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December 01, 2004 5:23 p.m.
Teva Closes Acquisition Of Pfizer's Italian Generic Pharmaceutical Operation - Dorom

Jerusalem, Israel, December 1, 2004 - Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) announced today, further to its announcement dated August 17, 2004, that it has completed its cash acquisition, of Pfizer's Italian generic pharmaceutical marketing company, Dorom S.r.l., one of the largest suppliers of generic pharmaceuticals to the Italian retail market.

Teva Italy will integrate Dorom's business into its own pharmaceutical activities and will actively promote the product lines of both companies.

Subsequent to this acquisition, Teva, which is the largest generic company in Italy, will further strengthen its leading position in this important and growing market. The combined company, Teva Italy, will have a product portfolio of 77 generic products (in 150 presentations) available to the Italian market and 63 products in the pipeline (in 122 presentations) of pending generic product registrations.

Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 25 pharmaceutical companies and among the largest generic pharmaceutical companies in the world. The company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients. Close to 90% of Teva's sales are in North America and Europe.

Safe Harbor Statement under the U. S. Private Securities Litigation Reform Act of 1995:
This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements are based on management's current beliefs and expectations and involve a number of known and unknown risks and uncertainties that could cause Teva's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include Teva's ability to successfully develop and commercialize additional pharmaceutical products, the introduction of competitive generic products, the impact of competition from brand-name companies that sell or license their own generic products (so called "authorized generics") or successfully extend the exclusivity period of their branded products, the effects of competition on Copaxone® sales, including potential competition from the expected launch of Antegren®, Teva's ability to rapidly integrate the operations of acquired businesses, including its acquisition of Sicor Inc., regulatory changes that may prevent Teva from exploiting exclusivity periods, potential liability for sales of generic products prior to completion of appellate litigation, including that relating to Neurontin, the impact of pharmaceutical industry regulation and pending legislation that could affect the pharmaceutical industry, the difficulty of predicting U.S. Food and Drug Administration, European Medicines Association and other regulatory authority approvals, the regulatory environment and changes in the health policies and structure of various countries, Teva's ability to successfully identify, consummate and integrate acquisitions, exposure to product liability claims, dependence on patent and other protections for innovative products, significant operations outside the United States that may be adversely affected by terrorism or major hostilities, fluctuations in currency, exchange and interest rates, operating results and other factors that are discussed in Teva's Annual Report on Form 20-F and its other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.