Ivax Corporation announced a revised offer to acquire the shares of Kutnowskie Zaklady Farmaceutyczne Polfa SA (Polfa Kutno). Ivax intends to acquire, in exchange for Ivax stock, up to 100 per cent, but not less than 75 per cent of the shares of Polfa Kutno for a price of 340 PLN per share.

If the tender offer is successful, the proposed acquisition, at this revised offer price, would be accretive to Ivax, and is part of Ivax' proposed strategy to be one of the leading pharmaceutical companies in Poland. Poland joins the European Union on May 1, 2004 and will be one of the largest pharmaceutical markets in the European Union and is already the largest pharmaceutical market in Central and Eastern Europe.