Filing Pursuant to Rule 424(b)(2)
                                    Registration Statement No. 333-51372

           PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED OCTOBER 30, 2001

                                     153,385

                                IVAX CORPORATION

                                  COMMON STOCK

                           ---------------------------

         The prospectus supplement relates to the issuance by us of 153,385
shares of our common stock to UBS AG London Branch, an institutional investor.
The shares of common stock are being issued to UBS AG pursuant to the settlement
of an equity put option. We will not receive any proceeds from the issuance of
the common stock, unless the common stock is sold for an aggregate value that
exceeds our obligation under the put option.

         Our common stock is listed on the American Stock Exchange under the
symbol "IVX" and on the London Stock Exchange under the symbol "IVX.L." On
November 12, 2001 the last reported sales price of our common stock on the
American Stock Exchange was $18.15 per share.

         You should rely only on the information provided or incorporated by
reference in this prospectus supplement and the accompanying prospectus. We have
not authorized anyone else to provide you with different information. You should
not assume that the information in this prospectus supplement is accurate as of
any date other than the date on the front of these documents.

         See "Risk Factors" beginning on page 5 of the accompanying prospectus
to read about factors you should consider before buying shares of the common
stock.



                           ---------------------------

         NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER REGULATORY
BODY HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY
OR ACCURACY OF THIS PROSPECTUS SUPPLEMENT. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.

                           ---------------------------




          The date of this prospectus supplement is November 13, 2001.








                                             THE OFFERING

                                                          
Securities Offered...................................        153,385 shares of common stock

Issued to............................................        UBS AG London Branch

Issuance price.......................................        $18.1854

Terms of Put Option
o        Issuance Date                                       August 1, 2001

o        Exercise Price..............................        $31.50

o        Number of shares underlying put option......        250,000

o        Aggregate Settlement Value..................        $2,789,368

o        Expiration Date.............................        November 1, 2001

Use of Proceeds......................................        The securities are being issued in settlement of our
                                                             obligations under the put option. We will not receive
                                                             any proceeds from the issuance of the securities
                                                             unless the common stock is sold for an aggregate
                                                             value that exceeds our obligation under the put
                                                             option as described in "Description of Transaction."

Risk Factors.........................................        See Page 5 of the accompanying prospectus, dated
                                                             October 30, 2001.


                           DESCRIPTION OF TRANSACTION

         From time to time, we issue equity put options with institutional
investors that allow us to reduce the cost associated with our stock repurchase
plan. A put option is a derivative security that entitles the holder to require
us to purchase from such holder a fixed number of shares of our common stock at
a set price. Upon expiration of a put option, if the market price of our common
stock is above the exercise price of the put option, then the put option expires
unexercised. However, if the market price of our common stock is below the
exercise price of the put option, then the holder can elect to exercise the put
option. In the event the put option is exercised, we may elect to settle the put
option by one of three methods: (1) physical settlement, by making cash payment
for the shares underlying the put option, at the exercise price, (2) net cash
settlement, by making cash payment in an amount equal to the settlement value,
or (3) net share settlement, by issuing such number of shares of our common
stock as is equal in worth to the settlement value. For these purposes, the
settlement value is equal to (1) the difference between (a) the market price of
our common stock (as defined in the put option) and (b) the exercise price of
the put option, multiplied by (2) the number of shares covered by such put
option (the "settlement value"). In the case of a net share settlement, if the
shares received by the institutional investor are sold within 60 business days
and the net proceeds to the institutional investor are less than the settlement
value, we are obligated to pay the difference in either cash or additional
common shares. Conversely, if the net proceeds are more than the settlement
value, we will receive the difference in a cash refund.

         On August 1, 2001, we issued an equity put option to UBS AG London
Branch, an institutional investor. The put option covered 250,000 shares of our
common stock, had an exercise price of $31.50 and expired on November 1, 2001.

                                       2


Based on the mean market price of our common stock of $20.35 per share on
October 31, 2001 and November 1, 2001, the total amount of the settlement value
was $2,787,500. Upon notice by UBS AG that they were exercising their put
option, we elected to effectuate a net share settlement. Based on the settlement
value and an issuance price of $18.1854 per share, we are issuing, pursuant to
this prospectus supplement, 153,385 shares of our common stock in settlement of
the put option.

         UBS AG through its affiliates, including UBS Warburg LLC, has provided
certain financial advisory services to us and has received customary
compensation in connection with such services. As of November 12, 2001, UBS AG
beneficially owned approximately 3.3 million shares of our common stock,
including shares issuable upon the exercise of options or conversions of
securities.

         UBS AG is, and any underwriter, broker-dealer or agent that
participates in the sale of the common stock may be deemed to be, an
"underwriter" within the meaning of Section 2(11) of the Securities Act of 1933.
Any discounts, commissions, concessions or profit they earn on any resale of the
shares may be underwriting discounts and commissions under the Securities Act of
1933. UBS AG is subject to the prospectus delivery requirements of the
Securities Act of 1933. UBS AG has acknowledged that it understands its
obligations to comply with the provisions of the Securities Exchange Act of 1934
and the rules thereunder relating to stock manipulation, particularly Regulation
M, and has agreed that it will not engage in any transaction in violation of
such provision.