SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

FROST PHILLIP MD ET AL

(Last)

(First)

(Middle)

4400 BISCAYNE BLVD.

(Street)

MIAMI

33137

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
IVAX CORP [ IVX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman of the Board and CEO

3. Date of Earliest Transaction (Month/Day/Year)
11/01/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, $.10 par value per share	11/01/2004	11/01/2004	P		100,000	A	$15	30,475,660	I	Frost Gamma Investments Trust⁽⁶⁾⁽⁹⁾
Common Stock, $.10 par value per share								406,250	I	Frost Alpha Investments Trust⁽³⁾⁽⁴⁾⁽⁹⁾
Common Stock, $.10 par value per share								937	D⁽⁵⁾⁽⁹⁾
Common Stock, $.10 par value per share								7,545,250	I	Frost Nevada Investments Trust⁽¹⁾⁽²⁾⁽³⁾⁽⁹⁾
Common Stock, $.10 par value per share								382,107	I	By Wife⁽⁷⁾⁽⁹⁾
Common Stock, $.10 par value per share								3,847	I	401(K)⁽⁹⁾
Common Stock, $.10 par value per share								175,781	I	Frost Phi Investments Trust⁽⁸⁾⁽⁹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Put Options (Obligation to Buy)	$12	11/01/2004		S			5,000	11/01/2004	01/21/2006	Common Stock	625,000	$168.75	5,000	I	Frost Nevada Investments Trust⁽¹⁾⁽²⁾⁽³⁾
Put Options (Obligation to Buy)	$14	11/01/2004		S			5,000	11/01/2004	01/21/2006	Common Stock	625,000	$256.25	5,000	I	Frost Nevada Investments Trust⁽¹⁾⁽²⁾⁽³⁾

Explanation of Responses:

1. These assets are held by Frost-Nevada Investments Trust, of which the reporting person is the trustee and Frost-Nevada Limited Partnership is the sole and exclusive beneficiary. The reporting person is one of four limited partners of Frost-Nevada Limited Partnership and the sole shareholder of Frost-Nevada Corporation, the sole general partner of Frost-Nevada, L.P.. During April 2002 Frost Beta, L.P. became a limited partner of Frost-Nevada L.P.. The reporting person is the sole shareholder of Frost Beta, Inc., the sole general partner of Frost Beta, L.P.. Frost Alpha Charitable Remainder Trust is the only limited partner of Frost Beta, L.P.. Frost Alpha, L.P. is a beneficiary of Frost Alpha Charitable Remainder Trust. Frost-Nevada Corporation is the sole member of Frost Alpha LLC, which is the sole general partner of Frost Alpha, L.P.

2. The reporting person and the Frost 2001 Charitable Lead Annuity Trust are the sole limited partners of Frost Alpha L.P.. On January 31, 2003 the Frost Alpha 2003 Charitable Lead Annuity Trust (CLAT Jan 2003) became a limited partner of Frost-Nevada Limited Partnership. On December 31 2003 the Frost Alpha December 2003 Charitable Lead Annuity Trust (CLAT Dec 2003) became a limited partner of Frost-Nevada Limited Partnership. Frost Alpha, L.P. has a remainder interest in CLAT Jan 2003 and CLAT Dec 2003.

3. The reporting person is not the trustee of the charitable trusts described in notes 1,2 and 4, but continues to report beneficial ownership of all securities.

4. These assets are held by Frost Alpha Investments Trust, of which the reporting person is the trustee and Frost Alpha Limited Partnership is the sole and exclusive beneficiary. The reporting person and the Frost 2001 Charitable Lead Annuity Trust are the sole limited partners of Frost Alpha Limited Partnership. Frost-Nevada Corporation is the sole member of Frost Alpha LLC, which is the sole general partner of Frost Alpha L.P. The reporting person is the sole shareholder of Frost-Nevada Corporation.

5. These shares are jointly owned by the reporting person and Patricia Frost, his wife.

6. These assets are held by Frost Gamma Investments Trust, of which the reporting person is the trustee and Frost Gamma Limited Partnership is the sole and exclusive beneficiary. The reporting person is the sole limited partner of Frost Gamma, L.P. The general partner of Frost Gamma, L.P. is Frost Gamma, Inc. and the sole shareholder of Frost Gamma, Inc. is Frost-Nevada Corporation. The reporting person is also the sole shareholder of Frost-Nevada Corporation.

7. Pursuant to Rule 16a-1(a)4, the reporting person disclaims beneficial ownership of these shares.

8. These assets are held by Frost Phi Investments Trust, of which the reporting person is the trustee and Frost Phi, LLLP is the sole and exclusive beneficiary. The reporting person is the sole limited partner of Frost Phi, LLLP and the sole shareholder of Frost Phi, Inc., the general partner.

9. The number of shares beneficially owned by the reporting person and the exercise price and the number of shares of all derivative securities beneficially owned by the reporting person have been restated to reflect the effect of a 5-for-4 stock split effected by the issuer on August 24, 2004.

	/s/ Phillip Frost, M.D.	11/02/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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