Document:

EXHIBIT 10.22

                         NON-NEGOTIABLE PROMISSORY NOTE

Principal Amount: $50,000,000                                  November 18, 1999

         For value received, IVAX CORPORATION, a Florida corporation (the
"Maker"), promises to pay to FROST-NEVADA, LIMITED PARTNERSHIP, a limited
partnership organized under the laws of Nevada ("Payee"), at such place as the
Payee may designate from time to time, in lawful money of the United States of
America, the principal sum of FIFTY MILLION DOLLARS ($50,000,000), together with
interest in arrears on the unpaid principal balance at an annual rate equal to
ten percent (10%), in the manner provided below. Interest shall be calculated on
the basis of a year of 365 or 366 days, as applicable, and charged for the
actual number of days elapsed.

         The principal balance of this Note shall be due and payable on January
17, 2001. Interest shall accrue on the outstanding principal balance of this
Note from the date hereof until its repayment in full, at a rate equal to ten
percent (10%) per annum, and shall be payable quarterly on the last day of each
March, June, September and December, commencing on March 31, 2000. The entire
principal balance of this Note, together with accrued and unpaid interest, shall
be due and payable on January 17, 2001.

         If any payment of principal or interest on this Note is due on a day
which is not a Business Day, such payment shall be due on the next succeeding
Business Day, and such extension of time shall be taken into account in
calculating the amount of interest payable under this Note. "Business Day" means
any day other than a Saturday, a Sunday or a legal holiday on which U.S.
commercial banks located in Miami, Florida are closed for the purpose of
conducting commercial banking business.

         Maker may, without premium or penalty, at any time and from time to
time, prepay all or any portion of the outstanding principal balance due under
this Note, provided that each such prepayment is accompanied by accrued interest
on the amount of principal prepaid calculated to the date of such prepayment.

         Upon default in the timely payment of principal or interest, the entire
principal amount outstanding and accrued interest thereon shall at once become
due and payable at the option of the Payee upon notice to the Maker. This Note
shall be binding upon the Maker and its successors and assigns, and shall inure
to the benefit of the Payee

<PAGE>

and its successors and assigns, but the Payee may not assign or transfer this
Note without the express written consent of the Maker. This Note shall be
governed by the laws of the State of Florida. The Payee shall be entitled to
collect from the Maker all costs and expenses incurred by the Payee in
connection with the enforcement of this Note.

         IN WITNESS WHEREOF, Maker has executed and delivered this Note in New
York, New York, as of the date first stated above.

                                                 IVAX CORPORATION

                                                 By: /s/ Phillip Frost
                                                    ----------------------------
                                                     Phillip Frost, M.D.
                                                     Chairman of the Board
                                                     and Chief Executive Officer

                                       2EXHIBIT 10.23

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS, AND NEITHER
THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED,
PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER
SUCH ACT AND SUCH LAWS, WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH
COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THIS COMPANY, IS
AVAILABLE.

                           Warrant to Purchase Shares

                       Of Common Stock of IVAX Corporation

                                                               November 18, 1999

This certifies that Frost-Nevada Limited Partnership, a Nevada limited
partnership (the "Holder"), for value received, is entitled, subject to the
adjustment and to the other terms set forth below, to purchase from IVAX
Corporation, a Florida corporation (the "Company"), an aggregate of 500,000
fully paid and nonassessable shares of the Company's Common Stock, par value
$.10 (the "Warrant Shares"), at a price per share of $18.00 (the "Purchase
Price") at any time or from time to time, but not earlier than the Commencement
Date (as defined below) or later than 5:00 P.M. (Eastern Time) on the Expiration
Date (as defined below), upon surrender to the Company of this Warrant properly
endorsed with the form of Subscription Agreement attached hereto as Exhibit A,
such Subscription Agreement to be duly filled in and signed, and upon payment in
cash by wire transfer or cashier's check of the aggregate Purchase Price for the
number of shares for which this Warrant is being exercised. The Purchase Price
and, in some cases, the number of shares purchasable hereunder are subject to
adjustment as provided in Section 3 of this Warrant. This Warrant and all rights
hereunder, to the extent not exercised in the manner set forth herein, shall
terminate and become null and void on the Expiration Date. "Commencement Date"
shall mean the date of this Warrant. "Expiration Date" shall mean the date seven
(7) years following the Commencement Date.

