Hawthorne, NY, October 8, 2001 – Taro Pharmaceutical Industries Ltd. (Nasdaq/NMS: TARO) today announced that its Canadian subsidiary, Taro Pharmaceuticals Inc. (“Taro Canada”), has acquired the Canadian rights to GlaxoSmithKline Inc.’s Dermovate® product line (Clobetasol Propionate 0.05% Cream, Ointment, and Topical Solution).
The Dermovate® products are ultra-high potency topical corticosteroids prescribed by dermatologists and other physicians to treat various types of dermatitis conditions, such as psoriasis and eczema. According to industry sources, annual Canadian sales of Dermovate® and generic clobetasol propionate products are approximately CDN$6.0 million. Taro’s professional dermatology sales force will begin detailing the Dermovate® product line immediately.
Completes Taro’s Topical Corticosteroid Line in Canada
“Dermovate® completes our Canadian line of topical steroids, enabling us to offer physicians a full range of potencies and vehicles in this category,” said Barry Fishman, President and CEO of Taro Canada. “And because it will be manufactured and marketed using existing facilities, production and sales personnel in Canada, the Dermovate® line represents a new source of revenue to Taro at a small incremental cost.”
Leverages Taro’s Dermatology Experience, Resources
“This acquisition fits squarely into our existing resources and core competencies,” noted Barrie Levitt, M.D., Chairman of Taro Pharmaceutical Industries Ltd. “We intend to grow the Dermovate® brand, which we expect will further solidify our leadership position in the North American topical dermatologic market.”
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.
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. Factors that could cause actual results to differ include industry and market conditions, slower than anticipated penetration of new markets, 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 Prospectus, dated October 1, 2001.