Document:

EXHIBIT 10.15

* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission.

                           NON-CONFIDENTIAL EXHIBIT A

                            PRODUCT COLLABORATION AND
                         DEVELOPMENT SERVICES AGREEMENT

         This Product Collaboration and Development Services Agreement dated as
of November 18, 1999 (the "Agreement"), is entered into by and among IVAX
CORPORATION, a Florida corporation having an office at 4400 Biscayne Boulevard,
Miami, Florida 33137, NORTON HEALTHCARE LTD. ("NHL"), an English limited company
having an address at Albert Basin, 1 Royal Docks, London E16 2QJ, BAKER NORTON
INTERNATIONAL GmbH ("BNI"), a Swiss limited company, having an address in care
of Invico Capital Corporation AG, Kirchgasse 24, P.O. Box 4754, 8022 Zurich,
Switzerland, and BRISTOL-MYERS SQUIBB COMPANY, a Delaware corporation having an
address at P.O. Box 4000, Rte 206 and Province Line Road, Princeton, New Jersey
08543-4000("BMS").

                                    RECITALS

1.       The parties have been in discussion as to areas of possible
         collaboration in the fields of inhalation technology and of oncology as
         well as other areas of mutual interest, and BMS recognises that IVAX
         Corporation, NHL and BNI have relevant skills, competence and expertise
         related to the formulation and development of products for delivery by
         inhalation and devices related thereto. BMS is interested in engaging
         IVAX Corporation and its Affiliates to perform development work with
         regard to certain proprietary compounds of BMS (the "Services"), and
         IVAX Corporation and its Affiliates are willing to perform such
         Services and to collaborate with BMS with respect to the development of
         certain pharmaceutical formulations or delivery systems having
         potentially beneficial therapeutic use in the treatment of disease.

2.       IVAX Corporation and/or its indirect wholly owned subsidiary BNI has
         proprietary technology pertaining to a system for oral administration
         of paclitaxel (the "Oral Delivery System") for which it has filed
         patent applications and obtained patents throughout the world, which it
         is willing to make available to BMS to assess its practical use and
         application and to grant BMS an option to take a licence for its
         commercial exploitation.

3.       BMS is the holder of marketing authorisations for the anti-cancer agent
         TAXOL paclitaxel ("TAXOL"), inter alia, in all countries of the
         European Union ("EU") based upon an application under E.C. Directive
         87/22 pursuant to which procedure the first authorisation for TAXOL
         within the EU was granted in The Netherlands on September 20th 1993,
         indicated for the treatment of first and second line ovarian cancer,
         treatment of second line breast cancer and treatment of

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         non small cell lung cancer. By virtue of EC Directive 65/65, as
         amended, the data submitted by BMS in support of such marketing
         authorisations is subject to protection for a period of ten years from
         the date of first authorisation in the EU.

4.       IVAX Corporation through NHL has applied for a marketing authorisation
         in the EU for its injectable formulation of paclitaxel marketed under
         the trademark PAXENE, which application was approved by the European
         Medicines Evaluation Agency pursuant to the procedure under Regulation
         (EC) No. 2309/93 on July 19th, 1999 for the limited indication of
         AIDS-related kaposi's sarcoma after failure of prior liposomal
         anthracycline therapy (the "PAXENE Authorisation"). The data submitted
         in support of the PAXENE Authorisation is likewise subject to
         protection for a period of ten years from the date of authorisation.

5.       Recognising that the market for PAXENE in respect of its limited
         indication is small whilst that for treatment of those conditions for
         which TAXOL is indicated is substantial, and that there exists a
         potential for the use of PAXENE outside its indicated use, the parties
         are in dispute as to the acceptable manner in which IVAX Corporation,
         its Affiliates or other appointed representatives may promote PAXENE
         and as to the likelihood that the promotion of PAXENE could be
         perceived as implying that it has been approved for uses for which
         TAXOL is indicated but for which PAXENE is not so indicated, in
         evidence whereof BMS has filed suit and obtained an injunction against
         the prospective IVAX appointed representative in Germany.

6.       In conjunction with the parties' desire to collaborate in the
         development of new products, pharmaceutical formulations or delivery
         systems, and having regard to their respective interests in the field
         of oncology and specifically in relation to the active ingredient
         paclitaxel, the parties are desirous (a) of seeking to avoid issues as
         to the medical appropriateness of PAXENE being prescribed for uses
         outside its approved indication in HIV patients in accordance with the
         limited indications approved by the EMEA, and (b) of avoiding any
         adverse consequences of any confusion amongst patients and physicians
         as to the proper use of the respective products that might arise from
         PAXENE being made available to patients not suffering from the
         condition for which its use is indicated; and (c) of clarifying their
         respective rights and interests in relation respectively to TAXOL and
         PAXENE so as to avoid any inadvertent encroachment or infringement by
         either in respect of the proprietary rights of the other whilst
         exercising fully their respective rights where to do so would not
         impinge upon the legitimate rights and interests of the other; and (d)
         of avoiding the requirement for BMS to continually monitor the
         activities of IVAX or its Affiliates or other appointed representatives
         in the promotion and sale of PAXENE and its use outside the approved
         indication; and (e) of eliminating the costs and expenses in both time
         and money likely to be incurred by both parties if they or their
         Affiliates or other appointed

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         representatives are engaged in frequent or repetitive litigation
         concerning the promotion and use of PAXENE, all to the ultimate
         detriment of patients.

                                    AGREEMENT

         In consideration of the Recitals and the mutual promises contained in
this Agreement, IVAX and BMS agree as set forth below.

                                    ARTICLE I
                                   DEFINITIONS

         In addition to terms defined elsewhere in this Agreement, certain terms
are defined in Attachment 2. Whenever a capitalised term is used, it is intended
to have the meaning stated in Attachment 2.

                                   ARTICLE II
                               PRODUCT DEVELOPMENT

2.1      DEVELOPMENT PLAN. Forthwith on receipt from BMS of the initial sum due
         pursuant to Article VIII hereof, the parties will meet to agree upon a
         Development Plan and Budget and will thereafter use all reasonable
         efforts and due diligence to finalise the Development Plan and Budget.
         The Development Plan will include an initial feasibility study for a
         product containing one of the Active Ingredients, as determined by BMS,
         (the "First Product") with defined endpoints and performance criteria,
         and a target product profile for the First Product. Upon successful
         completion of the feasibility study, the parties will again meet to
         complete the details of the Development Plan, including a time and
         responsibility schedule for the remainder of the development work and
         Budget therefor. Under the Development Plan IVAX will have primary
         responsibility for formulation and preclinical testing of the First
         Product, and BMS will have primary responsibility for conducting
         clinical trials. During this process, BMS will supply to IVAX such of
         BMS's Technical Information concerning the Active Ingredient of the
         First Product that will be needed by IVAX to conduct the development
         work hereunder, and IVAX will supply to BMS such of IVAX's Technical
         Information that will be needed by BMS for assisting in the development
         work and for conducting clinical trials of the First Product t.

2.2      SUBSEQUENT DEVELOPMENT PROJECT. Upon successful completion or
         termination of the initial development project under Section 2.1, if
         BMS desires to proceed to develop the second Active Ingredient, the
         parties will again meet to agree upon the criteria for a feasibility
         study and will agree upon a Development Plan and Budget and a target
         product profile for a product containing the second Active

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* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission.

         Ingredient (the "Second Product"). For purposes of this Agreement, the
         term "Development Plan" refers to the development plans for both the
         First Product and the Second Product, and the term "Product" refers to
         either or both of the First Product and the Second Product, as the
         context may indicate.

2.3      CONDUCT OF DEVELOPMENT.

         (a)      IVAX will provide all personnel, facilities and resources
                  necessary to perform the feasibility, formulation and
                  preclinical testing phases of the development work and will
                  conduct these activities in accordance with current good
                  laboratory practices and current good manufacturing practices
                  and in compliance with all applicable laws and regulations.

         (b)      BMS will provide all personnel, facilities and resources
                  necessary to conduct clinical trials of the Product and will
                  conduct these activities in accordance with good laboratory
                  practices and in compliance with all applicable laws and
                  regulations.

         (c)      During the course of the development work, each party will
                  keep the other informed of its progress in the conduct of the
                  development, and will make appropriate personnel available to
                  discuss the development work at mutually agreeable times upon
                  either party's reasonable request.

         (d)      During the course of the development work, BMS will provide *
                  such quantities of the Active Ingredient as IVAX may
                  reasonably request for use in developing the Product, and all
                  costs of manufacturing clinical trial supplies of Product and
                  placebo will be borne by BMS.

2.4      TECHNICAL INFORMATION. IVAX shall supply to BMS such Technical
         Information as it may generate or that becomes available to it during
         the continuance of this Agreement and that may be necessary in
         registering the Product or improvements, modifications or adaptations
         thereto. BMS shall supply to IVAX such Technical information as it may
         generate or that becomes available to it during the continuance of this
         Agreement, and that may be necessary in developing or manufacturing the
         Product or improvements, modifications or adaptations thereto. Neither
         party shall be obliged to supply to the other party any Technical
         Information other than that referred to above. The parties do not
         envisage that BMS will need to supply to IVAX any Technical Information
         relating to its manufacturing processes for the Active Ingredient
         except to the extent necessary in formulating or testing the Product.
         IVAX may use Technical Information concerning the Device for any
         purposes whatsoever but may use any Technical Information concerning
         the Active Ingredient only for the purposes of developing or
         manufacturing the Product or improvements, modifications or adaptations
         thereto.

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* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission.

2.5.     *

                                   ARTICLE III
                              ADDITIONAL AGREEMENTS

3.1      SUPPLY AND MANUFACTURING AGREEMENT. During the development process,
         provided that BMS shall determine that the results of the feasibility
         study are favourable, the parties will negotiate in order to enter into
         an agreement or agreements under which BMS will purchase its
         requirements of the Devices and, at BMS's option, of the finished
         Product, from the appropriate IVAX Affiliate, and IVAX will agree to
         supply to BMS the Devices for use in the Product and/or to manufacture
         the Product for BMS. Such agreement or agreements (i) shall be on terms
         and conditions customary in the pharmaceutical industry for comparable
         drug delivery technology and pharmaceutical products, including those
         factors referred to in Section 12.2(a), (ii) may, at BMS's option,
         include a license to use the "Easi-Breathe" trademark in connection
         with the Product(s) and (iii) shall incorporate such provisions of this
         Agreement and such other provisions as reasonably and properly required
         to permit the registration, distribution, marketing and sale of the
         Product in the countries of Territory A under the Patent Rights and/or
         IVAX's Technical Information pertaining to the Product for a term
         expiring on the date of the last to expire of the Patent Rights.

3.2      DISTRIBUTION RIGHTS. IVAX grants to BMS, in consideration of BMS's
         contribution of financial and technical resources to the development of
         the Products, the non-exclusive right, and any necessary non-exclusive
         license under the Patent Rights and the Technical Information, to
         register, distribute, market and sell the Products in Territory A.

3.3      LIMITATIONS ON RIGHTS. BMS shall have no other rights to use or refer
         to IVAX's Technical Information and shall have no right whatsoever
         under the Patent Rights or under the Technical Information, other than
         the right to commercialise the Product as set forth in Section 3.2.

3.4      RIGHTS RETAINED. IVAX shall not be restricted in any way from granting
         licenses or distributorships for devices embodying any invention
         claimed in the Patent Rights (including devices having the same form as
         the Device) for use with products containing active ingredients
         (including the Active Ingredients, subject to any BMS patent or other
         intellectual property rights relating thereto) for the treatment of any
         medical condition, including, but not limited to, respiratory diseases
         and other conditions for which the Products are indicated.

3.5      NO LICENSE TO IVAX. Nothing herein shall be construed as giving IVAX
         any license under any patent rights owned by BMS relating to the Active
         Ingredients,

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         except the right to manufacture Products containing the Active
         Ingredients and to supply them on an exclusive basis to BMS.

                                   ARTICLE IV
                               REGULATORY MATTERS

4.1      BMS UNDERTAKINGS.

         (a)      Subject to successful completion of the development of a
                  Product and conduct of clinical trials, BMS shall use
                  reasonable commercial efforts and the appropriate method to
                  obtain, as soon as reasonably possible, registrations of the
                  Product with the health authorities or other competent
                  authorities in the Principal Territories.