         This Warrant Certificate is subject to the following terms and
conditions:

         1. Exercise; Issuance of Certificates; Payment for Shares. This Warrant
is exercisable, in whole or in part, at the option of the Holder at any time or
from time to time, but not later than 5:00 P.M. (Eastern Time) on the Expiration
Date. The Company agrees that the Warrant Shares purchased under this Warrant
shall be and are deemed to be issued to Holder as the record owner of such
shares as of the close of business on the date on which this Warrant shall have
been surrendered and payment made for such shares. Subject to the provisions of
Section 2, certificates for the Warrant

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<PAGE>

Shares so purchased, together with any other securities or property to which
Holder is entitled upon such exercise, shall be delivered to Holder by the
Company or the Company's transfer agent at the Company's expense within a
reasonable time after the rights represented by this Warrant have been
exercised. Each stock certificate so delivered shall be in such denominations of
Common Stock as may be requested by Holder and shall be registered in the name
of Holder or such other name as shall be designated by Holder, subject to the
limitations contained in Section 2. Unless this Warrant shall have expired, a
Warrant representing the number of shares, if any, with respect to which this
Warrant shall not have been exercised shall be issued to the holder within the
same period.

         2. Shares to Be Fully Paid; Reservation of Shares. The Company
covenants and agrees that all shares of Common Stock that may be issued upon the
exercise of the rights represented by this Warrant will, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable. The Company covenants
that it will reserve and keep available a sufficient number of shares of its
authorized but unissued Common Stock for such exercise. The Company will take
all such reasonable action as may be necessary to assure that such shares of
Common Stock may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of any domestic securities
exchange or automated quotation system upon which the Common Stock may be
listed.

         3. Adjustment of Purchase Price; Number of Shares. The Purchase Price
and the number of shares purchasable upon the exercise of this Warrant shall be
subject to adjustment from time to time upon the occurrence of certain events
described below.

                  3.1. Subdivision or Combination of Stock and Stock Dividend.
In case the Company shall at any time subdivide its outstanding shares of Common
Stock into a greater number of shares or declare a dividend upon its Common
Stock payable solely in shares of Common Stock, the Purchase Price in effect
immediately prior to such subdivision or declaration shall be proportionately
reduced, and the number of shares issuable upon exercise of the Warrant shall be
proportionately increased. Conversely, in case the outstanding shares of Common
Stock of the Company shall be combined into a smaller number of shares, the
Purchase Price in effect immediately prior to such combination shall be
proportionately increased, and the number of shares issuable upon exercise of
the Warrant shall be proportionately reduced.

                  3.2. Notice of Adjustment. Promptly after any adjustment of
the Purchase Price or any increase or decrease in the number of shares of Common
Stock purchasable upon the exercise of this Warrant, the Company shall give
written notice thereof, by first class mail, postage prepaid, addressed to
Holder at the address of Holder as shown on the books of the Company. The notice
shall be signed by the Company's chief financial officer and shall state the
effective date of the adjustment and the Purchase Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares
purchasable at such price upon the exercise of this Warrant, setting forth in
reasonable detail the method of calculation and the facts upon which such
calculation is based.

                  3.3. Other Notices. If at any time:

                  (a) the Company shall declare any cash dividend upon its
         Common Stock;

                  (b) the Company shall declare any dividend upon its Common
         Stock payable in shares of Common Stock or make any special dividend or
         other distribution to the holders of its Stock:

                  (c) the Company shall offer for subscription pro rata to the
         holders of the Common Stock any additional shares of stock of any class
         or series or other rights;

                                      -2-
<PAGE>

                  (d) there shall be any reclassification or recapitalization of
         its Common Stock or any consolidation or merger of the Company with
         another corporation, or a sale of all or substantially all of the
         Company's assets to another corporation; or

