $16 billion diversified technology company with leading positions in consumer and office; display and graphics; electronics and telecommunications; health care; industrial; safety, security and protection services; transportation and other businesses.

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 abroad. Ivax has direct operations in more than 30 countries and its products are sold in more than 80 countries.