Indomethacin has been conjugated with different antioxidants having antiulcerogenic activity with the objective of obtaining indomethacin–antioxidant codrugs as gastrosparing NSAIDs devoid of ulcerogenic side effects. Purified synthesized codrugs have been characterized by m.p., TLC, elemental analyses, FTIR, NMR, MS. The synthesized derivatives have been screened for their antiinflammatory, analgesic, and antiulcer activity. The codrugs showed retention of antiinflammatory activity with reduced ulcerogenic side effects. These results indicated that indomethacin–antioxidant codrugs have the potential to be developed as gastrosparing NSAIDs.