                  (e) there shall be a voluntary or involuntary dissolution,
         liquidation or winding up of the Company;

then, in any one or more of said cases, the Company shall give Holder (i) at
least thirty (30) days written notice of the date on which the books of the
Company shall close or a record shall be taken for such dividend, distribution
or subscription rights or for determining rights to vote in respect of any such
dissolution, liquidation or winding up; (ii) at least ten (10) days prior
written notice of the date on which the books of the Company shall close or a
record shall be taken for determining rights to vote in respect of any such
consolidation, merger or sale; and (iii) in the case of any such consolidation,
merger, sale, dissolution, liquidation or winding up, at least thirty (30) days
written notice of the date when the same shall take place. Any notice given in
accordance with clause (i) above shall also specify, in the case of any such
dividend, distribution or option rights, the date on which the holders of Common
Stock shall be entitled thereto. Any notice given in accordance with clause
(iii) above shall also specify the date on which the holders of Common Stock
shall be entitled to exchange their Common Stock for securities or other
property deliverable upon such consolidation, merger, sale, dissolution,
liquidation or winding-up, as the case may be. If Holder does not exercise this
Warrant prior to the occurrence of an event described above, except as provided
in Sections 3.1 and 3.4, Holder shall not be entitled to receive the benefits
accruing to existing holders of the Common Stock in such event. Notwithstanding
anything herein to the contrary, if and to the extent Holder chooses to exercise
this Warrant within the 10-day period following receipt of the notice specified
in clause (ii) above, Holder may elect to pay the aggregate Purchase Price by
delivering to the Company cash by wire transfer or a cashier's check in the
amount as provided in the first paragraph of this Warrant.

                  3.4. Changes in Common Stock. In case at any time following
the Commencement Date, the Company shall be a party to any transaction
(including, without limitation, a merger, consolidation, sale of all or
substantially all of the Company's assets or recapitalization of the Common
Stock) in which the previously outstanding Common Stock shall be changed into or
exchanged for different securities of the Company or common stock or other
securities of another corporation or interests in a non-corporate entity or
other property (including cash) or any combination of any of the foregoing (each
such transaction being herein called a "Transaction" and the date of
consummation of a Transaction being herein called a "Consummation Date"), then,
as a condition of the consummation of such Transaction, lawful and adequate
provisions shall be made so that the Holder, upon the exercise hereof at any
time on or after the Consummation Date of such Transaction, shall be entitled to
receive, and this Warrant shall thereafter represent the right to receive, in
lieu of the Warrant Shares issuable upon such exercise prior to such
Consummation Date, the highest amount of securities or other property to which
the Holder would actually have been entitled as a stockholder upon the
consummation of such Transaction if the Holder had exercised this Warrant
immediately prior thereto. The provisions of this Section 3.4 shall similarly
apply to successive Transactions.

         4. Issue Tax. The issuance of certificates for the Warrant Shares upon
the exercise of the Warrant shall be made without charge to the Holder for any
issue tax in respect thereof; provided, however, that the Company shall not be
required to pay any tax that may be payable in respect of any

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<PAGE>

transfer involved in the issuance and delivery of any certificate in a name
other than that of the Holder.

         5. No Voting or Dividend Rights; Limitation of Liability. Nothing
contained in this Warrant shall be construed as conferring upon the Holder the
right to vote or to consent or, except as set forth in Section 3.3 hereof, to
receive notice as a stockholder in respect of any election of directors of the
Company or any other matters or any rights whatsoever as a stockholder of the
Company, until, and only to the extent that, this Warrant shall have been
exercised. Except for the adjustment to the Purchase Price pursuant to Section
3.1 in the event of a dividend on the Common Stock payable in shares of Common
Stock, no dividends or interest shall be payable or accrued in respect of this
Warrant or the interest represented thereby or the shares of Common Stock
purchasable hereunder until, and only to the extent that, this Warrant shall
have been exercised. No provisions hereof, in the absence of affirmative action
by the Holder to purchase shares of Common Stock, and no mere enumeration herein
of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the Purchase Price or as a stockholder of the Company, whether
such liability is asserted by the Company or by its creditors.

         6. Restrictions on Transferability of Securities; Compliance With
Securities Act.

                  6.1. Restrictions on Transferability. This Warrant and the
Warrant Shares shall not be transferable in the absence of registration under
the Securities Act of 1933, as amended (the "Securities Act"), or an exemption
therefrom under the Securities Act.

                  6.2. Restrictive Legend. Each certificate representing the
Warrant Shares or any other securities issued in respect of the Warrant Shares
upon any stock split, stock dividend, recapitalization, merger, consolidation or
similar event, shall be stamped or otherwise imprinted with a legend in
substantially the following form (in addition to any legend required under
applicable state securities laws):

                  THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
                  UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR
                  ANY STATE SECURITIES LAWS, AND NEITHER THE SECURITIES NOR ANY
                  INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR
                  OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
                  REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN
                  EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS,
                  WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH COUNSEL
                  AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THE
                  COMPANY, IS AVAILABLE.

