Takeda and Frazier Healthcare Partners Launch Outpost Medicine to Develop New Therapeutics in Urology and Gynecology

Takeda Licenses Global Rights to Outpost for Novel Clinical Stage
Compound for the Potential Treatment of Stress Urinary Incontinence

Frazier Leads $41 Million Series A Financing Joined by Adams
Street Partners, Novo A/S, and Vivo Capital

OSAKA, Japan & MENLO PARK, Calif.–(BUSINESS WIRE)–Takeda Pharmaceutical Company Limited (TOKYO:4502)
and Frazier Healthcare Partners today announced the formation of Outpost
Medicine, a biopharmaceutical company focused on the development of new
treatments of urologic and gynecologic diseases and disorders.

In exchange for undisclosed financial terms, Takeda has granted an
exclusive license to Outpost for the worldwide development and
commercialization rights to OP-233 (formerly TAK-233), a clinical-stage
product candidate being studied for the treatment of stress urinary
incontinence.

“With Takeda strengthening its focus around the core therapeutic areas
of oncology, gastroenterology and central nervous system diseases, it is
important that we seek alternatives to further develop and create value
around promising assets that lay outside these areas of focus,” said
Andrew Plump, M.D., Ph.D., Chief Medical and Scientific Officer of
Takeda. “The formation of Outpost represents an innovative partnership
arrangement to further advance one such asset in hopes of bringing a new
treatment to patients in need.”

“We are very pleased to partner with Takeda in the creation of Outpost
Medicine,” said Tachi Yamada, M.D., Chairman and co-founder of Outpost
and Venture Partner with Frazier Healthcare Partners. “Stress urinary
incontinence is an often debilitating condition with a major impact on
quality of life for those who suffer from it. It is also very common
with more than 18 million adults afflicted in the U.S. alone. Despite
the enormity of the unmet medical need, there are no pharmacologic
agents approved in the U.S. to treat stress urinary incontinence, and
drugs for other forms of incontinence like overactive bladder are
ineffective for this condition.”

“We believe OP-233 is an exceptional asset around which to form Outpost
Medicine,” said David Socks, interim Chief Executive Officer and
co-founder of Outpost and Venture Partner with Frazier Healthcare
Partners. “With leadership from a world-class team and support from a
premier group of life science venture investors, we believe Outpost has
the essential elements to create a leading company developing
therapeutics in urology and gynecology.”

In connection with the license, Outpost has completed a $41 million
financing led by Frazier Healthcare Partners and including Adams Street
Partners, Novo A/S, and Vivo Capital. Joining Tachi Yamada and David
Socks on the Outpost board of directors are Dan Estes, Ph.D., Principal
of Frazier Healthcare Partners, Terry Gould, Partner and Head of Direct
Investments of Adams Street Partners, Peter Bisgaard, Senior Partner of
Novo Ventures (US) Inc., and Chen Yu, M.D., Managing Partner of Vivo
Capital.

About Stress Urinary Incontinence

Stress urinary incontinence occurs when physical movement or activity,
such as coughing, sneezing, laughing, exercise, or heavy lifting put
pressure (physical stress) on weakened urethral sphincter or pelvic
floor muscles resulting in unintentional loss of urine. Stress urinary
incontinence is distinct from urge incontinence, also known as
overactive bladder (OAB), which is caused by involuntary contraction of
bladder muscles.

About Frazier Healthcare Partners

Founded in 1991, Frazier Healthcare Partners is a leading provider of
growth capital to healthcare companies. The firm has over $2.8 billion
in committed capital under management and has made investments in over
170 healthcare companies with investment types ranging from company
creation and venture capital to growth buyouts and leveraged
recapitalizations. Frazier’s experienced team takes an active approach
to helping build portfolio companies, leveraging the team’s deep domain
expertise and expansive network of healthcare executives, advisors and
industry thought leaders. The firm’s Growth Buyout team invests in
profitable companies focusing on healthcare services, pharmaceutical
services, medical products, and related sectors. The firm’s Life
Sciences team invests in therapeutics and related areas that are
addressing unmet medical needs through innovation. Frazier has offices
in Seattle, Washington and Menlo Park, California, and invests broadly
across the United States, Canada, and Europe. Additional information
about Frazier is available through its website, www.frazierhealthcare.com.

About Takeda

Takeda Pharmaceutical Company Limited is a global, R&D-driven
pharmaceutical company committed to bringing better health and a
brighter future to patients by translating science into life-changing
medicines. Takeda focuses its research efforts on oncology,
gastroenterology and central nervous system therapeutic areas. It also
has specific development programs in specialty cardiovascular diseases
as well as late-stage candidates for vaccines. Takeda conducts R&D both
internally and with partners to stay at the leading edge of innovation.
New innovative products, especially in oncology and gastroenterology, as
well as its presence in emerging markets, fuel the growth of Takeda.
More than 30,000 Takeda employees are committed to improving quality of
life for patients, working with our partners in health care in more than
70 countries. For more information, visit http://www.takeda.com/news/

Takeda’s Forward-Looking Statements

This press release contains “forward-looking statements.”
Forward-looking statements include all statements other than statements
of historical fact, including plans, strategies and expectations for the
future, statements regarding the expected timing of filings and
approvals relating to the transaction, the expected timing of the
completion of the transaction, the ability to complete the transaction
or to satisfy the various closing conditions, future revenues and
profitability from or growth or any assumptions underlying any of the
foregoing. Statements made in the future tense, and words such as
“anticipate,” “expect,” “project,” “continue,” “believe,” “plan,”
“estimate,” “pro forma,” “intend,” “potential,” “target,” “forecast,”
“guidance,” “outlook,” “seek,” “assume,” “will,” “may,” “should,” and
similar expressions are intended to qualify as forward-looking
statements. Forward-looking statements are based on estimates and
assumptions made by management that are believed to be reasonable,
though they are inherently uncertain and difficult to predict. Investors
and security holders are cautioned not to place undue reliance on these
forward-looking statements.

Forward-looking statements involve risks and uncertainties that could
cause actual results or experience to differ materially from that
expressed or implied by the forward-looking statements. Some of these
risks and uncertainties include, but are not limited to: required
regulatory approvals for the transaction may not be obtained in a timely
manner, if at all; the conditions to closing of the transaction may not
be satisfied; competitive pressures and developments; applicable laws
and regulations; the success or failure of product development programs;
actions of regulatory authorities and the timing thereof; changes in
exchange rates; and claims or concerns regarding the safety or efficacy
of marketed products or product candidates in development.

The forward-looking statements contained in this press release speak
only as of the date of this press release, and neither Outpost, Frazier,
nor Takeda undertakes any obligation to revise or update any
forward-looking statements to reflect new information, future events or
circumstances after the date of the forward-looking statement. If one or
more of these statements is updated or corrected, investors and others
should not conclude that additional updates or corrections will be made.

Contacts

For Outpost Medicine:
David Socks,
+1-650-325-5156
or
For Frazier
Healthcare Partners:

Liz Park, +1-650-319-1831
liz.park@frazierhealthcare.com
or
For
Takeda Pharmaceutical Company Limited:

Tsuyoshi Tada –
Japan, +81-3-3278-2417
tsuyoshi.tada@takeda.com
Julia
Ellwanger – USA, +1-224-554-7681
julia.ellwanger@takeda.com