         (b)      BMS shall furnish IVAX every six months with a report on the
                  progress of registration of the Product in the Territory A.

         (c)      Upon obtaining requisite government and health authority
                  approval, including pricing and reimbursement approval if
                  necessary, in any country of Territory A upon terms acceptable
                  to BMS, BMS shall introduce the Product as soon as practicable
                  in that country, provided that this is commercially viable in
                  the circumstances of the particular country, and shall
                  thereafter market, distribute and sell the Product in that
                  country using efforts and resources equivalent to those
                  normally used by large pharmaceutical companies selling
                  products of the same commercial significance in the same
                  markets.

         (d)      BMS undertakes not to do anything that would breach the terms
                  of the health registrations for the Device or the Product in
                  Territory A, and to ensure that clinical recommendations for
                  the Device and Product made by it, its distributors and its
                  and their customers are strictly in accordance with such
                  health registrations, to the extent that any such breach or
                  non-compliance would or might reasonably be expected to have
                  an adverse impact upon or otherwise be to the detriment of the
                  Device or of IVAX.

         (e)      Notwithstanding any other provision of this Agreement, BMS
                  reserves the right in its sole discretion to discontinue the
                  development or marketing of any Product, to license any
                  Product to a third party or to third parties, or to copromote
                  or comarket any Product with a third party or third parties.

4.2      IVAX UNDERTAKINGS. IVAX shall not be obliged to provide any Technical
         Information in support of the Product registrations beyond that which
         it may have available from time to time and shall not be obliged to
         generate information or carry out any work other than that contemplated
         under the Development Plan.

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* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission.

         However IVAX will assist BMS by providing advice and consultation in
         the event that BMS has problems in registering the Product in the
         Principal Territories.

                                    ARTICLE V
                              PATENTS AND COPYRIGHT

5.1      OWNERSHIP OF INVENTIONS. Rights to all inventions, discoveries,
         improvements, modifications or adaptations affecting solely the Device
         that are made by either party during the Term shall belong to IVAX, and
         BMS shall have the non-exclusive right to use the same in any country
         of Territory A * for the duration of this Agreement and any agreement
         entered into pursuant to Sections 3.1 or 8.7. Rights to all inventions,
         discoveries, improvements, modifications or adaptations affecting
         solely the Active Ingredients or the Product that are made by BMS
         during the Term shall belong to BMS, provided that in respect of any
         such discovery, improvement, modification or adaptation affecting the
         Device results in the grant of patent rights in respect thereof to BMS,
         IVAX shall be entitled to a non-exclusive * licence thereunder for the
         duration of this Agreement and of any agreement entered into between
         the parties either pursuant to Article 8.7. or pursuant to the
         provisions of Article III, whichever shall be longer. In the event that
         such term should expire prior to the expiration of the relevant BMS
         patent to which such licence relates, IVAX shall be entitled to call
         for an ongoing non-exclusive * licence. Rights to all inventions,
         discoveries, improvements, modifications or adaptations affecting the
         Product or affecting solely the Active Ingredients that are made by
         IVAX during the Term shall belong to IVAX, provided that in respect of
         any such discovery, improvement, modification or adaptation affecting
         solely the Active Ingredients results in the grant of patent rights in
         respect thereof to IVAX, BMS shall be entitled to an exclusive *
         licence thereunder for the duration of this Agreement and of any
         agreement entered into between the parties either pursuant to Section
         8.7. or pursuant to the provisions of Article III, whichever shall be
         longer. In the event that such term should expire prior to the
         expiration of the relevant IVAX patent to which such licence relates,
         BMS shall be entitled to call for an ongoing exclusive licence *. In
         relation to any other discovery, improvement, modification or
         adaptation affecting either the Product or the Active Ingredients BMS
         shall have the exclusive right to market, register and distribute the
         Product in any country of Territory A for the duration of this
         Agreement, subject to the payment provisions provided in this Agreement
         and the supply and manufacturing agreements to be entered into
         subsequently.

5.2      PROSECUTION OF PENDING APPLICATIONS. IVAX shall at its own cost
         diligently prosecute to grant all subsisting patent applications within
         the Patent Rights in the Principal Territories and shall maintain all
         patents within the Patent Rights in force for the full terms thereof.
         IVAX gives no warranty that the said patent applications will proceed
         to grant, and any payments made by BMS hereunder shall not be repayable
         in the event that patents are not granted.

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5.3      FILING OF NEW APPLICATIONS. Where either party develops or acquires an
         improvement, modification or adaptation affecting the Product (other
         than information relating solely to the Device or the Active
         Ingredient), it shall promptly notify the other, and neither party
         shall publish the same or do anything that might prejudice the validity
         of any patent application that might subsequently be filed with respect
         to such improvement, modification or adaptation. In the event that BMS
         considers that it is desirable to make further patent applications in
         the Principal Territories with respect to improvements, modifications
         or adaptations affecting the Product made by either party, it shall
         notify IVAX of its decision within sixty (60) days of giving or
         receiving the disclosure, and IVAX shall diligently prepare and
         prosecute such applications, in detailed consultation with BMS, the
         cost thereof to be borne by BMS. In the event that BMS elects not to
         make any patent application, or if it has not advised IVAX of its
         desire to make a patent application within sixty (60) days of giving or
         receiving the disclosure, and if IVAX considers that it is desirable to
         make any such patent application, IVAX shall prepare and prosecute such
         application and shall bear the cost thereof. In either case, BMS shall
         cooperate as needed in the patent prosecution and shall make its
         personnel available at no cost to IVAX. Any such further patent
         applications shall be included within the term "Patent Rights"
         hereunder. If neither party elects to file a patent application within
         ninety (90) days after a disclosure is made, or, if either party elects
         to file a patent application, after the patent application has been
         filed, the disclosing party may proceed to publish information
         regarding its improvement, modification or adaptation, provided that
         the other party is given a copy of the proposed publication and allowed
         to remove therefrom any of its Technical Information.

5.4      DEFENCE OF PATENT RIGHTS. In the event of opposition or challenge by
         any third party to any of the Patent Rights, IVAX shall take reasonable
         steps to defend the Patent Rights and shall keep BMS fully informed of
         the action taken by it, provided that IVAX shall not be obliged to
         undertake any action which, in its opinion, is not commercially
         justified. IVAX shall notify BMS if, in its opinion, it is not
         commercially justified to defend the Patent Rights, and in such event,
         BMS shall have the right to defend the Patent Rights itself in
         consultation with and on terms agreed by IVAX and shall keep IVAX fully
         informed of the actions taken by it. Notwithstanding any action by BMS
         hereunder, IVAX shall have the right to take subsequent action itself
         to defend the Patent Rights. The proceeds of any action against any
         third party pursuant to this Section 5.4 shall belong to the party
         taking action against such third party.

5.5      CLAIMS OF INFRINGEMENT. To the best of IVAX's knowledge and belief the
         exercise of the rights granted or to be granted to BMS hereunder will
         not result in the infringement of valid patents of third parties.
         Subject thereto, IVAX gives no warranty in this respect and does not
         give BMS any indemnity against costs, damages, expenses or royalties
         arising out of proceedings brought against BMS or

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         any distributor or customer of BMS by any third party. Should BMS be
         sued for infringement of any patent or patents of the third party by
         reason of its use or sale of the Device or Product, IVAX shall on
         request assist BMS in its defence to such action to the extent that in
         all the circumstances it is reasonable to do so but shall otherwise be
         under no obligations in respect thereof. All costs of any such action
         shall be borne by BMS, to whom shall belong all sums that may be
         recovered from the third party. BMS shall not oppose, and shall take
         steps to permit, intervention by IVAX in any such proceedings at IVAX's
         cost if IVAX believes that its intervention is necessary to protect the
         Patent Rights or any other rights of IVAX.

5.6      TERMINATION. On termination or expiration of this Agreement, BMS shall
         have no further right to use or refer to the Technical Information or
         the Patent Rights, and BMS shall transfer to IVAX all documentation
         embodying or referring to the Technical Information; provided, however,
         that this provision will not prevent any continued rights therein that
         may be granted to BMS under an agreement entered into pursuant to
         Section 3.1 or 8.7.

5.7      COPYRIGHT. IVAX owns all copyrights pertaining to the Device, and BMS
         acquires no right or interest in or to such copyrights under this
         Agreement.

                                   ARTICLE VI
                   OPTION FOR LICENCE TO ORAL DELIVERY SYSTEM

6.1.     OPTION FOR LICENSE TO ORAL DELIVERY SYSTEM. IVAX will cause BNI to
         grant to BMS an option giving BMS the exclusive right to negotiate for
         a license to the Oral Delivery System in accordance with the terms of
         the Licence Option Agreement attached hereto as in Attachment 5 (the
         "Option Agreement").

                                   ARTICLE VII
                        UNDERTAKINGS REGARDING PACLITAXEL

7.1      PROPER PROMOTION OF PAXENE. In recognising the rights of BMS as more
         particularly detailed in Recital 4 to this Agreement, IVAX maintains
         its right and entitlement (which BMS acknowledges) to use all
         commercially reasonable efforts to market, distribute and sell PAXENE
         for the Indicated Use in the European Union under the PAXENE
         Authorisation and under any additional marketing authorisations that it
         may receive in Territory B to market, distribute and sell PAXENE for
         the Indicated Use, whilst avoiding the marketing and/or sale of PAXENE
         by IVAX, its Affiliates or other appointed representatives for any use
         or indication for which it is not appropriately authorised and in
         respect of which TAXOL is approved in these countries and which would,
         directly or indirectly, impinge upon the BMS data protection rights.

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7.2      PROPER PROMOTION OF TAXOL. In recognising the rights of IVAX as more
         particularly detailed in Recital 4 to this Agreement, BMS likewise
         acknowledges the need to avoid the marketing and/or sale of TAXOL by
         BMS, its Affiliates or other appointed representatives for any use or
         indication for which it is not appropriately authorised and in respect
         of which PAXENE is approved in Territory B and which would, directly or
         indirectly impinge upon the IVAX data protection rights.

7.3      AVAILABILITY OF PAXENE. Without prejudice to the foregoing, IVAX agrees
         to use its best efforts to ensure the availability of PAXENE to all
         patients suffering from advanced AIDS-related kaposi's sarcoma who have
         failed prior liposomal anthracycline therapy and to patients suffering
         from any other disease or condition for which it may subsequently be
         approved.

7.4      AVAILABILITY OF TAXOL. Without prejudice to the foregoing, BMS agrees
         to use its best efforts to ensure the availability of TAXOL to all
         patients suffering from conditions or diseases for which it is
         indicated and to patients suffering from any other disease or condition
         for which it may subsequently be approved.

7.5      ADDITIONAL INDICATIONS. Without prejudice to the foregoing, it is
         expressly agreed by and between the parties that this Agreement shall
         not preclude either party from seeking to expand the indications of
         their respective paclitaxel products in respect of any overlapping or
         other indications. Each of the parties confirm their commitment to
         ongoing research and the conduct of clinical trials to make available
         all necessary information and data to support applications to the
         responsible Authorities to secure the approval for the marketing and
         sale of their respective products for such additional indications
         including by IVAX in respect of breast, ovarian and non-small cell lung
         cancer and, for the avoidance of any doubt which might otherwise arise,
         the provisions of Sections 7.1 and 7.2 above shall not preclude either
         party from conducting clinical trials in relation to those areas of
         treatment for which the product of the other is indicated for use.

7.6      ADDITIONAL INDICATIONS. In the event that during the term of this
         Agreement relevant to this Article VII, the PAXENE Authorisation shall
         be amended to include any additional indication other than one for
         which TAXOL is indicated, the definition of Indicated Use shall be
         amended accordingly, and the terms of this Article and of the Agreement
         shall apply to the sale and supply of PAXENE for such revised Indicated
         Use, and the parties shall negotiate in good faith as to the terms
         applicable thereto pursuant to Section 8.6 (b) and as to the
         appropriate market therefor.

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* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission.