                  6.3.  Registration Rights.

                  (a) If (but without any obligation to do so) the Company
         proposes to register any shares of Common Stock under the Securities
         Act in connection with an underwritten public offering of such
         securities (other than a registration relating solely to the sale of
         securities to participants in a stock plan of the Company, or a
         registration which does not relate to shares of Common Stock, or a
         registration on any form which does not include substantially the same
         information as would be required to be included in a registration
         statement covering the sale of the Warrant Shares), the Company shall,
         at such time, promptly give the Holder written notice

                                      -4-
<PAGE>

         of such registration. Upon the written request of the Holder given
         within ten (10) days after receipt of such notice from the Company, the
         Company shall, subject to the provisions of this subsection 6.3, use
         its best efforts to cause to be registered under the Securities Act all
         of the Warrant Shares that the Holder has requested be registered.

                  (b) In connection with any offering subject to subsection
         6.3(a), the Company shall not be required to include any of the
         Holder's securities in such underwriting unless the Holder accepts the
         terms of the underwriting agreement as agreed upon between the Company
         and the underwriters selected by the Company. If the Holder holds
         Warrant Shares, and if the Company's offering is to be registered on a
         form that also permits registration of securities offered by selling
         shareholders, the Holder shall be entitled to include in the offering
         all or any portion of the Warrant Shares, subject to prior exercise of
         this Warrant. Notwithstanding the foregoing, if the managing
         underwriter of any such offering, which managing underwriter shall be
         selected by the Company, determines that the number of shares proposed
         to be sold by the Company, by other shareholders having registration
         rights, and/or by the Holder is greater than the number of shares that
         the managing underwriter believes feasible to sell at the time, at the
         price and upon the terms approved by the Company, then the number of
         shares that the managing underwriter believes may be sold shall be
         allocated for inclusion in the registration statement in the following
         order of priority: (i) shares being offered by the Company; and (ii)
         pro-rata among the other shareholders and the Holder, based on the
         number of shares of Common Stock each shareholder requested to be
         registered.

                  (c) Whenever required under this section 6.3 to effect the
         registration of any Warrant Shares, the Company shall, from and after
         the effective date of the applicable registration statement:

                           (i) Prepare and file with the SEC such amendments and
         supplements to such registration statement and the prospectus used in
         connection with such registration statement as may be necessary to
         comply with the provisions of the Securities Act with respect to the
         disposition of all securities covered by such registration statement;

                           (ii) Furnish to the Holder such numbers of copies of
         a prospectus in conformity with the requirements of the Securities Act,
         and such other documents as it may reasonably request in order to
         facilitate the disposition of Warrant Shares owned by the Holder;

                           (iii) Use its best efforts to register and qualify
         the securities covered by such registration statement under the
         securities laws of such jurisdictions as shall be reasonably requested
         by the Holder, provided that the Company shall not be required in
         connection therewith or as a condition thereto to qualify to do
         business or to file a general consent to service of process in any such
         states or jurisdictions;

                           (iv) Notify the Holder at any time when the Holder
         informs the Company that it intends to deliver a prospectus relating
         thereto for the purpose of offering or selling any Warrant Shares
         covered by such registration statement, of the happening of any event
         as a result of which the prospectus included in such registration
         statement, as then in effect, includes an untrue statement of a
         material fact or omits to state a material fact required to be stated
         therein or necessary to make the statements therein not misleading in
         the light of the circumstances then existing, after which the Company
         will promptly amend the prospectus, and the Holder agrees not to
         deliver the prospectus until such amendment has been declared
         effective;

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<PAGE>

                           (v) Furnish, at the request of the Holder, on the
         date that such Warrant Shares are delivered to the underwriters, an
         opinion, dated such date, of the Company's counsel for the purposes of
         such registration, in form and substance as is customarily given to
         underwriters in an underwritten public offering, addressed to the
         underwriters and to the Holder; and

                           (vi) List the Warrant Shares being registered on the
         American Stock Exchange.

                  (d) It shall be a condition precedent to the obligations of
         the Company to take any action pursuant to this section 6.3 that the
         Holder shall furnish to the Company such information regarding itself,
         the Warrant Shares held by it, any investment banker, broker or other
         agent retained by the Holder to assist it in selling the Warrant
         Shares, and the intended method of disposition of such securities as
         shall be reasonably required to effect the registration of its Warrant
         Shares.

