HAWTHORNE, N.Y., Mar 13, 2003 (BUSINESS WIRE) -- Taro Pharmaceutical Industries Ltd. (Nasdaq/NMS: TARO) reported today that its U.S. affiliate has received approval from the U.S. Food and Drug Administration ("FDA") for its Abbreviated New Drug Application ("ANDA") for Etodolac Extended-Release Tablets ("Etodolac XL") in three strengths, 400 mg, 500 mg and 600 mg.

Taro's Etodolac XL Tablets are AB-rated (bioequivalent) to Wyeth's Lodine(R) XL Tablets in the same three strengths. Etodolac is a prescription product used in managing the signs and symptoms of both osteoarthritis and rheumatoid arthritis. According to industry sources, 2002 U.S. sales of extended release 400 mg, 500 mg and 600 mg etodolac tablets totaled approximately $37 million.

A Full Line of Etodolac Products

Taro currently manufactures and markets Etodolac Capsules in 200 mg and 300 mg strengths and Etodolac Tablets in 400 mg and 500 mg strengths. The Taro products are AB-rated to Lodine(R) Capsules and Lodine(R) Tablets in the same strengths.

"Etodolac XL joins our other etodolac products, extending our oral dose product line and giving physicians important options in matching an arthritis therapy to the precise needs of their patients," said Barrie Levitt, M.D., Chairman of the Company. "We also market both etodolac immediate and extended-release tablets and capsules in Israel under the brand name Etopan(R)."

Currently, Taro has 23 filings at the FDA: 20 ANDAs, including one tentative approval, two unique supplemental ANDAs and a New Drug Application related to the Company's NonSpil(TM) liquid drug delivery system. In addition, the Company has multiple regulatory filings in Canada, Israel and other countries around the world.

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 further information on Taro Pharmaceutical Industries Ltd., please visit the Company's website at www.taro.com.

Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Taro Pharmaceutical Industries Ltd. believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurance that its expectations will be attained. Such forward- looking statements may include, but are not limited to, statements regarding production and marketing of Taro's Etodolac Extended-Release Tablets. Factors that could cause actual results to differ include industry and market conditions, slower than anticipated penetration of new markets, marketplace acceptance of Taro's Etodolac Extended-Release Tablets, the future size of the market for these products, changes in the Company's financial position, regulatory actions, and other risks detailed from time to time in the Company's SEC reports, including its 2001 Annual Report on Form 20-F.

CONTACT:          Taro Pharmaceutical Industries Ltd., Hawthorne
                  Daniel Saks, 914/345-9000 ext. 208
                  or
                  Kevin Connelly, 914/345-9000 ext. 338

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