                                  ARTICLE VIII
                         TERM, TERMINATION AND PAYMENTS

8.1      DURATION. This Agreement shall become effective on the date hereof and
         shall continue in effect for a period expiring on November 15, 2002
         provided that (a) the duration of the Option for Licence of the Oral
         Delivery System shall be for a term of 6 months only expiring May 15,
         2000 and (b) the duration of the obligations accepted by the parties
         under Article VII shall be for a term expiring on November 15, 2001.
         Notwithstanding the foregoing, BMS may, at its option, extend the
         obligations of the parties under Article VII for the third year of the
         Agreement. If BMS shall wish to exercise such right, BMS shall so
         advise IVAX by written notice to IVAX given not later than May 15,
         2001. BMS shall notify IVAX in any event prior to the said May 15, 2001
         whether it does or does not intend to exercise such option.

8.2.     In consideration for the rights granted to BMS for the first and second
         years of the Agreement under Articles III and VI, and the obligations
         accepted by IVAX under Articles II and VII, BMS shall pay IVAX the
         following amounts, without deduction or credit for the amount paid
         under the letter agreement dated August 24, 1999, which letter
         agreement is hereby amended accordingly:

                                                         *

8.3.     (a)      In consideration of the rights granted to BMS for the third
                  year of the Agreement under Article III and the obligations
                  accepted by IVAX under the provisions of Article II, if BMS
                  does not extend the Agreement in accordance with Section 8.1,
                  BMS shall pay to IVAX on May 15, 2001, the sum of *

         (b)      In the event, however, that BMS elects to extend the Agreement
                  in accordance with Section 8.1, BMS shall pay to IVAX on the
                  fifteenth day of November 2001 the sum of *

8.4.     CURRENCY AND BUSINESS DAYS. All payments under Sections 8.2 and 8.3
         will be made in US dollars. Any payment falling due on a day which is a
         weekend or holiday shall be paid on the next succeeding business day
         thereafter.

8.5.     TERMINATION BY EITHER PARTY. This Agreement may be terminated by either
         party upon written notice to the other party before its set term:

         (a)      immediately in the case of bankruptcy, insolvency, application
                  for suspension of payments, dissolution or liquidation of the
                  other party;

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* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission; approximately
  3 pages omitted.

         (b)     in the event the other party fails to comply with any provision
                 of this Agreement in any material way and does not remedy the
                 breach within ninety days after having been notified by the
                 other party; and

8.6.     TERMINATION BY BMS.

              *

8.7.     CONTINUATION OF PRODUCT DEVELOPMENT. If upon expiration of the Term of
         this Agreement the development of the Product under the provisions of
         Articles II and III hereof shall be incomplete and BMS shall notify
         IVAX that it desires the development arrangements to continue, the
         parties shall enter into such new or further Agreement to provide
         therefor upon the same or essentially similar terms as the relevant
         terms hereof (including specifically but not limited to the provisions
         of Articles II, III, IV and V of this Agreement) but upon the basis
         that the rights granted to BMS under Article III and obligations
         accepted by IVAX under the provision of Articles II and III are fully
         paid up by virtue of the payments made by BMS hereunder, but in all
         respects subject to ongoing payment by BMS of the agreed developments
         costs and to the financial terms of the manufacturing and supply
         agreements entered or to be entered into between the parties pursuant
         to the provisions of Article III.

8.8.     SURVIVAL. Termination of this Agreement for any reason, or the
         invalidity or partial invalidity hereof, shall not bring to an end the
         obligations under Articles 8.7, 8.9, X and XI, and in view of the
         survival of these obligations, the parties will work together to agree
         upon an alternative means to accomplish their commercial objectives as
         nearly as possible, notwithstanding the invalidity, partial invalidity
         or termination of this Agreement.

8.9.     RETURN OF DATA. Subject to the provisions of Section 8.7. above, on
         termination of this Agreement for any reason, (a) IVAX will promptly
         return to BMS all documents and data of any kind relating to the Active
         Ingredient within the custody or control of IVAX, (b) BMS will promptly
         return to IVAX all documents and data of any kind relating to the
         Device within the custody or control of BMS, and c) BMS will pay to
         IVAX all payments accrued hereunder prior to the effective date of
         termination and permit IVAX to keep all payments previously received
         (except as provided in Section 8.6 (e)).

                                   ARTICLE IX
                         REPRESENTATIONS AND WARRANTIES

9.1      IVAX REPRESENTATIONS AND WARRANTIES. IVAX represents and warrants to
         BMS that

                                       12
<PAGE>

* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission; approximately
  3 pages omitted.

         (a)      This Agreement has been approved by all requisite corporate
                  action and that it constitutes the valid and binding agreement
                  of IVAX and of each of its Affiliates that is a party hereto;
                  and

         (b)      It will obtain and maintain all necessary permits,
                  registrations and licenses required to develop the Product
                  under this Agreement.

9.2      BMS REPRESENTATIONS AND WARRANTIES. BMS represents and warrants to IVAX
         that

         (a)      This Agreement has been approved by all requisite corporate
                  action and that it constitutes the valid and binding agreement
                  of BMS; and

         (b)      It will obtain and maintain all necessary permits,
                  registrations and licenses required to supply the Active
                  Ingredient and conduct clinical trials of the Product under
                  this Agreement.

9.3      COMPLIANCE WITH LAWS. IVAX and BMS will each obtain and maintain all
         necessary permits, registrations and licenses required to perform their
         respective obligations under this Agreement. BMS will comply with all
         laws, rules and regulations in effect from time to time applicable to
         the registration, marketing, distribution and sale of the Product or
         any other activities to be performed by BMS hereunder.

9.4      *

                                    ARTICLE X
                                 CONFIDENTIALITY

10.1     OBLIGATION OF CONFIDENTIALITY. Each party agrees to maintain secret and
         confidential all Technical Information obtained from the other both
         pursuant to this Agreement and prior to and in contemplation of it and
         all other information that it may acquire from the other in the course
         of this Agreement, to respect the other's proprietary rights therein,
         to use the same exclusively for the purposes of this Agreement, and to
         disclose the same only to those of its employees, contractors and
         distributors pursuant to this Agreement (if any) to whom and to the
         extent that such disclosure is reasonably necessary for the purpose of
         this Agreement and to the health authorities in Territory A insofar as
         this is necessary or desirable in order to obtain registration of the
         Product with such health authorities.

                                       13
<PAGE>

10.2     EXCLUSIONS. The foregoing obligations of Section 10.1 above shall not
         apply to Technical Information or other information that:

         (a)      prior to receipt thereof from one party was in the possession
                  of the other and at its free disposal;

         (b)      is subsequently disclosed to the recipient party without any
                  obligations of confidence by a third party who has not derived
                  it directly or indirectly from the other under a
                  confidentiality obligation;

         (c)      is or becomes generally available to the public in printed
                  publications in general circulation in Territory A through no
                  act or default of the recipient party or its agents or
                  employees; or

         (d)      is legally required to be disclosed, provided that the
                  recipient party notifies the disclosing party prior to making
                  such disclosure and cooperates with the disclosing party to
                  seek any legal protections that may be available with respect
                  to such disclosure.

10.3     EMPLOYEES AND CONTRACTORS. Each party shall procure that all its
         employees, contractors, distributors and (in the case of IVAX)
         licensees (if any) who have access pursuant to this Agreement to any
         information of the other to which the obligations of Section 10.1 apply
         are subject to these obligations and shall further procure that so far
         as is reasonably practicable all of such contractors, distributors and
         licensees enter into written undertakings to this end.

10.4     PUBLIC ANNOUNCEMENTS. Neither party will make any public announcement
         or other public disclosure of the existence of this Agreement or its
         terms without the prior written consent of the other party, provided
         that, if either party is required to disclose the existence of this
         Agreement or its terms under applicable securities or other laws, the
         parties will co-operate with respect to the required disclosure to
         achieve a mutually acceptable statement or statements and to prepare
         appropriately redacted copies of documents for filing, if required. Any
         press release or other announcement issued by IVAX shall conform to the
         statement set out in Attachment 4.

10.5     LITIGATION. The parties agree not to introduce as evidence, or refer in
         any way to this Agreement, the Exhibits hereto, or any information
         concerning any of them, in any litigation involving the parties or
         their Affiliates, whether currently pending or hereafter instituted,
         except in any litigation claiming a breach of this Agreement. For
         purposes of any such litigation the parties hereby stipulate, for
         themselves and their Affiliates, that the existence of this Agreement
         and any related agreements or arrangements, and any terms or conditions
         thereof, is irrelevant and inadmissible for any purpose whatsoever.
         Each party consents to

                                       14
<PAGE>

          the other's use of a copy of this Section 10.5 for the sole purpose of
         preventing or opposing any act prohibited hereby.

10.6.    TAX WITHHOLDING.  All sums due under this Agreement:

         (a)      are exclusive of any value added tax, which shall be payable
                  in addition on the rendering by IVAX of any appropriate value
                  added tax invoice;

         (b)      shall be made by telegraphic transfer to the credit of IVAX's
                  bank account to be designated in writing by IVAX; and

         (c)      shall be made in full without deduction of taxes charges and
                  other duties that may be imposed. The parties shall cooperate
                  in all respects necessary to take advantage of such double
                  taxation agreements as may be available. If any government
                  entity asserts that withholding taxes should have been paid on
                  payments made hereunder, or should be paid on payments to be
                  made hereunder, IVAX shall be fully responsible for payment of
                  such withholding taxes; BMS will not pay any such tax or
                  assessment but will refer the claim directly to IVAX.

                                   ARTICLE XI
                                    INDEMNITY

11.1     INDEMNITY BY IVAX. IVAX will defend, indemnify and hold BMS and its
         Affiliates and their respective officers, directors and employees
         harmless from and against any and all liability, damage, loss, cost or
         expense (including reasonable attorney's fees and expenses) arising out
         of or resulting from any claim by a third party that the grant by IVAX
         of the rights granted to BMS under Articles III or IV or the
         obligations accepted by IVAX under Articles II and VII are in breach of
         any contract, understanding, or commitment between IVAX or its
         Affiliates and such third party. This provision and the provisions of
         Section 11.2 below shall not apply to any claim subject to the
         provisions of Article V (Patents and Copyright).

11.2     INDEMNITY PROCEDURE. In the case of any indemnity under Section 11.1.
         above, BMS will promptly notify IVAX of any such claim or proceeding
         and will permit IVAX, at its expense, to appoint counsel and control
         the defence of such claim or proceeding; provided, however, that BMS
         may in its discretion participate at its own expense in such defence;
         and provided further, that the IVAX will not settle any such claim or
         proceeding without the prior written consent of BMS, which consent will
         not be unreasonably withheld.

                                       15
<PAGE>

                                   ARTICLE XII
                                  MISCELLANEOUS

12.1     NOTICE.

         (a)      All notices, requests, consents and other communications
                  required or permitted under this Agreement will be in writing
                  and will be (as elected by the person giving such notice) sent
                  by facsimile (with confirmation received of the recipient's
                  number) to the numbers set forth below or will be hand
                  delivered by messenger or courier service, or mailed by
                  registered or certified mail (postage prepaid), return receipt
                  requested, or delivered by overnight delivery service,
                  addressed to:

         If to IVAX:      IVAX Corporation
                          4400 Biscayne Blvd.
                          Miami, Florida 33137
                          Attention: President
                          Facsimile: (305) 575-6016

         with a copy to:  IVAX Corporation
                          4400 Biscayne Blvd.
                          Miami, Florida  33137
                          Attention: General Counsel
                          Facsimile: (305) 575-6049

         If to BMS:       Bristol-Myers Squibb Company
                          P.O. Box 4000
                          Route 206 and Province Line Road
                          Princeton, New Jersey 08543-4000
                          Attention:  Senior Vice President, Worldwide Medicines
                                        Group and Associate General Counsel
                          Facsimile:  609-252-6151

         (b)      Each such notice will be deemed delivered (1) on the date
                  delivered if by personal or overnight delivery, (2) on the
                  date sent by telecopy if so sent, and (3) on the date upon
                  which the return receipt is signed or delivery is refused or
                  the notice is designated by the postal authorities as not
                  deliverable, as the case may be, if mailed.

         (c)      By giving to the other parties at least fifteen (15) days
                  written notice thereof, the parties and their respective
                  successors and permitted assigns will have the right from time
                  to time and at any time during the term of this Agreement to
                  change their respective addresses.

                                       16
<PAGE>

12.2     FURTHER ASSURANCES. Each party agrees to execute and deliver any and
         all such other and additional instruments and documents and do any and
         all such other acts and things as may be necessary or expedient to
         effectuate more fully this Agreement and to carry out the business
         contemplated by this Agreement.

