Taro Terminates Agreement with NovaBiotics

License agreement for anti-fungal peptide treatment, Novexatin®

Taro Pharmaceutical Industries Ltd. TARO ("Taro" or the "Company") announced today that it has terminated the license agreement with NovaBiotics for the onychomycosis drug, Novexatin®.

As previously disclosed in May 2018, the Novexatin® clinical study did not meet the main goal of a Phase IIb study under current guidelines of the FDA and did not show superiority over the placebo. Upon further analysis and evaluation, the Company has decided to terminate its agreement with NovaBiotics.

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 further information on Taro Pharmaceutical Industries Ltd., please visit the Company's website at www.taro.com.

About NovaBiotics

NovaBiotics Ltd is a clinical-stage biotechnology company focused on the design and development of first-in-class anti-infectives for difficult-to-treat, medically unmet diseases.

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