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SYNTEX SETTLES TAX CASE

 SYNTEX SETTLES TAX CASE
 PALO ALTO, Calif., May 14 /PRNewswire/ -- Syntex Corp. (NYSE: SYN)


announced today that it has concluded an agreement with the Internal Revenue Service settling the federal income tax liabilities of Syntex and its subsidiaries for the five fiscal years 1986, 1987, 1988, 1989 and 1990, and that the settlement does not have a material adverse effect on the consolidated financial position of the company.
 "As we previously said when we announced that these discussions were underway, we believed that the resolution of this matter would not be material. We are also pleased that this settlement relieves Syntex of the potential expenses and uncertainties of litigating a large tax case over many years," said Paul E. Freiman, chairman and chief executive officer.
 Syntex said that as a result of the settlement, the existing net operating loss carryforwards of the United States subsidiaries of Syntex will be fully utilized and $21.6 million of business tax credit carryovers will be absorbed in the six-year period ending with fiscal 1991. A balance of $32.3 million in the U.S. subsidiaries' remaining business tax credit carryovers will be available in fiscal 1992 and later years. Syntex will also pay $29.8 million, fully covered by reserves, in additional income taxes and interest for the six-year period that includes the five years subject to the agreement and fiscal 1991.
 Syntex said that this settlement is not expected to change the fiscal 1992 effective tax rate of 13 percent.
 -0- 5/14/92
 /CONTACT: Linda Thomas, 415-852-1321, or Kathleen Gary, 415-855-5924, both of Syntex/
 (SYN) CO: Syntex Corp. ST: California IN: MTC SU:


RM -- SJ001 -- 0264 05/14/92 13:01 EDT
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Publication:PR Newswire
Date:May 14, 1992
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