12.3     FORCE MAJEURE. The inability of any party to commence or complete its
         obligations hereunder by the dates herein required resulting from
         delays caused by strikes, insurrection, acts of God, war, acts of
         judicial bodies or other government entities, emergencies, shortages or
         unavailability of materials, or other similar causes beyond the party's
         reasonable control which will have been timely communicated to the
         other party, will extend the period for the performance of the
         obligations for the period equal to the period(s) of any such
         delays(s); provided that such party will continue to perform to the
         extent feasible in view of such force majeure; and provided further,
         that if such force majeure will continue for a period of six (6)
         months, either party will have the right to terminate this Agreement
         upon written notice to the other.

12.4     ASSIGNMENT; BINDING EFFECT. Either party may assign this Agreement
         without the other's consent to any of its Affiliates or delegate all or
         part of its obligations to an Affiliate; provided, however, that the
         assignee or delegate shall assume and be bound by the provisions of
         this Agreement, and its performance hereunder shall be guaranteed by
         the original party to this Agreement. Except as specifically permitted
         herein, neither party may assign its rights and/or obligations
         hereunder or any interest therein to any other party without the prior
         written consent of the other party; provided however that, for the
         avoidance of doubt, a change of control of either party will not be
         deemed an assignment and thus will not require the other party's
         consent save in respect of any change of control of IVAX where any
         acquiring party shall be a corporation having an interest in the field
         of oncology and being authorised to market and sell any pharmaceutical
         product containing a taxane as an active ingredient. Subject to the
         foregoing, this Agreement will be binding upon and inure to the benefit
         of the parties hereto and their respective successors and permitted
         assigns.

12.5     WAIVER AND AMENDMENT. Any representation, warranty, covenant, term or
         condition of this Agreement which may legally be waived, may be waived,
         or the time of performance thereof extended, at any time by the party
         hereto entitled to the benefit thereof, and any term, condition or
         covenant (including, without limitation, the period during which any
         condition is to be satisfied or any obligation performed) may be
         amended by the parties hereto at any time. Any such waiver, extension
         or amendment will be evidenced by an instrument in writing executed by
         an officer authorised to execute waivers, extensions or amendments. No
         waiver by any party, whether express or implied, of its rights under
         any provision of this Agreement will constitute a waiver of such
         party's rights under such provisions at any other time or a waiver of
         such party's rights under any other provision of this Agreement. No
         failure by any party to take any

                                       17
<PAGE>

         action against any breach of this Agreement or default by another party
         will constitute a waiver of the former party's right to enforce any
         provision of this Agreement or to take action against such breach or
         default or any subsequent breach or default by such other party.

12.6     SEVERABILITY. In the event that any one or more of the provisions
         contained in this Agreement will be declared invalid, void or
         unenforceable, the remainder of the provisions of this Agreement will
         remain in full force and effect, and such invalid, void or
         unenforceable provision will be interpreted in a manner which
         accomplishes, to the extent possible, the original purpose of such
         provision. The foregoing is not intended to supersede any specific
         provision of this Agreement. is specifically agreed that BMS's decision
         to discontinue the development work shall not, in and of itself, affect
         the payments provided under Sections 8.2 and 8.3.which will continue
         until they have all been made, except as stated in Section 8.6(e).

12.7     SECTION HEADINGS. The section headings in this Agreement are for
         convenience of reference only and will not be deemed to affect the
         interpretation of any provision of this Agreement.

12.8     NO THIRD PARTY RIGHTS. The provisions of this Agreement are for the
         exclusive benefit of the parties to this Agreement, and no other Person
         (including without limitation any creditor of any party to this
         Agreement) will have any right or claim against any party to this
         Agreement by reason of those provisions or be entitled to enforce any
         of those provisions against any party to this Agreement.

12.9     RELATIONSHIP OF PARTIES. This Agreement will not constitute or be
         construed as creating a marketing partnership or distribution
         arrangement with respect to paclitaxel injection or any other form of
         partnership or joint venture between or among the parties, and no party
         will be liable for any debts or obligations of the other parties. No
         party will in any way be considered as being an agent or representative
         of the other parties in any dealings with any third party, and no party
         may act for, or bind, the other parties in any such dealings.

12.10    GOVERNING LAW. This Agreement has been entered into and will be
         construed and enforced in accordance with the laws of England without
         reference to the choice of law principles thereof.

12.11    JURISDICTION; VENUE. Any suit, action or proceeding against any party
         with respect to this Agreement or any judgement entered by any court in
         respect of this Agreement will be brought in the High Court of Justice
         in London, England, and the parties hereto accept the exclusive
         jurisdiction of those courts for the purpose of any such suit, action
         or proceeding. In addition, the parties irrevocably waive, to the
         fullest extent permitted by law, any objection which they may now or
         hereafter have to the laying of venue of any suit, action or proceeding
         arising out

                                       18
<PAGE>

         of or relating to this Agreement, or any judgement entered by any court
         in respect hereof brought in London, England, and further irrevocably
         waive any claim that any suit, action or proceeding brought in London,
         England was brought in an inconvenient forum. The parties will jointly
         petition the court to maintain all records of any such proceeding under
         seal, including all pleadings, briefs, evidence, transcripts, and other
         documents pertaining to the proceeding, and not to make the same
         publicly available except as may be necessary to enter and enforce any
         judgement rendered in any such proceeding or to take an appeal
         therefrom, provided, however, that any appellate proceeding will also
         be kept under seal.

12.12    Arbitration.

         (a)      In the event that either party gives written notice of its
                  desire to arbitrate a dispute regarding a revised payment
                  schedule under Section 8.6 (g), such dispute shall be settled
                  by arbitration in London, England, in accordance with the
                  then-existing international arbitration rules (the "Rules") of
                  the American Arbitration Association ("AAA"), and judgement
                  upon the award rendered by the arbitrators may be entered in
                  any court having jurisdiction thereof; provided, however, that
                  the law applicable to any controversy shall be the law of
                  England. In any arbitration pursuant to this provision, the
                  award or decision shall be rendered by a majority of the
                  members of a Board of Arbitration consisting of three (3)
                  members, one of whom shall be appointed by each party and the
                  third of whom shall be the chairman of the panel and be
                  appointed by mutual agreement of said two party-appointed
                  arbitrators. The persons appointed as arbitrators will have at
                  least five (5) years' experience in the field of
                  pharmaceutical licensing and distribution, including senior
                  negotiating responsibilities with major pharmaceutical
                  companies, and will not have had any prior affiliation with
                  either party, whether as employees, consultants, directors,
                  legal counsel, or any similar relationship. In the event of
                  failure of the two party-appointed arbitrators to agree within
                  sixty (60) days after the commencement of the arbitration
                  proceeding upon the appointment of the third arbitrator, the
                  third arbitrator shall be appointed by the AAA in accordance
                  with the Rules. In the event that either party shall fail to
                  appoint an arbitrator within thirty (30) days after the
                  commencement of the arbitration proceeding, such arbitrator
                  and the third arbitrator shall be appointed by the AAA in
                  accordance with the Rules. In determining the schedule of
                  payments to be made for the remaining Services and rights
                  granted under the Agreement, the arbitrators will be directed
                  to consider all of the following:

                  (i)      Contractual arrangements regarding similar
                           pharmaceutical products entered into by others in
                           similar circumstances and by the parties themselves;
                           but as to existing agreements, taking account of

                                       19
<PAGE>

                           improvements made and achievements recognised since
                           their most recent product development agreements;

                  (ii)     The uniqueness of the IVAX technology, including its
                           patented inventions and its know-how, and the
                           experience of its Affiliates in developing and
                           manufacturing pulmonary drugs, including their
                           knowledge of propellants, product formulations,
                           regulatory requirements, and manufacturing methods;

                  (iii)    The advantages of the IVAX inhalation device over
                           conventional devices, such as its ease of use,
                           convenience, dosing accuracy, reliability in
                           delivering product directly to the lungs, and success
                           in obtaining regulatory approvals;

                  (iv)     The cost that BMS would incur to develop or contract
                           for the development of its own inhalation device for
                           use with the Active Ingredients, such as design,
                           engineering, testing, procurement of manufacturing
                           equipment, and hiring of personnel, as well as the
                           loss of potential product sales during the time that
                           would be required to develop the necessary
                           capabilities and facilities; and

                  (v)      the fact that one of the devices that may be used in
                           the Products has received numerous awards for design
                           and engineering excellence.

         (b)      The arbitrators will be further instructed to select a value
                  and to establish a payment schedule consisting of at least
                  four (4) substantial milestone payments, reimbursement of
                  costs and expenses, and ongoing royalties in an amount
                  reflecting royalties paid by others in the industry for the
                  use of proprietary technology, as well as amounts received by
                  IVAX for similar arrangements, taking account of improvements
                  made and achievements recognised since finalisation of its
                  most recent product development agreements.

         (c)      Any dispute arising under this Agreement except those covered
                  by sub-paragraph 12.12 (a) will be resolved in a private
                  judicial proceeding pursuant to Section 12.11.

12.13    EQUITABLE REMEDIES. Each of the parties acknowledges and agrees that,
         in the event of a breach or threatened breach of this Agreement by any
         party or the failure of a party to perform in accordance with the
         specific terms hereof, the other party hereto will be irreparably
         damaged and that monetary damages would not provide an adequate remedy.
         Accordingly, it is agreed that, in addition to any and all other rights
         which may be available, at law or in equity, the non-breaching

                                       20
<PAGE>

         party will be entitled to injunctive relief and/or specifically to
         enforce the terms and provisions hereof in any court of competent
         jurisdiction.

12.14    REMEDIES CUMULATIVE. The rights and remedies given in this Agreement to
         a non-defaulting party will be deemed cumulative, and the exercise of
         one of such remedies will not operate to bar the exercise of any other
         rights and remedies reserved to a non-defaulting party under the
         provisions of this Agreement or given to a non-defaulting party at law
         or in equity.

12.15    COUNTERPARTS. This Agreement may be executed in any number of
         counterparts, each of which will be deemed an original but all of which
         together will constitute one and the same instrument.

         IN WITNESS WHEREOF, the parties have executed this Agreement by their
authorised representatives effective as of the date first above written.

IVAX CORPORATION                              BRISTOL-MYERS SQUIBB COMPANY

By:                                           By:
   -------------------------------               -------------------------------
Name:                                         Name:
     -----------------------------                 -----------------------------
Title:                                        Title:
      ----------------------------                  ----------------------------

BAKER NORTON                                  NORTON HEALTHCARE LTD.
INTERNATIONAL, GmbH.

By:                                           By:
   -------------------------------               -------------------------------
Name:                                         Name:
     -----------------------------                 -----------------------------
Title:                                        Title:
      ----------------------------                  ----------------------------

                                       21
<PAGE>

* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission.

                                  ATTACHMENT 1

                               ACTIVE INGREDIENTS

                                       *

Second compound to be determined by BMS during the first eighteen (18) months of
the Agreement.

----------------------
* Subject to verification at the time of negotiation of the initial Development
  Plan.

                                       22
<PAGE>

                                  ATTACHMENT 2

                                   DEFINITIONS

         "Active Ingredient" means either of the compounds identified on
Attachment 1.

         "Affiliate" means any Person that controls, is controlled by or is
under common control with BMS or IVAX, as the case may be. The term "control"
means the ownership, directly or indirectly, or the power to direct the voting
or disposition, of fifty percent (50%) or more of the voting stock or income
interests of the subject Person, or such other arrangement as in fact
constitutes actual control. For purposes solely of Section 8.6(a), an Affiliate
shall also be deemed to include any third party acting by right of reference to
or making use authorised by IVAX of any preclinical or clinical data of IVAX or
any other IVAX Affiliate in obtaining a marketing authorisation referred to
implicitly or explicitly therein.

         "Budget" means the costs agreed by the parties, which are reasonably
anticipated to be incurred by IVAX on a quarterly basis for the development of
the Product.

         "Development Plan" means a plan mutually devised and agreed by IVAX and
BMS relating to the development of any Product, defining the responsibilities of
each party for development and registration work and the time schedules for such
work.

         "Device" means an inhalation device developed, modified or adapted for
use in connection with an Active Ingredient under this Agreement, which may be
covered under one or more of the Patent Rights.