                  (e) Except as otherwise provided herein, all expenses other
         than underwriting discounts and commissions relating to Warrant Shares
         incurred in connection with the registration, filings or qualifications
         pursuant to this section 6.3, including, without limitation, all
         registration, filing and qualification fees, printing and accounting
         fees and fees and disbursements of the Company's counsel, shall be
         borne by the Company. Notwithstanding the foregoing, all underwriting
         discounts and selling commissions applicable to the Warrant Shares
         covered by any registration and all fees and disbursements of special
         counsel to the Holder shall be borne by the Holder, in proportion to
         the number of Warrant Shares sold by the Holder, and if any applicable
         state securities laws require the Holder to share the expenses of the
         offering with the Company, then the Holder shall share such expenses in
         accordance with the applicable law of such state.

                  (f) So long as the Company has given every notice required by
         this section 6.3, the Holder shall not have any right to take any
         action to restrain or otherwise delay any such registration as the
         result of any controversy that might arise with respect to the
         interpretation or implementation of this section 6.3.

                  (g) In the event any Warrant Shares are included in a
         registration statement under this section 6.3:

                           (i) To the extent permitted by law, the Company will
         indemnify and hold harmless the Holder, the officers and directors of
         the Holder, any underwriter (as defined in the Securities Act) for the
         Holder and each person, if any, who controls the Holder or underwriter
         within the meaning of the Securities Act or the Securities Exchange Act
         of 1934, as amended (the "Exchange Act"), against any losses, claims,
         damages or liabilities (joint or several) to which they may become
         subject under the Securities Act, the Exchange Act or other federal or
         state law, insofar as such losses, claims, damages or liabilities (or
         actions in respect thereof) arise out of or are based upon any of the
         following statements, omissions or violations (collectively, a
         "Violation"): (A) any untrue statement or alleged untrue statement of a
         material fact contained in such registration statement, including any
         preliminary prospectus or final prospectus contained therein or any
         amendments or supplements thereto, (B) the omission or alleged omission
         to state therein a material fact required to be stated

                                      -6-
<PAGE>

         therein, or necessary to make the statements therein not misleading, or
         (C) any violation or alleged violation by the Company of the Securities
         Act, the Exchange Act, any state securities law or any rule or
         regulation promulgated under the Securities Act, the Exchange Act or
         any state securities law. The Company will reimburse the Holder,
         officer or director, underwriter or controlling person for any legal or
         other expenses reasonably incurred by it in connection with
         investigating or defending any such loss, claim, damage, liability or
         action; provided, however, that the indemnity agreement contained in
         this clause (i) shall not apply to amounts paid in settlement of any
         such loss, claim, damage, liability or action if such settlement is
         effected without the consent of the Company (which consent shall not be
         unreasonably withheld), nor shall the Company be liable in any such
         case for any such loss, claim, damage, liability or action to the
         extent that it arises out of or is based upon a Violation which occurs
         in reliance upon and in conformity with written information furnished
         expressly for use in connection with such registration by the Holder,
         or by any officer, director, underwriter or controlling person of the
         Holder.

                           (ii) To the extent permitted by law, the Holder will
         indemnify and hold harmless the Company, each of its directors, each of
         its officers who has signed the registration statement, each person, if
         any, who controls the Company within the meaning of the Securities Act,
         each agent and any underwriter for the Company or any person who
         controls such underwriter, against any losses, claims, damages or
         liabilities (joint or several) to which the Company or any such
         director, officer, controlling person, agent or underwriter, director
         or officer or controlling person thereof, may become subject, under the
         Securities Act, the Exchange Act or other federal or state law, insofar
         as such losses, claims, damages or liabilities (or actions in respect
         thereof) arise out of or are based upon any Violation, in each case to
         the extent (and only to the extent) that such Violation occurs in
         reliance upon and in conformity with written information furnished by
         the Holder or by any officer, director, underwriter or controlling
         person of the Holder expressly for use in connection with such
         registration; and the Holder will reimburse any legal or other expenses
         reasonably incurred by the Company or any such director, officer,
         controlling person, agent or underwriter, officer, director or
         controlling person thereof, in connection with investigating or
         defending any such loss, claim, damage, liability or action; provided,
         however, that the indemnity agreement contained in this clause (ii)
         shall not apply to amounts paid in settlement of any such loss, claim,
         damage, liability or action if such settlement is effected without the
         consent of the Holder, which consent shall not be unreasonably
         withheld.

