HAWTHORNE, N.Y., Feb 18, 2003 (BUSINESS WIRE) -- Taro Pharmaceutical Industries Ltd. (Nasdaq/NMS: TARO) today announced that its Irish affiliate, Taro Pharmaceuticals Ireland Ltd., has entered into an agreement to acquire a multi-purpose pharmaceutical manufacturing and research facility in Roscrea, County Tipperary, Ireland. The facility was purchased out of liquidation proceedings under the Official Liquidator appointed by the High Court of Ireland.

The Roscrea center consists of 124,000 square feet of manufacturing, laboratory, office and warehouse space located on a 14-acre campus in central Ireland. The facility, which had been in operation through the end of 2002, has been licensed by the Irish Medicines Board and was approved to manufacture and distribute pharmaceutical products in Ireland and the European Union.

"Roscrea has an experienced local workforce, and Taro intends to make this acquisition at Roscrea a center of pharmaceutical manufacturing and research excellence," said Barrie Levitt, M.D., Chairman of the Company. "Roscrea is an integral part of our strategy of expansion into Europe. Taro established a marketing presence in the UK in 1999. This acquisition provides Taro with an operating and research base in Europe."

Taro is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products.

For more information on the Company, please visit www.taro.com.

Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements that are not describing historical facts, such as comments describing what the company or its officers "expect," or comments describing an "opportunity," or similar statements; and comments concerning Taro's expectations regarding Taro's operations in Europe, the acquisition of a manufacturing and research facility in Ireland, including comments concerning its condition, available workforce, and regulatory approvals. Although Taro believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ include the viability of the acquired facility, difficulties in integrating the acquired facility into the operations of Taro, the receipt of regulatory approval for the facility and/or for products to be manufactured in the facility, marketplace acceptance of products to be developed and/or manufactured in the facility, industry and market conditions, slower than anticipated regulatory approval of new generic products, other regulatory actions, slower than anticipated penetration of new markets, changes in the Company's financial position, the situation in the Middle East and other risks detailed from time to time in the Company's SEC reports, including its Form 20-F for 2001.

CONTACT:          Taro Pharmaceutical Industries Ltd.
                  Daniel Saks, 914/345-9000 ext. 208 (VP, Corp. Affairs)
                  Kevin Connelly, 914/345-9000 ext. 338 (CFO)