         "Indicated Use" means (in relation to PAXENE) the treatment of patients
with advanced AIDS related kaposi's sarcoma who have failed prior liposomal
anthracycline therapy.

         "IVAX" means IVAX Corporation, a Florida corporation, or its Affiliate
owning the rights or performing the services in question, which is NHL or BNI,
as the case may be.

         "Know-How" means all confidential information of any type concerning
the Device that is known to IVAX, or that may become known to IVAX during the
term of this Agreement. Such information shall include, without limitation,
information concerning manufacturing methods and skills, and physical data.

         "Patent Rights" means:

         (a)      the patents and applications as briefly described in
                  Attachment 3 hereto;

                                       23
<PAGE>

         (b)      all patent applications that may hereafter be filed in
                  Territory A by or on behalf of IVAX which either are based on
                  or claim priority from any of the foregoing patents and
                  applications or which are in respect of any improvements to
                  the device claimed in the patents and patent applications set
                  out in Attachment 3 hereto;
         (c)      all patents which may be granted pursuant to any of the
                  foregoing patent applications; and
         (d)      all supplementary patent certificates granted in relation to
                  the patents and patent applications referred to in sub-clauses
                  (a) through (c) above;

         "PAXENE" means any injectable paclitaxel product marketed under or by
reference to the PAXENE Authorisation.

         "Person" means any natural person, corporation, unincorporated
organisation, partnership, association, joint stock company, joint venture,
limited liability company, trust or government, or any agency or political
subdivision of any government, or any other entity.

         "Principal Territories" means the countries currently comprising the
European Union (Austria, Belgium, Denmark, Finland, France, Germany, Greece,
Ireland, Italy, Luxembourg, the Netherlands, Spain, Sweden, Portugal, and the
United Kingdom),the People's Republic of China, Canada, Mexico, South Africa,
the United States, and any other significant pharmaceutical markets in Territory
A. A "Principal Territory" shall mean one of these Principal Territories.

         "Product" means a pharmaceutical product in finished dosage form
including an Active Ingredient that is developed by means of the Services to be
provided pursuant to this Agreement.

         "Regulatory Application" means a formal application submitted to the
appropriate Regulatory Authority under applicable law seeking approval to market
a Product within Territory A.

         "Regulatory Approval" means a communication in writing from the
appropriate Regulatory Authority permitting the marketing of a Product within
Territory A.

         "Regulatory Authority" means a governmental regulatory authority which
has authority over the clinical testing, manufacturing, marketing, or sale of
pharmaceutical products in any jurisdiction covered by this Agreement.

         "Technical Information" means Know-How, processes, formulations,
concepts, ideas, preclinical, clinical, pharmacological or other data and
testing results, experimental methods or results, and other information relating
to the development, formulation, registration or manufacture of the Product or
relating to the Active Ingredient.

                                       24
<PAGE>

         "Term" means the period during which this Agreement is in effect.

         "Territory A" means the world.

         "Territory B" means all countries of the European Union, together with
Iceland, Liechtenstein, Monaco, and Switzerland.

                                       25
<PAGE>

                                  ATTACHMENT 3

                                  PATENT RIGHTS

                                  See attached.

                                       26
<PAGE>

                                 BAI PATENT LIST
                         [MEDICAMENT DISPENSING DEVICE]
                           STATUS AS OF JULY 12, 1999

         AP       AFRICAN REGIONAL PROPERTY ORGANIZATION
                  APPLICATION NO.:  AP/P/92/00390
                  FILED:  15 MAY 1992
                  PATENT NO.:  AP320
                  STATUS:  GRANTED

         AR       ARGENTINA
                  APPLICATION NO.:  322442
                  FILED 1 JUNE 1992
                  PATENT NO.:  246183
                  STATUS:  GRANTED

         AU       AUSTRALIA
                  APPLICATION NO.:  90340/91
                  FILED 29 NOVEMBER 1991
                  PATENT NO.:  644925
                  STATUS:  GRANTED

         BG       BULGARIA
                  APPLICATION NO.:  96390
                  FILED 28 MAY 1992
                  PATENT NO.:  61027
                  STATUS:  GRANTED

         BR       BRAZIL
                  APPLICATION NO.:  PI 9202048
                  FILED:  29 MAY 1992
                  PATENT NO.:
                  STATUS:  GRANTED-AWAITING LETTERS PATENT AND PATENT NUMBER

         CA       CANADA
                  APPLICATION NO.:  2091367
                  FILED:  29 NOVEMBER 1991
                  PATENT NO.:  2091367
                  STATUS:  GRANTED

                                       1
<PAGE>

* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission.

         *
         *
         *
         *
         *
         *
         *
         *
         *

         EP       EUROPE
                  APPLICATION NO.:  929003212.8
                  FILED:  29 NOVEMBER 1991
                  PATENT NO.:  559736
                  STATUS:  GRANTED.
                  EPC NATIONAL FILINGS IN:
                           AT       AUSTRIA
                           BG       BELGIUM
                           CH       SWITZERLAND
                           DE       GERMANY
                           DK       DENMARK
                           ES       SPAIN
                           FR       FRANCE
                           GB       GREAT BRITAIN
                           GR       GREECE
                           IT       ITALY
                           LI       LIECHTENSTEIN
                           LU       LUXEMBOURG
                           NL       THE NETHERLANDS
                           SE       SWEDEN

                                       2
<PAGE>

* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission.

                  REGISTERED IN:

                           BERMUDA
                           (REGISTERED AS NO. 135)
                           BAHRAIN
                           (REGISTERED AS NO. 1100)
                           BOTSWANA
                           (REGISTERED AS  NO. EP 559736)
                           CYPRUS
                           (REGISTERED AS NO. 1904)
                           HONG KONG
                           (REGISTERED AS 1140/96)
                           JERSEY
                           (REGISTERED AS NO. 577)

         *
         *
         *
         *
         *

         HU       HUNGARY
                  APPLICATION NO.:  9201803
                  FILED:  29 MAY 1992
                  PATENT NO.:  213685
                  STATUS:  GRANTED

         ID       INDONESIA
                  APPLICATION NO.:  P-001042
                  FILED:  30 NOVEMBER 1991
                  PATENT NO.:  ID 300297
                  STATUS:  GRANTED

         IE       IRELAND
                  APPLICATION NO.:  4063/91
                  FILED:  22 NOVEMBER 1991
                  PATENT NO.:  73212
                  STATUS:  GRANTED

                                       3
<PAGE>

         IL       ISRAEL
                  APPLICATION NO.:  100342
                  FILED:  11 DECEMBER 1991
                  PATENT NO.:  100342
                  STATUS:  GRANTED

         IN       INDIA
                  APPLICATION NO.:  325/CAL/92
                  FILED:  13 MAY 1992
                  PATENT NO.:  177774
                  STATUS:  GRANTED

         JP       JAPAN
                  APPLICATION NO.:  4/501197
                  FILED:  29 NOVEMBER 1991
                  PATENT NO.:  2535297
                  STATUS:  GRANTED

         KR       SOUTH KOREA
                  APPLICATION NO.:  92-9443
                  FILED:  92-9443
                  PATENT NO.:  130915
                  STATUS:  GRANTED

         LK       SRI LANKA
                  APPLICATION NO.:  10385
                  FILED:  29 MAY 1992
                  PATENT NO.:  10385
                  STATUS:  GRANTED

         MX       MEXICO
                  APPLICATION NO.:  92/02525
                  FILED:  28 MAY 1992
                  PATENT NO.:  178369
                  STATUS:  GRANTED

                                       4
<PAGE>

* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission.

         MY       MALAYSIA
                  APPLICATION NO.:  PI 9200827
                  FILED:  15 MAY 1992
                  PATENT NO.:  110200-A
                  STATUS:  GRANTED

         NG       NIGERIA
                  APPLICATION NO.:  115/92
                  FILED:  21 MAY 1992
                  PATENT NO.:  12159
                  STATUS:  GRANTED

         NO       NORWAY
                  APPLICATION NO.:  930484
                  FILED:  29 NOVEMBER 1991
                  PATENT NO.:  304461
                  STATUS:  GRANTED

         NZ       NEW ZEALAND
                  APPLICATION NO.:  240742
                  FILED:  26 NOVEMBER 1991
                  PATENT NO.:  240742
                  STATUS:  GRANTED

         OA       AFRICAN INTELLECTUAL PROPERTY ORGANIZATION
                  APPLICATION NO.:  60219
                  FILED:  27 MAY 1992
                  PATENT NO.:  10046
                  STATUS:  GRANTED

         *
         *
         *
         *
         *

                                       5
<PAGE>

* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission.

         PK       NORTH KOREA
                  APPLICATION NO.:  250/92
                  FILED:  24 MAY 1992
                  PATENT NO.:  133218
                  STATUS:  GRANTED

         PL       POLAND
                  APPLICATION NO.:  P294799
                  FILED:  4 JUNE 1992
                  PATENT NO.:  169729
                  STATUS:    GRANTED

         PT       PORTUGAL
                  APPLICATION NO.:  99710
                  FILED:  6 DECEMBER 1991
                  PATENT NO.:
                  STATUS:  GRANTED/AWAITING LETTERS PATENT AND PATENT NUMBER

         RO       ROMANIA
                  APPLICATION NO.:  92 200744
                  FILED:  29 MAY 1992
                  PATENT NO.:  108415
                  STATUS:  GRANTED

         RU       RUSSIA
                  APPLICATION NO.:  5052149.14
                  FILED:  29 MAY 1992
                  PATENT NO.:  2088264
                  STATUS:  GRANTED

         *
         *
         *
         *
         *

                                       6
<PAGE>

* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission.

         *
         *
         *
         *
         *

         *
         *
         *
         *
         *

         TR       TURKEY
                  APPLICATION NO.:  431/92
                  FILED:  29 MAY 1992
                  PATENT NO.:  26977

         TW       TAIWAN
                  APPLICATION NO.:  80109372
                  FILED:  30 MAY 1991
                  PATENT NO.:  62015
                  STATUS:  GRANTED

         VE       VENEZUELA
                  APPLICATION NO.:  92/00752
                  FILED:  26 MAY 1992
                                                            Patent No.: I-752-92
                  STATUS: GRANTED/AWAITING LETTERS PATENT

         *
         *
         *
         *
         *

                                       7
<PAGE>

* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission.

         US       UNITED STATES
                                                        APPLICATION NO.: 039,302
                  FILED:  29 NOVEMBER 1991
                  PATENT NO.:  5,447,150
                  STATUS:  ISSUED

         *
         *
         *
         *
         *

         ZA       SOUTH AFRICA
                  APPLICATION NO.:  919521
                  FILED:  3 DECEMBER 1991
                  PATENT NO.:  919521
                  STATUS:  GRANTED

                                       8
<PAGE>

* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission.

                                                               STATUS AT 4/10/99

                            NORTON HEALTHCARE LIMITED
                         PATENTS/APPLICATIONS - INHALERS
                          MULTIDOSE DRY POWDER INHALER

P69654 Page 9
------

<TABLE>
<CAPTION>

COUNTRY     APPLN DATE     APPLN NO.         PATENT NO     PROGRESS STATUS
-------     ----------     ---------         ---------     ---------------
<S>         <C>            <C>               <C>           <C>

       *
AD          2 JUNE 92      AP/P/92/00394     AP 272        GRANTED
AR          9 JUNE 92      322489            246873        GRANTED
AU          29 NOV 93      99326/91          647851        GRANTED
BG          12 JUN 92      96457             61218         GRANTED
BR          15 JUN 92      PI 9202223                      GRANTED
CA          29 NOV 91      2091366           2091366       GRANTED
       *
CO          12 JUNE 92     361.045           24.961        GRANTED
CZ          3 JUNE 92      PV 1678-92(CS)    281662        GRANTED
EP#         29 NOV 91      91920759.7        0561830       GRANTED
       *
HU          11 JUNE 92     9201956           216770        GRANTED - Await Letters Patent
ID          14 DEC 91      P-001152          ID 000312     GRANTED
IE          6 DEC 91       4240/91           76470         GRANTED
IL          11 DEC 91      100341            100341        GRANTED
IN          21 MAY 92      346/CAL/92        190711        GRANTED
       *
JP          29 NOV 91      4/500057          2535296       GRANTED
KR          15 JUNE 92     92-10412          128232        GRANTED
LK          15 JUNE 92     10393             10393         GRANTED
       *
       *
NG          8 JUNE 92      134/92            11327         GRANTED
NO          29 NOV 91      P930382           305785        GRANTED
NZ          2 DEC 91       240833            240833        GRANTED
OA          3 JUNE 92      60224             10031         GRANTED

</TABLE>

                                       9
<PAGE>

* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission.