                           (iii) Promptly after receipt by an indemnified party
         under this subsection 6.3(g) of notice of the commencement of any
         action (including any governmental action), such indemnified party
         will, if a claim in respect thereof is to be made against any
         indemnifying party under this subsection 6.3(g), deliver to the
         indemnifying party a written notice of the commencement thereof, and
         the indemnifying party shall have the right to participate in, and, to
         the extent the indemnifying party so desires, jointly with any other
         indemnifying party similarly noticed, to assume the defense thereof
         with counsel mutually satisfactory to the parties; provided, however,
         that an indemnified party shall have the right to retain its own
         counsel, reasonably satisfactory to the indemnifying party, with the
         fees and expenses to be paid by the indemnifying party, if
         representation of such indemnified party by the counsel retained by the
         indemnifying party would be inappropriate due to actual or potential
         differing interests between such indemnified party and any other party
         represented by such counsel in

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<PAGE>

         such proceeding. The failure to deliver written notice to the
         indemnifying party within a reasonable time of the commencement of any
         such action, if prejudicial to its ability to defend such action, shall
         relieve such indemnifying party of any liability to the indemnified
         party under this subsection 6.3(g), but the omission so to deliver
         written notice to the indemnifying party shall not relieve it of any
         liability that it may have to any indemnified party otherwise than
         under this subsection 6.3(g).

                           (iv) The obligations of the indemnifying party under
         this subsection 6.3(g) shall survive the completion of any offering of
         Warrant Shares in a registration statement under this section 6.3 and
         otherwise.

         7. Modification and Waiver. This Warrant and any provision hereof may
be changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the same is sought.

         8. Notices. Any notice, request or other document required or permitted
to be given or delivered to the Holder or the Company shall be delivered or
shall be sent by certified or registered mail, return receipt requested, postage
prepaid, or by commercial overnight courier, to the Holder at its address as
shown on the books of the Company or, if to the Company, at the address
indicated therefor on the signature page of this Warrant.

         9. Descriptive Headings and Governing Law. The descriptive headings of
the several sections and paragraphs of this Warrant are inserted for convenience
only and do not constitute a part of this Warrant. This Warrant shall be
construed and enforced in accordance with, and the rights of the parties shall
be governed by, the laws of the State of Florida.

         10. Lost Warrants or Stock Certificates. The Company represents and
warrants to the Holder that upon receipt of evidence reasonably satisfactory to
the Company of the loss, theft, destruction or mutilation of this Warrant or any
stock certificate deliverable upon the exercise hereof and, in the case of any
such loss, theft or destruction, upon receipt of an indemnity and, if requested,
bond reasonably satisfactory to the Company, or in the case of any such
mutilation, upon surrender and cancellation of this Warrant or such stock
certificate, the Company at its expense will make and deliver a new Warrant or
stock certificate, of like tenor, in lieu of the lost stolen, destroyed or
mutilated Warrant or stock certificate.

         11. Fractional Shares. No fractional shares shall be issued upon
exercise of this Warrant. The Company shall, in lieu of issuing any fractional
share, pay the holder entitled to such fraction a sum in cash equal to the fair
market value of any such fractional interest as it shall appear on the public
market, or if there is no public market for such shares, then as shall be
reasonably determined by the Company.

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<PAGE>

IN WITNESS WHEREOF, the Company and the Holder have caused this Warrant to be
executed by their officers, thereunto duly authorized, as of this 18th day of
November, 1999.

                                             IVAX CORPORATION

                                             By: /s/ Neil Flanzraich
                                                --------------------------------
                                                 Neil Flanzraich
                                                 Vice Chairman and President

                                             Address: 4400 Biscayne Blvd.
                                                      Miami, FL  33137

                                             FROST-NEVADA LIMITED PARTNERSHIP

                                             By: /s/ Frost-Nevada Corporation
                                                --------------------------------
                                                 Its General Partner

                                             By: /s/ David Moskowitz
                                                --------------------------------
                                                 David Moskowitz
                                                 President

                                             Address: 3500 Lakeside Ct.
                                                      Suite 200
                                                      Reno, NV 89509

                                      -9-

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