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|September 22, 2000 3:31 p.m.|
|Teva Announces Proposed Offering of Convertible Debentures in a Rule 144a Offering|
Jerusalem, Israel, September 22, 2000 - Teva Pharmaceutical Industries Limited (Nasdaq: TEVA) announced today that, subject to market and other conditions and the approval of its Board of Directors, it intends to offer approximately $300 million of five year Convertible Senior Debentures of a special purpose U.S. finance subsidiary. The debentures are expected to be guaranteed by Teva and to be convertible into American Depositary Receipts of Teva. The offering will be made by means of an offering memorandum to qualified institutional buyers pursuant to Rule 144A and to certain persons in offshore transactions pursuant to Regulation S under the Securities Act of 1933. The offering is expected to close in October.