                                                               STATUS AT 4/10/99

                            NORTON HEALTHCARE LIMITED
                         PATENTS/APPLICATIONS - INHALERS

                          MULTIDOSE DRY POWDER INHALER

P69654 Page 10
------

<TABLE>
<CAPTION>

COUNTRY     APPLN DATE     APPLN NO.         PATENT NO     PROGRESS STATUS
-------     ----------     ---------         ---------     ---------------
<S>         <C>            <C>               <C>           <C>
 *
PK          3 JUNE 92      264/92            133022        GRANTED
PL          12 JUNE 92     P294877           169814        GRANTED
FT          13 DEC 91      99805             99805         GRANTED - Await Letters Patent
RO          12 JUNE 92     92-200787         111825        GRANTED
RU          11 JUNE 92     5052303.14        2077893       GRANTED
 *
 *
SK          3 JUNE 92      PV 1678-92(SK)    278819        GRANTED

TR          15 JUNE 92     523/92            25963         GRANTED
TW          9 DEC 91       80109644          62016         GRANTED
US          29 NOV 91      039301            5503144       GRANTED
VE          12 JUNE 92     815/92            I-815-92      GRANTED - Await Letters Patent
 *
 *
ZA          27 NOV 91      919363            919363        GRANTED

</TABLE>

The European Patent has been registered in:

Hong Kong         (Registered as No. 483/97)
Jersey            (Registered as No. 589)
Cyprus            (Registered as No. 1999)
#  Designated AT/BE/CH/LI/DE/DK/ES/FR/GB/GR/IT/LU/NL/SE

                                       10
<PAGE>

                                  ATTACHMENT 4

            IVAX SIGNS PRODUCT COLLABORATION AND DEVELOPMENT SERVICES
                      AGREEMENT WITH BRISTOL-MYERS SQUIBB

         MIAMI - November 19, 1999 -- IVAX Corporation (AMEX:IVX) today
announced it has entered into a product collaboration and development services
agreement with Bristol-Myers Squibb Company (BMS) in the areas of inhalation
technology and oncology.

         IVAX subsidiaries and BMS will collaborate to develop one or more of
Bristol-Myers Squibb's proprietary molecules for use with IVAX's patented
inhalation devices, primarily for the treatment of asthma. Bristol-Myers Squibb
will retain worldwide rights to market respiratory products containing its
compounds. BMS will purchase the devices that IVAX will manufacture from IVAX on
terms to be agreed upon.

         In the field of oncology, Bristol-Myers Squibb, which markets
paclitaxel for injection under the brand name Taxol(R) for the treatment of
various forms of cancer, has been granted an option to license IVAX's patented
system for the oral administration of paclitaxel on terms to be agreed upon.
Additionally, each party has agreed to respect the other's lawful data
protection rights in its marketing of paclitaxel in the European Union, where
IVAX recently received approval of its proprietary Paxene(R) (paclitaxel
injection) product to treat AIDS-related Kaposi's sarcoma.

         The initial term of the agreement is three years. The agreement may be
terminated under certain specified circumstances. Subject to the possible events
of termination, the payments to be received during the term of the agreement
could be significant to IVAX.

         Dr. Phillip Frost, chairman and chief executive officer of IVAX
Corporation, commented, "This collaboration agreement with Bristol-Myers Squibb
utilizes the combination of our innovative, award-winning, patented inhalation
devices and Bristol-Myers Squibb's next-

                                        1
<PAGE>

generation asthma molecules to create respiratory products of major commercial
significance. Further, the possibility of a collaboration with Bristol-Myers
Squibb in developing and commercializing our oral system for administering
paclitaxel, the most important oncology drug in the world, is another
significant step in the advancement of IVAX's oncology program."

         IVAX Corporation, headquartered in Miami, Florida, is a holding company
with subsidiaries engaged in the research, development, manufacture, and
marketing of branded and generic 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, including those relating to the development and commercialization
of pharmaceutical products and the receipt by IVAX of future payments from
Bristol-Myers Squibb, are forward-looking and are made pursuant to the safe
harbor provisions of the Securities Litigation Reform Act of 1995. Investors are
cautioned that forward-looking statements involve risks and uncertainties which
may affect IVAX's business and prospects, including the risk that the
collaborative agreement with Bristol-Myers Squibb may not result in successful
development or commercialization of respiratory, oncology, or other products,
the risk that the agreement may terminate before IVAX has received any
significant amount of payments, and certain other risks and uncertainties based
on economic, competitive, governmental, technological and other factors
discussed in the Company's filings with the Securities and Exchange Commission.

CONTACT:

Sara L. Wilkins
Director, Investor Relations and Corporate Communications
IVAX Corporation
305-575-6043
sara_wilkins@ivax.com
www.ivax.com

                                        2
<PAGE>

                                  ATTACHMENT 5

                            LICENSE OPTION AGREEMENT

         This Agreement is entered into effective November 18, 1999, 1999 (the
"Effective Date") by and between Baker Norton International GmbH, a Swiss
corporation having an office at Zurich Switzerland ("BNI"), and Bristol-Myers
Squibb Company, a Delaware corporation having an office at Rte. 206 and Province
Line Road, Princeton, NJ 08543-4000 ("BMS").

                                    RECITALS

         WHEREAS, BNI owns proprietary technology (the "BNI Technology")
pertaining to an system of making paclitaxel available by oral administration
(the "Oral Product"), for which it has filed patent applications and obtained
patents throughout the world; and

         WHEREAS, BNI is an indirect wholly-owned subsidiary of IVAX
Corporation, which has provided to BMS certain confidential and proprietary data
of BNI regarding the Oral Product; and

         WHEREAS, BMS desires to further review BNI's confidential material and
to negotiate with BNI on an exclusive basis for a license under the BNI
Technology to manufacture and market the Oral Product, it being understood that
obtaining rights to the Oral Product would be a beneficial line extension for
BMS and that BMS would obtain an advantage over other prospective licensees by
the exclusive negotiation period granted hereunder;

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the foregoing and for other good
and valuable consideration, the parties hereto agree as follows:

         1. GRANT OF OPTION. BNI hereby grants to BMS the exclusive right to
negotiate for a license under the BNI Technology in the European Union (the
"Territory").

         2. TERM. The exclusive negotiation period granted to BMS hereunder
shall begin on the Effective Date and shall expire six (6) months thereafter, on
March 31, 2000 (the "Term"). During the Term, BNI will not negotiate with any
person other than BMS regarding the licensing of rights to the Oral Product in
the Territory.

         3. CONFIDENTIALITY. All documentation provided by either party to the
other hereunder will be subject to the confidential disclosure agreement entered
into between BMS and IVAX Corporation on January 23, 1997, as amended on August
24, 1999.

         4. NO GRANT OF LICENSE. No license or warranty is granted, conveyed or
implied with respect to the BNI Technology, and neither BNI nor any of its
Affiliates shall have any liability to BMS or any of its Affiliates resulting
from the licensing negotiations or the use of BNI's confidential information by
BMS or its Affiliates. Nothing in this Agreement shall be construed to create,
constitute, give effect to or otherwise imply a joint venture, partnership,
agency or employment relationship of any kind between the Parties.

         5. TERMINATION. This Agreement may not be amended or terminated except
by the parties' mutual written consent.

         6. EFFECT OF TERMINATION. Upon the termination or expiration hereof, if
no license agreement is entered into, BMS will return to BNI all documents,
samples and other materials that it has received from BNI and

                                       1
<PAGE>

its Affiliates pertaining to the Oral Product, or developed by use of materials
received from BNI, retaining no copies thereof.

         7. GOVERNING LAW. This Agreement and the performance of the parties'
obligations hereunder, shall be governed by the law of the State of New York
applicable to commercial transactions, notwithstanding the choice of law
principles of New York or any other jurisdiction.

         8. JURISDICTION. The exclusive jurisdiction for the adjudication of any
legal claim that may arise under, out of, in connection with, or relating to
this Agreement or any breach hereof, shall be the proper Florida state court
based on the amount in controversy, and venue shall be in Dade County. BMS
hereby submits to the jurisdiction of such courts and agrees to accept service
of process by mail to its address set forth in Section 10.1 or by any other
manner of service legally permitted by such court for actions arising out of
contracts entered into in the State of Florida. BMS hereby waives any objection
that it might otherwise have to jurisdiction in such forum, including, but not
limited to, objections based on lack of jurisdiction, inconvenient forum, and
the like.

         IN WITNESS WHEREOF, the parties have executed this Agreement effective
as of the date stated in the opening paragraph hereof.

BAKER NORTON INTERNATIONAL GMBH          BRISTOL-MYERS SQUIBB COMPANY

By:                                      By:
   -------------------------------          -------------------------------
Name:                                    Name:
     -----------------------------            -----------------------------
Title:                                   Title:
      ----------------------------             ----------------------------

                                       2
<PAGE>

* Portions of this document have been omitted pursuant to a request for
  Confidential Treatment and filed separately with the Commission.
* Portions of the Attachments to this document have been omitted pursuant to a
  request for Confidential Treatment and filed separately with the Commission.

                            PRODUCT COLLABORATION AND
                         DEVELOPMENT SERVICES AGREEMENT

                                      INDEX
                                      -----
ARTICLE                                                                   PAGE
-------                                                                   ----

I.     Definitions                                                          3
II.    Product Development                                                  3
III.   Additional Agreements                                                5
IV.    Regulatory Matters                                                   6
V.     Patents and Copyright                                                7
VI.    Option for Licence to Oral Delivery System                           9
VII.   Undertakings Regarding Paclitaxel                                   10
VIII.  Term, Termination and Payments                                      11
IX.    Representations and Warranties                                      16
X.     Confidentiality                                                     17
XI.    Indemnity                                                           18
XII.   Miscellaneous                                                       19

ATTACHMENTS
-----------

1.     Active Ingredients
2.     Definitions
3.     Patent Rights
4.     Press Statement
5.     Licence Option AgreementEXHIBIT 10.16

                                IVAX CORPORATION

                        1999 EMPLOYEE STOCK PURCHASE PLAN

         1. PURPOSE. The purpose of this Plan is to provide Employees of the
Company and its Designated Subsidiaries with an opportunity to purchase shares
of Common Stock of the Company through accumulated payroll deductions. It is the
intention of the Company to have this Plan qualify as an "Employee Stock
Purchase Plan" under Section 423 of the Code. The provisions of this Plan,
accordingly, shall be construed so as to extend and limit participation in a
manner consistent with the requirements of that section of the Code.

         2. DEFINITIONS.

                  (a) "BOARD" shall mean the Board of Directors of the Company.

                  (b) "CODE" shall mean the Internal Revenue Code of 1986, as
amended.

                  (c) "COMMON STOCK" shall mean the $0.10 par value common stock
of the Company.

                  (d) "COMPANY" shall mean IVAX Corporation and any Designated
Subsidiary of the Company.

                  (e) "COMPENSATION" shall mean all base straight-time gross
earnings and commissions, but exclusive of payments for overtime, shift premium,
incentive compensation, incentive payments, bonuses, severance and other
compensation.

                  (f) "DESIGNATED SUBSIDIARY" shall mean any Subsidiary which
has been designated by the Board from time to time in its sole discretion as
eligible to participate in the Plan.

                  (g) "EMPLOYEE" shall mean any individual who is an employee of
the Company for tax purposes whose customary employment with the Company is at
least twenty (20) hours per week and more than five (5) months in any calendar
year. For purposes of this Plan, the employment relationship shall be treated as
continuing intact while the individual is on sick leave or other leave of
absence approved by the Company. Where the period of leave exceeds ninety (90)
days and the individual's right to reemployment is not guaranteed either by
statute or by contract, the employment relationship shall be deemed to have
terminated on the ninety-first day of such leave.

                  (h) "ENROLLMENT DATE" shall mean the first Trading Day of each
Offering Period.

                  (i) "EXERCISE DATE" shall mean the last Trading Day of each
Offering Period.

