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Takeda and Frazier Healthcare Partners Announce Collaboration to Launch Phathom Pharmaceuticals

New Company and Collaboration To Develop Novel Therapeutics
Including Vonoprazan for the Treatment of Acid-Related Disorders in
North America and Europe

CAMBRIDGE, Mass. & MENLO PARK, Calif.–(BUSINESS WIRE)–Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK)
(“Takeda”) and Frazier Healthcare Partners (“Frazier”) today announced a
collaboration to launch Phathom Pharmaceuticals, a biopharmaceutical
company focused on the development and commercialization of novel
treatments for gastrointestinal (GI) diseases and disorders. Takeda has
granted a license to Phathom for the development and exclusive
commercialization rights to vonoprazan in the United States, Europe and
Canada in exchange for upfront cash and equity, as well as future cash
milestones and royalties on net sales. In connection with the license,
Phathom has completed a $90 million crossover financing and $50 million
debt facility.

Vonoprazan is a novel, orally active potassium competitive acid blocker
(P-CAB) discovered and developed by Takeda. Takeda and Otsuka will
continue to co-promote vonoprazan in Japan which they have done since
2015. Takeda will continue to market vonoprazan in several Asian markets
where it is currently launched (Malaysia, Philippines, Singapore, South
Korea, Taiwan and Thailand). P-CABs are a class of drug that
competitively block the potassium-binding site of gastric hydrogen
potassium ATPase (also known as the proton pump), which is the enzyme
primarily responsible for acidification of the stomach.

Takeda embraces collaboration to further develop and create value
around promising assets where partnership makes more sense for our
business,” said Asit Parikh, M.D., Ph.D., Head, Gastroenterology
Therapeutic Area Unit at Takeda. “Phathom’s skilled leadership, with
deep expertise in acid-related disorders, positions them well to expand
access to vonoprazan in North America and Europe while Takeda continues
to leverage its presence in Japan and several Asian markets.”

Following a standard eight-week course of proton pump inhibitor (PPI)
therapy, 30–40 percent of patients with gastroesophageal reflux disease
(GERD) continue to experience symptoms.1 PPIs in combination
with antibiotics are also used for the eradication of H. pylori,
which is associated with peptic ulcer disease and gastric cancer.
However, the eradication rate of standard PPI-based triple therapy is
reported to be 70-80%.2,3

We are excited to have the opportunity to develop vonoprazan for the
United States, Europe and Canada to address this immense unmet need,”
said Tachi Yamada, M.D., Chairman of Phathom and Venture Partner with
Frazier. “Phathom represents a truly unique opportunity to launch a new
company around a highly experienced, world-class team developing a
late-stage product candidate supported by strong clinical data and
commercial experience.”

Phathom has completed a $90 million private financing led by Frazier
Healthcare Partners with investments from Medicxi, RA Capital
Management, Abingworth, certain accounts managed by Janus Henderson
Investors, BVF Partners LP, Greenspring Associates, Richard King Mellon
Foundation, Sahsen Ventures and undisclosed institutional investors. The
company also completed a $50 million term loan facility with Silicon
Valley Bank.

We are very pleased with the quality of the investor group
participating in this oversubscribed crossover financing,” said David
Socks, interim Chief Executive Officer of Phathom and Venture Partner
with Frazier. “We welcome their support in our efforts to advance
vonoprazan, a next generation therapeutic with the potential to make a
profound impact on the lives of patients with acid-related
gastrointestinal disorders.”

Joining Tachi Yamada and David Socks on the Phathom board of directors
are James Topper, M.D., Ph.D., Managing General Partner of Frazier
Healthcare Partners, and Jon Edwards, Ph.D., Partner of Medicxi.

Takeda’s Commitment to Gastroenterology
Gastrointestinal
(GI) diseases can be complex, debilitating and life-changing.
Recognizing this unmet need, Takeda and our collaboration partners have
focused on improving the lives of patients through the delivery of
innovative medicines and dedicated patient disease support programs for
over 25 years. Takeda aspires to advance how patients manage their
disease. Additionally, Takeda is leading in areas of gastroenterology
associated with high unmet need, such as inflammatory bowel disease,
acid-related diseases and motility disorders. Our GI Research &
Development team is also exploring solutions in celiac disease and liver
diseases, as well as scientific advancements through microbiome
therapies.

