HAWTHORNE, N.Y., Dec. 29, 2005 (PRIMEZONE) -- Taro Pharmaceutical Industries Ltd. (Nasdaq:TARO) (the "Company") reported today that it has entered into an agreement with Alkem Laboratories Ltd. ("Alkem") under which the companies will develop products jointly for the U.S. and other markets. Details of the agreement have not been disclosed.
"We believe that this strategic arrangement with Alkem will enable Taro to utilize Alkem's substantial pharmaceutical expertise to enhance our competitive position with specific products in the U.S. and other countries," said Samuel Rubinstein, General Manager of the Company.
"We see our alliance with Taro as a very important step in our process of rapid internationalization. Taro is one of our major international partners," said Mr. Samprada Singh, Chairman of Alkem. "We have commonalities of interests and there are numerous opportunities which we are tapping together for future business."
Alkem Laboratories Ltd., established in 1973, is among India's leading pharmaceutical companies. Alkem has a wide range of products encompassing several therapeutic segments. More information is available at www.alkemlabs.com.
Taro Pharmaceutical Industries Ltd. 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, 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, including statements regarding the collaboration agreement between Taro and Alkem Laboratories Ltd. 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. Factors that could cause actual results to differ include industry and market conditions; slower than anticipated penetration of new markets; the ability of the companies to work together effectively; physician, pharmacist or patient acceptance of any product or products on which Taro and Alkem collaborate; approvals of Alkem's facilities by regulatory authorities; 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 Annual Reports on Form 20-F. Forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update, change or revise any forward-looking statements, whether as a result of new information, additional or subsequent developments or otherwise.