Ivax Corporation entered into an agreement with Mayne Group Limited for the marketing and distribution of Ivax' injectable paclitaxel product, Paxene, in the European Union nations of Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Sweden, United Kingdom and Norway. Paclitaxel is the active pharmaceutical ingredient in Taxol, a drug marketed by Bristol-Myers Squibb for the treatment of various cancers. Annual European sales of Taxol are over $450 million.

Neil Flanzraich, vice chairman and president of Ivax, said, "Mayne Pharmaceuticals has a substantial and highly effective marketing and sales presence in oncology products in the countries covered by our agreement. We believe this collaboration is the best and most expedient way to maximize our injectable paclitaxel opportunity in Europe."

As previously announced on January 23, 2004, the European Union's Committee for Proprietary Medicinal Products, the scientific committee of the European Medicines Evaluation Agency, issued a positive opinion recommending the extension of indication of the existing marketing authorization for Ivax' Paxene to include treatment of metastatic breast cancer and metastatic ovarian cancer in the European Union.