Exhibit 99(a)(16)
Press Release

As of 12:00 Noon Today, More Than 75% of Shares of Laboratorio Chile Tendered
Into IVAX Offers

MIAMI--(BUSINESS WIRE)--June 22, 2001--IVAX Corporation (AMEX:IVX - news) said
                                                              ---   ----
that as of 12:00 noon today more than 75% of the shares, including shares
represented by American Depositary Shares of Laboratorio Chile S.A. had been
tendered into its pending tender offers in the United States and in Chile. This
exceeds the 67% required to be tendered prior to the shareholders meeting,
scheduled to take place at 4:00 PM today.

Both tender offers will expire at 12:00 midnight on Friday, June 29.

IVAX Corporation, headquartered in Miami, Florida, is engaged in the research,
development, manufacturing, and marketing of branded and brand equivalent
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 are forward-looking. Investors are cautioned that forward-looking
statements involve risks and uncertainties that may affect IVAX' business and
prospects, including the risks that the shares may be withdrawn prior to the
expiration date; that the remaining conditions for the successful completion of
the tender offer for Laboratorio Chile may not be satisfied; that upon
completion of the tender offer IVAX may not be able to integrate the operations
of Laboratorio Chile without significant capital expenditures or other costs;
that IVAX may not realize the anticipated benefits of the acquisition of
Laboratorio Chile; that if the tender offer is completed that risks will arise
from the operation of Laboratorio Chile; and other factors discussed in the
Company's Annual Report on form 10K and other filings with the Securities and
Exchange Commission.


---------------
Contact:

      IVAX Corporation, Miami
      Tabitha Licea, 305/575-6043
      www.ivax.com
      ------------