TAP ANNOUNCES NEW PRESIDENT

LAKE FOREST, Ill., Aug. 31, 2004 – TAP Pharmaceutical Products Inc., a joint venture of Abbott Laboratories and Takeda Pharmaceutical Company Limited, today announced the appointment of Alan MacKenzie as president, succeeding H. Thomas Watkins, effective September 1, 2004, upon the expiration of Watkins’ term.

MacKenzie, 51, most recently held the position of president of Takeda Pharmaceuticals North America (TPNA). Prior to that, MacKenzie served in various senior-level roles for TAP, including vice president of sales and director of marketing. He first joined TAP as a sales representative in 1985. He holds a nursing degree from Wagner College, a bachelor’s degree in economics from City University of New York, and a master’s in business administration from the University of Chicago.

"We are delighted to have Alan MacKenzie as the new president of TAP, given his demonstrated leadership and dedication to the health care industry," said Yasuchika Hasegawa, president and chief operating officer of Takeda Pharmaceutical Company Limited.

Watkins, 51, leaves TAP after serving as its president for six years. Prior to this position, Watkins served as vice president Abbott HealthSystems; he also held a variety of management positions at Abbott, including president of Abbott’s Japanese subsidiary and area vice president Asia/Pacific, in Abbott’s diagnostic division. After transitioning with MacKenzie into his new role at TAP, Watkins will move to a senior management role at Abbott.

"TAP is a very strong company with market-leading products and a promising pipeline," said Watkins. "I am pleased with the accomplishments our team has made over the past several years."

About TAP

TAP Pharmaceutical Products Inc., located in Lake Forest, Ill., is a joint venture between Abbott Laboratories, headquartered in Abbott Park, Ill., and Takeda Pharmaceutical Company Limited of Osaka, Japan. TAP markets Prevacid® (lansoprazole) and Lupron Depot® (leuprolide acetate for depot suspension). For more information about TAP Pharmaceutical Products Inc. and its products, visit the company's Web site at www.tap.com.