About Takeda
Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK)
is a global, values-based, R&D-driven biopharmaceutical leader
headquartered in Japan, committed to bringing Better Health and a
Brighter Future to patients by translating science into
highly-innovative medicines. Takeda focuses its R&D efforts on four
therapeutic areas: Oncology, Gastroenterology (GI), Neuroscience, and
Rare Diseases. We also make targeted R&D investments in Plasma-Derived
Therapies and Vaccines. We are focusing on developing highly innovative
medicines that contribute to making a difference in people’s lives by
advancing the frontier of new treatment options and leveraging our
enhanced collaborative R&D engine and capabilities to create a robust,
modality-diverse pipeline. Our employees are committed to improving
quality of life for patients and to working with our partners in health
care in approximately 80 countries and regions.

For more information, visit https://www.takeda.com

About Frazier Healthcare Partners
Founded in 1991, Frazier
Healthcare Partners is a leading provider of growth and venture capital
to healthcare companies. With nearly $4.2 billion total capital raised,
Frazier has invested in over 170 companies, with investment types
ranging from company creation and venture capital to buyouts of
profitable lower-middle market companies. The firm’s Growth Buyout team
invests in healthcare and pharmaceutical services, medical products and
related sectors. The Life Sciences team invests in therapeutics and
related areas that are addressing unmet medical needs through
innovation. Frazier has offices in Seattle, WA and Menlo Park, CA, and
invests broadly across the US, Canada, and Europe. For more information
about Frazier Healthcare Partners, visit the company’s website at www.frazierhealthcare.com.

About Phathom Pharmaceuticals
Phathom Pharmaceuticals is a
biopharmaceutical company focused on the development and
commercialization of novel treatments for gastrointestinal diseases and
disorders. For more information about Phathom, visit the company’s
website at www.phathompharma.com.

Forward-Looking Statements
This press release and any
materials distributed in connection with this press release may contain
forward-looking statements, beliefs or opinions regarding Takeda’s
future business, future position and results of operations, including
estimates, forecasts, targets and plans for Takeda. Without limitation,
forward looking statements often include the words such as “targets”,
“plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”,
“will”, “may”, “should”, “would”, “could” “anticipates”, “estimates”,
“projects” or words or terms of similar substance or the negative
thereof. Any forward-looking statements in this document are based on
the current assumptions and beliefs of Takeda in light of the
information currently available to it. Such forward-looking statements
do not represent any guarantee by Takeda or its management of future
performance and involve known and unknown risks, uncertainties and other
factors, including but not limited to: the economic circumstances
surrounding Takeda’s business, including general economic conditions in
Japan, the United States and worldwide; competitive pressures and
developments; applicable laws and regulations; the success of or failure
of product development programs; decisions of regulatory authorities and
the timing thereof; changes in exchange rates; claims or concerns
regarding the safety or efficacy of marketed products or products
candidates; and post-merger integration with acquired companies, any of
which may cause Takeda’s actual results, performance, achievements or
financial position to be materially different from any future results,
performance, achievements or financial position expressed or implied by
such forward-looking statements. For more information on these and other
factors which may affect Takeda’s results, performance, achievements, or
financial position, see “Item 3. Key Information—D. Risk Factors” in
Takeda’s Registration Statement on Form 20-F filed with the U.S.
Securities and Exchange Commission, available on Takeda’s website at: https://www.takeda.com/investors/reports/sec-filings/
or at www.sec.gov.
Neither Takeda nor its management gives any assurances that the
expectations expressed in these forward-looking statements will turn out
to be correct, and actual results, performance or achievements could
materially differ from expectations. Persons receiving this press
release should not place undue reliance on forward looking statements.
Takeda undertakes no obligation to update any of the forward-looking
statements contained in this press release or any other forward-looking
statements it may make. Past performance is not an indicator of future
results and the results of Takeda in this press release may not be
indicative of, and are not an estimate, forecast or projection of
Takeda’s future results.

References

1 Katz PO, et al. Am J Gastroenterol 2013;108:308–28.

2 ARC Helicobacter pylori Working Group 2014. Available at: https://www.iarc.fr/en/publications/pdfsonline/wrk/wrk8/Helicobacter_pylori_Eradication.pdf
[accessed 2019 April 30].

3 Chey W, et al. Am J Gastroenterol 2007;102:1808–25.

Contacts

Takeda Media Contacts:
Japanese Media
Kazumi Kobayashi
[email protected]
+81
(0) 3-3278-2095

Media Outside Japan
Chris Stamm
[email protected]
+1
617-374-7726

For Phathom Pharmaceuticals:
David
Socks
[email protected]
+1-650-325-5156

For
Frazier Healthcare Partners:

Liz Park
[email protected]
+1-650-319-1831

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