Exhibit 99.(a)(11)

Press Release

IVAX Extends Tender Offer for Remaining Laboratorio Chile Shares and ADSs

MIAMI - (BUSINESS WIRE) - Aug. 29, 2001 - IVAX Corporation (AMEX: IVX - news;
LSE: IVX.L) today announced the extension of its pending tender offers in the
United States (the "U.S. Offer") and in Chile (the "Chilean Offer") for all of
the remaining shares of common stock (the "Shares") and American Depositary
Shares ("ADSs") of Laboratorio Chile S.A. that IVAX does not already own. On
July 5, 2001, IVAX acquired 99.6% of the outstanding shares of Laboratorio Chile
in its initial tender offer.

The U.S. Offer and the Chilean Offer are being extended from 5:30 p.m., New York
City time, on August 29, 2001, to 5:30 p.m., New York City time, on September
13, 2001.

The U.S. Offer covers all the Shares held by U.S. holders and all outstanding
ADSs. The Chilean Offer is open to all of the Shares. At the close of business
on August 28, 2001, 79,460 Shares (including Shares represented by ADSs) have
been tendered into the U.S. Offer and 542,760 Shares have been tendered into the
Chilean Offer. The shares tendered to date would increase IVAX' ownership in
Laboratorio Chile to approximately 99.8%.

IVAX Corporation, headquartered in Miami, Florida, is a multinational company
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, including the statement that IVAX' ownership in
Laboratorio Chile would increase to approximately 99.8%. 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withdrawn prior to the expiration date; and other factors discussed in the
Company's Annual Report on Form 10-K and other filings with the Securities and
Exchange Commission.
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CONTACT:

IVAX Corporation, Miami
Howard A. Goldman, 305/575-6043
http://www.ivax.com