EXHIBIT 5
LAW OFFICES
STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A.
MUSEUM TOWER
150 WEST FLAGLER STREET
MIAMI, FLORIDA 33130
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MIAMI (305) 789-3200 o BROWARD (954) 463-5440
FAX (305) 789-3395
WWW.STEARNSWEAVER.COM
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E. RICHARD ALHADEFF LISHA D. HOGUE ELIZABETH G. RICE OWEN S. FREED
LOUISE JACOWITZ ALLEN ALICE R. HUNEYCUTT GLENN M. RISSMAN SENIOR COUNSEL
STUART D. AMES RICHARD B. JACKSON ANDREW L. RODMAN
ALEXANDER ANGUEIRA SHARON LEE JOHNSON KEITH E. ROUNSAVILLE DAVID M. SMITH
LAWRENCE J. BAILIN MICHAEL I. KEYES MIMI L. SALL LAND USE CONSULTANT
ANA T. BARNETT ROBERT T. KOFMAN NICOLE S. SAYFIE
PATRICK A. BARRY CHAD K. LANG RICHARD E. SCHATZ
SHAWN BAYNE FRANK J. LOPEZ DAVID M. SEIFER TAMPA OFFICE
SUSAN FLEMING BENNETT TERRY M. LOVELL JOSE G. SEPULVEDA SUITE 2200
LISA K. BERG JOY SPILLIS LUNDEEN JAY B. SHAPIRO SUNTRUST FINANCIAL CENTRE
MARK J. BERNET GEOFFREY MacDONALD MARTIN S. SIMKOVIC 401 EAST JACKSON STREET
HANS C. BEYER MONA E. MARKUS CURTIS H. SITTERSON TAMPA, FLORIDA 33602
RICHARD I. BLINDERMAN BRIAN J. McDONOUGH MARK D. SOLOV -------
MATTHEW W. BUTTRICK ANTONIO R. MENENDEZ EUGENE E. STEARNS (813) 223-4800
JENNIFER STEARNS BUTTRICK FRANCISCO J. MENENDEZ THOMAS T. STEELE
PETER L. DESIDERIO ALISON W. MILLER BRADFORD SWING
MARK P. DIKEMAN VICKI LYNN MONROE SUSAN J. TOEPFER FORT LAUDERDALE OFFICE
DREW M. DILLWORTH HAROLD D. MOOREFIELD, JR. ANNETTE TORRES SUITE 1900
SHARON QUINN DIXON JIMMY L. MORALES DENNIS R. TURNER 200 EAST BROWARD BOULEVARD
ALAN H. FEIN JOHN N. MURATIDES RONALD L. WEAVER FORT LAUDERDALE, FLORIDA 33301
ANGELO M. FILIPPI JOHN K. OLSON ROBERT I. WEISSLER -------
ELISE FRIEDBAUER JEFFREY A. NORMAN PATRICIA G. WELLES (954) 462-9500
ROBERT E. GALLAGHER, JR. KARA E. PLUNKETT MARTIN B. WOODS
CHAVA E. GENET DAVID C. POLLACK
LATASHA A. GETHERS DARRIN J. QUAM
PATRICIA K. GREEN JOHN M. RAWICZ
JOSEPH K. HALL PATRICIA A. REDMOND
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August 7, 2000
Phillip Frost, M.D.
Chief Executive Officer
IVAX Corporation
4400 Biscayne Boulevard
Miami, Florida 33137
Re: IVAX Corporation - Offering of 5.5% Convertible Senior
Subordinated Notes due 2007 (the "Notes") and shares of Common
Stock, par value $0.10 per share (the "Common Stock")
Dear Dr. Frost:
As counsel to IVAX Corporation, a Florida corporation ("IVAX"), we have
examined the Articles of Incorporation and Amended and Restated Bylaws of IVAX
and that certain Indenture, dated May 12, 2000, between IVAX and U.S. Bank
Trust, National Association, as Trustee (the "Indenture"), as well as such other
documents and proceedings as we have considered necessary for the purposes of
this opinion. We have also examined and are familiar with the proceedings taken
by IVAX to authorize the issuance of up to $250,000,000 of Notes and the shares
of Common Stock issuable upon conversion of the Notes. In addition, we have
examined a copy of IVAX' Registration Statement on Form S-3, pursuant to which
the resale of the Notes and Common Stock issuable upon conversion of the Notes
by certain Selling Securityholders named therein will be registered under the
Securities Act of 1933, as amended.
In rendering this opinion we have assumed, without independent
investigation: (i) the authenticity of all documents submitted to us as
originals; (ii) the conformity to original documents of all documents submitted
to us as certified or photostatic copies; and (iii) the genuineness of all
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Phillip Frost, M.D.
July 31, 2000
Page 2
signatures. In addition, as to questions of material fact to the opinions
expressed herein, we have relied upon such certificates of public officials,
corporate agents and officers of IVAX and such other certificates as we deemed
relevant.
Based upon the foregoing, and having regard to legal considerations
which we deem relevant, we are of the opinion that: (i) the Notes are valid and
binding obligations of IVAX entitled to the benefits of the Indenture and
enforceable against IVAX in accordance with their terms except to the extent
that enforcement thereof may be limited by (a) bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect
relating to creditors' rights generally, and (b) general principles of equity
regardless of whether enforceability is considered in a proceeding at law or in
equity; and (ii) following the issuance of the Common Stock upon the conversion
of the Notes in accordance with the terms of the Indenture, the Common Stock
will be validly issued, fully paid and non-assessable.
In addition, we hereby consent to the use of our opinions included
herein and to all references to this firm under the heading "Legal Matters" in
the Prospectus included in IVAX' Registration Statement on Form S-3, pursuant to
which the Notes and Common Stock will be registered under the Securities Act of
1933, as amended.
Very truly yours,
STEARNS WEAVER MILLER WEISSLER
ALHADEFF & SITTERSON, P.A.
STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A.