                  (j) "FAIR MARKET VALUE" shall mean, as of any date, the value
of Common Stock determined as follows:

<PAGE>

                           (1) a national market system, including without
limitation the NASDAQ National Market System or the NASDAQ SmallCap Market, then
its Fair Market Value shall be the closing sales price for such Common Stock (or
the closing bid, if no sales were reported) as quoted on such exchange or system
for the last Trading Day on or before the date of such determination, as
reported in THE WALL STREET JOURNAL or such other source as the Board deems
reliable;

                           (2) If the Common Stock is regularly quoted by a
recognized securities dealer but selling prices are not reported, then its Fair
Market Value shall be the mean of the closing bid and asked prices for the
Common Stock on the date of such determination, as reported in THE WALL STREET
JOURNAL or such other source as the Board deems reliable; or

                           (3) In the absence of an established market for the
Common Stock, the Fair Market Value thereof shall be determined in good faith by
the Board.

                  (k) "OFFERING PERIOD" shall mean the period of approximately
three (3) months during which an option granted pursuant to this Plan may be
exercised. There will be four Offering Periods each calendar year. The first
Offering Period will begin on the first Trading Day on or after January 1 and
end on the last Trading Day on or before March 31, the second Offering Period
will begin on the first Trading Day on or after April 1 and end on the last
Trading Day on or before June 30, the third Offering Period will begin on the
first Trading Day on or after July 1 and end on the last Trading Day on or
before September 30, and the fourth Offering Period will begin on the first
Trading Day on or after October 1 and end on the last Trading Day on or before
December 31. The duration and timing of an Offering Period may be changed
pursuant to Section 4 hereof.

                  (l) "PLAN" shall mean this 1999 Employee Stock Purchase Plan.

                  (m) "PURCHASE PRICE" shall mean eighty-five (85%) of the Fair
Market Value of a share of Common Stock on the Enrollment Date or on the
Exercise Date, whichever is lower; provided however, that in the event a
participant sells, assigns or otherwise transfers (other than by will or the
laws of descent and distribution) any shares of Common Stock acquired under this
Plan before the expiration of three (3) years from the Exercise Date on which
the participant purchased such shares of Common Stock, the Purchase Price for
any shares of Common Stock purchased under this Plan during the next four
Offering Periods following the sale, assignment or transfer will be equal to the
full Fair Market Value. The Purchase Price may be adjusted from time to time by
the Board pursuant to Section 19 hereof.

                  (n) "RESERVES" shall mean the number of shares of Common Stock
covered by each option under this Plan which have not yet been exercised and the
number of shares of Common Stock which have been authorized for issuance under
this Plan but not yet placed under option.

                  (o) "SUBSIDIARY" shall mean a corporation, domestic or
foreign, of which not less than fifty percent (50%) of the voting shares are
held by the Company or a Subsidiary, whether or not such corporation now exists
or is hereafter organized or acquired by the Company or a Subsidiary.

                                       2
<PAGE>

                  (p) "TRADING DAY" shall mean a day on which national stock
exchanges and the NASDAQ System are open for trading.

         3. ELIGIBILITY.

                  (a) Any Employee who shall be employed by the Company on a
given Enrollment Date shall be eligible to participate in this Plan.

                  (b) Notwithstanding anything to the contrary contained herein,
no Employee shall be granted an option under this Plan (i) to the extent that,
immediately after the grant, such Employee (or any other person whose stock
would be attributed to such Employee pursuant to Section 424(d) of the Code)
would own capital stock of the Company and/or hold outstanding options to
purchase such capital stock equaling five percent (5%) or more of the total
combined voting power or value of all classes of the capital stock of the
Company or of any Subsidiary, or (ii) to the extent that his or her rights to
purchase stock under all employee stock purchase plans of the Company and its
Subsidiaries accrues at a rate which exceeds twenty-five thousand dollars
($25,000) worth of stock (determined based on the fair market value of the
shares at the time such option is granted) for each calendar year in which such
option is outstanding at any time.

         4. OFFERING PERIODS. This Plan shall be implemented through a series of
consecutive Offering Periods. For each year that the Plan is in effect, the
first Offering Period will begin on the first Trading Day on or after January 1
and end on the last Trading Day on or before March 31, the second Offering
Period will begin on the first Trading Day on or after April 1 and end on the
last Trading Day on or before June 30, the third Offering Period will begin on
the first Trading Day on or after July 1 and end on the last Trading Day on or
before September 30, and the fourth Offering Period will begin on the first
Trading Day on or after October 1 and end on the last Trading Day on or before
December 31. The Board shall have the power to change the duration of Offering
Periods (including the commencement dates thereof) with respect to future
offerings without shareholder approval if such change is announced at least five
(5) days prior to the scheduled beginning of the first Offering Period to be
affected thereafter.

         5. PARTICIPATION.

                  (a) An eligible Employee may become a participant in this Plan
by completing a participation agreement, in the form set forth as Exhibit A to
this Plan, and an enrollment form authorizing payroll deductions and by filing
such participation agreement and enrollment form with the Company's Corporate
Human Resource Department prior to the applicable Enrollment Date.

                  (b) Payroll deductions for a participant shall commence on the
first payroll following the Enrollment Date and shall end on the last payroll in
the Offering Period to which such authorization is applicable, unless sooner
terminated by the participant.

         6. PAYROLL DEDUCTIONS.

                                       3
<PAGE>

                  (a) At the time a participant files his or her enrollment
form, he or she shall elect to have payroll deductions made on each pay day
during the Offering Period in an amount not exceeding twenty percent (20%) of
the Compensation which he or she receives on each pay day during the Offering
Period.

                  (b) All payroll deductions made for a participant shall be
credited to his or her account under this Plan and shall be withheld in whole
percentages only. A participant may not make any additional payments into such
account.

                  (c) A participant may discontinue his or her participation in
this Plan or may increase or decrease the rate of his or her future payroll
deductions for the next Offering Period (but not the current Offering Period) by
completing or filing with the Company a new enrollment form authorizing a change
in payroll deduction rate. The change in such rate shall be effective for the
next Offering Period. A participant's enrollment form shall remain in effect for
successive Offering Periods unless a new enrollment form is completed and
delivered to the Company.

                  (d) Notwithstanding anything to the contrary contained herein,
to the extent necessary to comply with Section 423(b)(8) of the Code and Section
3(b) hereof, a participant's payroll deduction rate may be decreased to zero
percent (0%) at any time during an Offering Period. Payroll deductions shall
recommence at the rate provided in such participant's enrollment form at the
beginning of the next Offering Period, unless terminated by the participant.

                  (e) At the time the option is exercised, in whole or in part,
or at the time some or all of the shares of Common Stock issued under this Plan
are disposed of, the participant must make adequate provision for the Company's
federal, state, or other tax withholding obligations, if any, which arise upon
the exercise of the option or upon the disposition of the shares of Common
Stock. At any time, the Company may, but shall not be obligated to, withhold
from the participant's Compensation the amount necessary for the Company to meet
applicable withholding obligations, including any withholding required to make
available to the Company any tax deductions or benefits attributable to sale or
early disposition of the shares of Common Stock by the Employee.

         7. GRANT OF OPTION. On the Enrollment Date of each Offering Period,
each eligible Employee participating in such Offering Period shall be granted an
option to purchase on the Exercise Date during such Offering Period (at the
applicable Purchase Price) up to a number of shares of Common Stock determined
by dividing such Employee's payroll deductions accumulated prior to such
Exercise Date and retained in the participant's account as of the Exercise Date
by the applicable Purchase Price; provided, however, that in no event shall an
Employee be permitted to purchase during each Offering Period more than such
number of shares of Common Stock (subject to any adjustment pursuant to Section
18 hereof), and provided further that such purchase shall be subject to the
limitations set forth in Sections 3(b) and 11 hereof. The Board may, for future
Offering Periods, increase or decrease, in its absolute discretion, the maximum
number of shares of Common Stock an Employee may purchase during each Offering
Period. Exercise of the option shall occur as provided in Section 8 hereof. The
option shall expire on the last day of the Offering Period.

                                       4
<PAGE>

         8. EXERCISE OF OPTION.

                  (a) Each participant's option for the purchase of shares of
Common Stock shall be exercised automatically on the Exercise Date, and the
maximum number of shares of Common Stock under the option, including fractional
shares (computed to four decimal places), shall be purchased for such
participant at the applicable Purchase Price with the accumulated payroll
deductions in his or her account, subject to the limitations set forth in
Sections 3(b), 7 and 11 hereof. During a participant's lifetime, a participant's
option to purchase shares of Common Stock hereunder is exercisable only by him
or her.

                  (b) If the Board determines that, on a given Exercise Date,
the number of shares of Common Stock with respect to which options are to be
exercised may exceed (i) the number of shares of Common Stock that were
available for sale under this Plan on the Enrollment Date of the applicable
Offering Period, or (ii) the number of shares of Common Stock available for sale
under this Plan on such Exercise Date, then the Board may in its sole discretion
(x) provide that the Company shall make a pro rata allocation of the shares of
Common Stock available for purchase on such Enrollment Date or Exercise Date, as
applicable, in as uniform a manner as shall be practicable and as it shall
determine in its sole discretion to be equitable among all participants
exercising options to purchase shares of Common Stock on such Exercise Date, and
continue the Offering Period then in effect, or (y) provide that the Company
shall make a pro rata allocation of the shares of Common Stock available for
purchase on such Enrollment Date or Exercise Date, as applicable, in as uniform
a manner as shall be practicable and as it shall determine in its sole
discretion to be equitable among all participants exercising options to purchase
shares of Common Stock on such Exercise Date, and terminate any Offering Period
then in effect pursuant to Section 19 hereof. The Company may make pro rata
allocation of the shares of Common Stock available on the Enrollment Date of any
applicable Offering Period pursuant to the preceding sentence, notwithstanding
any authorization of additional shares of Common Stock for issuance under this
Plan by the Company's shareholders subsequent to such Enrollment Date.

         9. CERTIFICATES. Certificates for shares of Common Stock purchased
under the Plan will generally not be issued to participants until requested.
Shares credited to any account under the Plan will be showing on the
participants' statements of account sent after each purchase. Certificates for
any number of shares up to the full number of whole shares credited to an
account under the Plan and held for at least three years will be issued upon
request of a participant. Any remaining whole shares and fractional shares will
continue to be credited to the participant's account.

         10. TERMINATION OF EMPLOYMENT. Upon a participant's ceasing to be an
Employee, all payroll deductions accumulated while an Employee shall be applied
toward the purchase of shares of Common Stock in the then current Offering
Period as provided in Section 8 above.

         11. INTEREST. No interest shall accrue on the payroll deductions of a
participant in this Plan.

         12. COMMON STOCK.

                                       5
<PAGE>

                  (a) Subject to adjustment upon changes in capitalization of
the Company as provided in Section 18 hereof, the maximum number of shares of
Common Stock which shall be made available for sale under this Plan shall be two
million eight hundred thousand (2,800,000) shares, plus an annual increase to be
added on the first day of the Company's fiscal year equal to (i) the lesser of
(A) sixteen thousand (16,000) shares, and (B) the amount which causes the
aggregate number of shares of Common Stock which shall be made available for
sale under this Plan to equal two and one-half percent (2.5%) of the then
outstanding shares of Common Stock of the Company or (ii) a lesser amount
determined by the Board.

                  (b) The participant shall have no interest or voting right in
shares of Common Stock covered by his or her option until such option has been
exercised.

                  (c) Shares of Common Stock to be delivered to a participant
under this Plan shall be registered in the name of the participant or in the
name of the participant and his or her spouse.

         13. ADMINISTRATION. This Plan shall be administered by the Board or a
committee of members of the Board approved by the Board. The Board or its
committee shall have full and exclusive discretionary authority to construe,
interpret and apply the terms of this Plan, to determine eligibility and to
adjudicate all disputed claims filed under this Plan. Every finding, decision
and determination made by the Board or its committee shall, to the full extent
permitted by law, be final and binding upon all parties.

         14. DESIGNATION OF BENEFICIARY.

                  (a) A participant may file a written designation of a
beneficiary who is to receive any shares of Common Stock and cash, if any, from
the participant's account under this Plan in the event of such participant's
death subsequent to an Exercise Date on which the option is exercised but prior
to delivery to such participant of such shares of Common Stock and cash. In
addition, a participant may file a written designation of a beneficiary who is
to receive any cash from the participant's account under this Plan in the event
of such participant's death prior to exercise of the option. If a participant is
married and the designated beneficiary is not the spouse, then spousal consent
shall be required for such designation to be effective.

