Hawthorne, New York, November 14, 2003 – Taro Pharmaceutical Industries Ltd. (NASDAQ: TARO) today announced that it has been selected for inclusion in the NASDAQ Biotechnology Index (NBI). The Company’s addition to the Biotechnology Index will be effective on Monday, November 24, 2003.

Launched in 1993, the NASDAQ Biotechnology Index includes pharmaceutical and biotechnology companies as classified by the FTSEtm Global Classification System. The Index is adjusted on a semi-annual basis in May and November and serves as the basis for the iShares NASDAQ Biotechnology Index Fundsm (IBB). All securities in the Index are listed on the NASDAQ National Market and meet minimum criteria for market value, average daily share volume, and longevity as a public company, among others.

About Taro

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

FOR MORE INFORMATION

AT THE COMPANY:

Daniel H. Saks, VP, Corporate Affairs, 914-345-9000 ext. 6208

Kevin Connelly, SVP and CFO, 914-345-9000 ext. 6338

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