PREVACID^® I.V. (LANSOPRAZOLE) FOR INJECTION APPROVED BY THE FDA FOR THE TREATMENT OF EROSIVE ESOPHAGITIS IN HOSPITALIZED PATIENTS

-New Intravenous Administration Option for Leading Proton Pump Inhibitor-

LAKE FOREST, Ill., June 1, 2004 – TAP Pharmaceutical Products Inc. announced today it has received U.S. Food and Drug Administration (FDA) approval to market an intravenous (I.V.) formulation of PREVACID^® (lansoprazole). When patients are unable to take oral formulations, PREVACID I.V. for Injection is indicated as an alternative for the short-term (up to seven days) treatment of all grades of erosive esophagitis. Once the patient is able to take medications orally, therapy can be switched to an oral formulation of PREVACID for a total of six to eight weeks. The safety and efficacy of PREVACID I.V. for Injection as an initial treatment of erosive esophagitis have not been demonstrated. Erosive esophagitis is a condition in which the lining of the esophagus has been damaged.

"I.V. treatment can provide an important bridge for managing severe to mild erosive esophagitis in patients who are unable to take medication by mouth," said Xavier Frapaise, M.D., vice president of research and development at TAP. "After treatment with PREVACID I.V., patients may be switched to oral PREVACID to help them continue to manage their erosive esophagitis for up to eight weeks."

"We’re very pleased to now be able to offer this important administration option for patients," said H. Thomas Watkins, president of TAP. "PREVACID I.V. will further reinforce the brand’s position as the market leader in the proton pump inhibitor class."

Treatment with PREVACID I.V. for Injection should be discontinued as soon as the patient is able to resume treatment with oral formulations. PREVACID I.V. for Injection was studied in patients previously taking oral PREVACID.

Oral PREVACID has the most approved indications and the most administration options of any proton pump inhibitor (PPI). Administration options currently include PREVACID Capsules, PREVACID for Oral Suspension and PREVACID SoluTab^TM Orally Disintegrating Tablets.

In four U.S. trials involving 161 patients the following treatment-related adverse events were reported in 1% or more of patients treated with PREVACID I.V.: headache (1.0%), injection site pain (1.0%), injection site reaction (1.0%) and nausea (1.3%). Symptomatic response to therapy does not preclude the presence of gastric malignancy. PREVACID I.V. is contraindicated in patients with known hypersensitivity to any component of the formulation. Please see complete prescribing information and visit www.prevacid.com.

About Oral PREVACID® (lansoprazole)

Oral PREVACID is the only PPI indicated for the healing and risk reduction of the recurrence of gastric (stomach) ulcers associated with NSAIDs (nonsteroidal anti-inflammatory drugs) in chronic NSAID users. Oral PREVACID is also the only PPI indicated for maintenance treatment of healed duodenal ulcer, and is approved for use in the short-term treatment of symptomatic GERD and erosive esophagitis in children ages 1 to 11 years. Safety and effectiveness in children younger than one and aged 12 to 17 years have not been established. The safety and efficacy of PREAVCID I.V. have not been established in pediatric patients. Controlled studies for healing of NSAID-associated gastric ulcer did not extend beyond eight weeks. Controlled studies for risk reduction of recurrence of NSAID-associated gastric ulcer did not extend beyond twelve weeks. Controlled studies for maintenance of healed duodenal ulcer did not extend beyond 12 months.

PREVACID also is indicated for the short-term (up to eight weeks) treatment of heartburn and other symptoms of gastroesophageal reflux disease (GERD); the short-term (up to eight weeks) healing, symptom relief and maintenance of healed erosive esophagitis, a condition in which the lining of the esophagus has been damaged; the short-term treatment of active benign gastric (stomach) ulcers (up to eight weeks); the short-term (up to four weeks) treatment of duodenal ulcer (ulcers found on the first part of the small intestine); the long-term treatment of pathological hypersecretory conditions, including Zollinger-Ellison Syndrome (which involves the overproduction of stomach acid). Controlled studies for maintenance of healed erosive esophagitis did not extend beyond 12 months.

Symptomatic response to therapy does not preclude the presence of gastric malignancy. PREVACID is contraindicated in patients with known hypersensitivity to any component of the formulation. The most frequently reported adverse events in adults include diarrhea (3.8%), abdominal pain (2.1%), and nausea (1.3%). In pediatric GERD patients between the ages of 1 to 11 years the most frequently reported adverse events were constipation (5%) and headache (3%). For further information about PREVACID, please see the complete prescribing information and visit www.prevacid.com.

About TAP Pharmaceutical Products Inc.

TAP Pharmaceutical Products Inc., located in Lake Forest, Ill., is a joint venture between Abbott Laboratories, headquartered in Abbott Park, Ill., and Takeda Chemical Industries, Ltd., of Osaka, Japan. TAP also markets 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.