                  (b) Such designation of beneficiary may be changed by the
participant at any time by written notice. In the event of the death of a
participant and in the absence of a beneficiary validly designated under this
Plan who is living at the time of such participant's death, the Company shall
deliver such shares of Common Stock and/or cash to the executor or administrator
of the estate of the participant, or if no such executor or administrator has
been appointed (to the knowledge of the Company), then the Company, in its
discretion, may deliver such shares of Common Stock and/or cash to the spouse or
to any one or more dependents or relatives of the participant, or if no spouse,
dependent or relative is known to the Company, then to such other person as the
Company may designate.

                  (c) The designation of beneficiary and any changes thereto
should be filed with the Company's Corporate Human Resource Department.

                                       6
<PAGE>

         15. TRANSFERABILITY. Neither payroll deductions credited to a
participant's account nor any rights with regard to the exercise of an option or
to receive shares of Common Stock under this Plan may be assigned, transferred,
pledged or otherwise disposed of in any way (other than by will, the laws of
descent and distribution or as provided in Section 14 hereof) by the
participant. Any such attempt at assignment, transfer, pledge or other
disposition shall be without effect.

         16. USE OF FUNDS. All payroll deductions received or held by the
Company under this Plan may be used by the Company for any corporate purpose,
and the Company shall not be obligated to segregate such payroll deductions.

         17. REPORTS. Individual accounts shall be maintained for each
participant in this Plan. Statements of account shall be given to participating
Employees at least annually, which statements shall set forth the amounts of
payroll deductions, the Purchase Price and the number of shares of Common Stock
purchased.

         18. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION, DISSOLUTION,
LIQUIDATION, MERGER OR ASSET SALE.

                  (a) CHANGES IN CAPITALIZATION. Subject to any required action
by the shareholders of the Company, the Reserves, the maximum number of shares
of Common Stock each participant may purchase each Offering Period (pursuant to
Section 7 hereof), as well as the price per share of Common Stock and the number
of shares of Common Stock covered by each option under this Plan which has not
yet been exercised shall be proportionately adjusted for any increase or
decrease in the number of issued shares of Common Stock resulting from a stock
split, reverse stock split, stock dividend, combination or reclassification of
the Common Stock, or any other increase or decrease in the number of shares of
Common Stock effected without receipt of consideration by the Company; provided,
however, that conversion of any convertible securities of the Company shall not
be deemed to have been "effected without receipt of consideration". Such
adjustment shall be made by the Board, whose determination in that respect shall
be final, binding and conclusive. Except as expressly provided herein, no
issuance by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of shares
of Common Stock subject to an option.

                  (b) DISSOLUTION OR LIQUIDATION. In the event of the proposed
dissolution or liquidation of the Company, the Offering Period then in progress
shall be shortened by setting a new Exercise Date (the "New Exercise Date") and
shall terminate immediately prior to the consummation of such proposed
dissolution or liquidation, unless provided otherwise by the Board. The New
Exercise Date shall be before the date of the Company's proposed dissolution or
liquidation. The Board shall notify each participant in writing, at least ten
(10) business days prior to the New Exercise Date, that the Exercise Date for
the participant's option has been changed to the New Exercise Date and that the
participant's option shall be exercised automatically on the New Exercise Date.

                                       7
<PAGE>

                  (c) MERGER OR ASSET SALE. In the event of a proposed sale of
all or substantially all of the assets of the Company, or the merger of the
Company with or into another corporation, each outstanding option shall be
assumed or an equivalent option substituted by the successor corporation or a
parent or Subsidiary of the successor corporation. In the event that the
successor corporation refuses to assume or substitute for the option, the
Offering Period then in progress shall be shortened by setting a New Exercise
Date and the Offering Period then in progress shall end on the New Exercise
Date. The New Exercise Date shall be before the date of the Company's proposed
sale or merger. The Board shall notify each participant in writing, at least ten
(10) business days prior to the New Exercise Date, that the Exercise Date for
the participant's option has been changed to the New Exercise Date and that the
participant's option shall be exercised automatically on the New Exercise Date.

         19. AMENDMENT OR TERMINATION.

                  (a) The Board may at any time and for any reason terminate or
amend this Plan. Except as provided in Section 18 hereof, no such termination
can affect options previously granted, provided that an Offering Period may be
terminated by the Board on any Exercise Date if the Board determines that the
termination of the Offering Period or this Plan is in the best interests of the
Company and its shareholders. Except as provided in Section 18 hereof and in
this Section 19, no amendment may make any change in any option theretofore
granted which adversely affects the rights of any participant. To the extent
necessary to comply with Section 423 of the Code (or any successor rule or
provision or any other applicable law, regulation or stock exchange rule), the
Company shall obtain shareholder approval in such a manner and to such a degree
as is required.

                  (b) Without shareholder consent and without regard to whether
any participants' rights may be considered to have been "adversely affected,"
the Board shall be entitled to change the Offering Periods, limit the frequency
and/or number of changes in the amount withheld during an Offering Period,
establish the exchange ratio applicable to amounts withheld in a currency other
than U.S. dollars, permit payroll withholding in excess of the amount designated
by a participant in order to adjust for delays or mistakes in the Company's
processing of properly completed withholding elections, establish reasonable
waiting and adjustment periods and/or accounting and crediting procedures to
ensure that amounts applied toward the purchase of shares of Common Stock for
each participant properly correspond with amounts withheld from the
participant's Compensation, and establish such other limitations or procedures
as the Board determines in its sole discretion advisable which are consistent
with this Plan.

                  (c) In the event the Board determines that the ongoing
operation of this Plan may result in unfavorable financial accounting
consequences, the Board may, in its discretion and, to the extent necessary or
desirable, modify or amend this Plan to reduce or eliminate such accounting
consequences including, but not limited to:

                           (1) altering the Purchase Price for any Offering
Period including an Offering Period underway at the time of the change in
Purchase Price;

                                       8
<PAGE>

                           (2) shortening any Offering Period so that Offering
Period ends on a new Exercise Date, including an Offering Period underway at the
time of the Board action; and

                           (3) allocating shares of Common Stock. Such
modifications or amendments shall not require stockholder approval or the
consent of any Plan participants.

         20. TRANSFER OF SHARES. A participant shall not sell, assign or
otherwise transfer (other than by will or the laws of descent and distribution)
any or all shares of Common Stock acquired under this Plan before the expiration
of one (1) year from the Exercise Date on which the participant purchased such
shares of Common Stock. Additionally, as described in Section 2(m) of this Plan,
any participant who sells, assigns or otherwise transfers shares of Common Stock
acquired under this Plan before the expiration of three (3) years from the
Exercise Date on which the participant purchased such shares of Common Stock
will be permitted to purchase additional shares of Common Stock during the next
four Offering Periods following such sale, assignment or transfer only at the
full Fair Market Value, rather than eighty-five percent (85%) of such Fair
Market Value.

         21. NOTICES. All notices or other communications by a participant to
the Company under or in connection with this Plan shall be deemed to have been
duly given when received in the form specified by the Company at the location,
or by the person, designated by the Company for the receipt thereof.

         22. CONDITIONS UPON ISSUANCE OF SHARES. Shares of Common Stock shall
not be issued with respect to an option unless the exercise of such option and
the issuance and delivery of such shares of Common Stock pursuant thereto shall
comply with all applicable provisions of law, domestic or foreign, including,
without limitation, the Securities Act of 1933, as amended, the Securities
Exchange Act of 1934, as amended, the rules and regulations promulgated
thereunder, and the requirements of any stock exchange or system upon which the
shares of Common Stock may then be listed, and shall be further subject to the
approval of counsel for the Company with respect to such compliance. As a
condition to the exercise of an option, the Company may require the person
exercising such option to represent and warrant at the time of any such exercise
that the shares of Common Stock are being purchased only for investment and
without any present intention to sell or distribute such shares of Common Stock
if, in the opinion of counsel for the Company, such a representation is required
by any of the aforementioned applicable provisions of law.

         23. TERM OF PLAN. This Plan shall become effective on January 1, 2000,
and shall continue in effect until January 1, 2010, unless sooner terminated
under Section 19 hereof.

                                       9
<PAGE>

                                    EXHIBIT A

                                IVAX CORPORATION
                        1999 EMPLOYEE STOCK PURCHASE PLAN

                             PARTICIPATION AGREEMENT

_____ Original Agreement                        Enrollment Date: _______________
_____ Change of Beneficiary(ies)

1. ___________________ hereby elects to participate in the IVAX Corporation 1999
Employee Stock Purchase Plan (the "Plan") and subscribes to purchase shares of
Common Stock in accordance with a separate enrollment form and the Plan. Terms
capitalized, but undefined, in this participation agreement shall have the
meanings defined in the Plan.

2. I understand that my payroll deductions authorized under the enrollment form
shall be accumulated for the purchase of shares of Common Stock at the
applicable Purchase Price determined in accordance with the Plan. I understand
that all accumulated payroll deductions shall be used to automatically exercise
my option.

3. I have received a copy of the complete Plan. I understand that my
participation in the Plan is in all respects subject to the terms of the Plan.

4. I understand that the shares of Common Stock received by me pursuant to the
Plan will be restricted for a period of three (3) years from the Exercise Date.
I will not be able to sell any shares of Common Stock at all during the one (1)
year period following the Exercise Date and in the event I sell any shares of
Common Stock less than three (3) years from the Exercise Date when I acquired
such shares, all subsequent purchases of Common Stock by me under the Plan
during the one (1) year period following such sale will be at full Fair Market
Value, rather than eighty-five percent (85%) of such Fair Market Value.

5. I understand that if I dispose of any shares of Common Stock received by me
pursuant to the Plan within two (2) years after the Enrollment Date or one (1)
year after the Exercise Date, then I will be treated for federal income tax
purposes as having received ordinary income at the time of such disposition in
an amount equal to the excess of the Fair Market Value of the shares of Common
Stock at the time such shares of Common Stock were purchased by me over the
price which I paid for the shares of Common Stock. I HEREBY AGREE TO NOTIFY THE
COMPANY IN WRITING WITHIN THIRTY (30) DAYS AFTER THE DATE OF ANY DISPOSITION OF
MY SHARES OF COMMON STOCK AND I WILL MAKE ADEQUATE PROVISION FOR FEDERAL, STATE
OR OTHER TAX WITHHOLDING OBLIGATIONS, IF ANY, WHICH ARISE UPON THE DISPOSITION
OF THE SHARES OF COMMON STOCK. The Company may, but will not be obligated to,
withhold from my compensation the amount necessary to meet any applicable
withholding obligation including any withholding necessary to make available to
the Company any tax deductions or benefits attributable to sale or early
disposition of the shares of

                                       10
<PAGE>

Common Stock by me. If I dispose of such shares of Common Stock at any time
after the expiration of the two (2) year and one (1) year holding periods, then
I understand that I will be treated for federal income tax purposes as having
received income only at the time of such disposition, and that such income will
be taxed as ordinary income only to the extent of an amount equal to the lesser
of (i) the excess of the fair market value of the shares of Common Stock at the
time of such disposition over the purchase price which I paid for the shares of
Common Stock, or (ii) fifteen percent (15%) of the Fair Market Value of the
shares of Common Stock on the first day of the Offering Period. The remainder of
the gain, if any, recognized on such disposition will be taxed as a capital
gain.

6. I hereby agree to be bound by the terms of the Plan. The effectiveness of
this participation agreement is dependent upon my eligibility to participate in
the Plan.

7. In the event of my death, I hereby designate the following as my
beneficiary(ies) to receive all payments and shares of Common Stock due me under
the Plan:

NAME:                  (First)      (Middle)       (Last)

RELATIONSHIP:
             --------------------------------------------------
ADDRESS:
        -------------------------------------------------------

Dated:
      ---------------------------------------------------------

Employee's Social Security Number:
                                  -----------------------------
Employee's Address:
                   --------------------------------------------

Signature of Employee:
                      -----------------------------------------
Spouse's Signature
(If beneficiary other than spouse):
                                   ----------------------------

                                       11

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