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Takeda Simplifies Portfolio and Accelerates Deleveraging Through Two Divestitures

It agrees to sell Xiidra and divest TachoSil.

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(PRESS RELEASE) OSAKA, Japan — Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) (“Takeda”) announced that it has entered into agreements to divest its Xiidra (lifitegrast ophthalmic solution) 5% product (“Xiidra ”) to Novartis and its TachoSil Fibrin Sealant Patch (“TachoSil ”) to Ethicon as part of its strategy to focus on business areas core to its long-term growth and facilitate rapid deleveraging following its acquisition of Shire.

“These initial divestitures represent important steps in advancing the growth strategy Takeda outlined following our transformational acquisition of Shire earlier this year,” said Christophe Weber, president and CEO of Takeda. “We are working to strategically simplify and optimize our portfolio, while also rapidly deleveraging and continuing to invest in our growth drivers as a global, values-based, R&D-driven biopharmaceutical leader.”

Takeda will focus on its key business areas – Gastroenterology (GI), Rare Diseases, Plasma-Derived Therapies, Oncology and Neuroscience. This focus enables Takeda to continue to deliver highly-innovative medicines and transformative care to patients around the world, creating long-term value for Takeda shareholders.

Takeda will receive $3.4 billion upfront in cash and up to an additional $1.9 billion in potential milestone payments from Novartis, and approximately $400 million upfront in cash from Ethicon. Takeda intends to use the proceeds from these divestitures to reduce its debt and accelerate deleveraging toward its target of 2.0x net debt/adjusted EBITDA in the medium term. Takeda is committed to rapid deleveraging driven by strong cash flow and divestiture proceeds, while also simplifying its portfolio.

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At present, Takeda does not expect these divestitures to have a material impact on its FY2019 consolidated earnings forecast, scheduled to be announced on May 14th. The FY2019 forecast will be updated at a later date to reflect these divestitures once a reliable estimate of their impact can be made, which will depend upon the exact timing of transaction close.

Xiidra (lifitegrast ophthalmic solution) 5% Product

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Takeda has entered into an agreement to sell Xiidra to Novartis for a $3.4 billion upfront payment and up to an additional $1.9 billion in potential milestone payments. For the fiscal year ended December 31, 2018 adjusted net sales reported for Xiidra were $388 million. Following a robust process, Takeda determined that this transaction would create the most value for Takeda shareholders, and ensure the business will continue delivering innovative therapeutics to the patients and professionals who rely on them.

Xiidra is the first and only prescription treatment approved by the U.S. Food and Drug Administration for both signs and symptoms of dry eye disease, with a mechanism of action that targets inflammation. Upon close, approximately 400 employees, who are based primarily in the U.S. and Canada, will transition to Novartis.

The agreement is expected to close in the second half of calendar year 2019, subject to the satisfaction of customary closing conditions, receipt of required regulatory clearances and, where applicable, satisfaction of local works council
requirements.

Evercore Group LLC is acting as financial advisor to Takeda and Davis, Polk & Wardwell LLP is acting as Takeda’s legal advisor in this transaction.

TachoSil Fibrin Sealant Patch

Separately, Takeda has entered into an agreement to sell TachoSil , a surgical patch designed to achieve safe, fast and reliable bleeding control, to Ethicon. Upon close, approximately 80 employees will transition to Ethicon. Takeda recorded full year adjusted net sales for TachoSil of approximately $155 million in the fiscal year ended March 31, 2018.

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Under the terms of the agreement, upon close, Ethicon will acquire the assets and licenses that support the manufacturing, licensing and commercialization of TachoSil , while Takeda will maintain ownership of the manufacturing facility in Linz, Austria. Takeda has entered into a long-term manufacturing services agreement, under which it will continue to manufacture TachoSil products and supply them to Ethicon.

The agreement is expected to close in the second half of calendar year 2019, subject to the satisfaction of customary closing conditions, receipt of required regulatory clearances and, where applicable, satisfaction of local works council
requirements.

Nomura is acting as financial advisor to Takeda and Linklaters LLP is acting as Takeda’s legal advisor in this transaction.

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Press Releases

Coburn Technologies Introduces TruBlu Edging Pads

It’s a general-purpose blocking pad.

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(PRESS RELEASE) SOUTH WINDSOR, CT – Coburn Technologies, Inc. introduces TruBlu edging pads. Compatible with all types of lens materials, styles and base curves, TruBlu is a general-purpose blocking pad, which also provides a secure bond on most AR coatings. TruBlu edging pads are manufactured at the Coburn manufacturing facility in South Windsor, Connecticut.

“With proven performance at various testing facilities worldwide, TruBlu Edging pads are engineered for excellent adhesion,” states Khristina Selley, consumables sales manager at Coburn Technologies.

“TruBlu also provides excellent torque resistance with clean removability from the lens and block,” states Selley. She added, “TruBlu edging pads are available in most common shapes and configurations with a precision die cut.”

TruBlu edging pads will be showcased at this year’s Vision Expo West in Las Vegas at booth LP6075 and are also available through Coburn’s brand new e-commerce site, www.shopcoburn.com, where eye care professionals can conveniently order consumables and spare parts. For more information, visit the site or directly contact a representative at 1-800-COBURN1.

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Innovega Launches Equity Crowdfunding Campaign with Crowdfunder

Funds will be earmarked to move Innovega’s eMacula toward commercial launch.

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(PRESS RELEASE) BELLEVUE, WA — Innovega Inc., a company engaged in developing stylish, lightweight, wearable display technology with a panoramic field of view for virtual and augmented reality, launched an equity crowdfunding round with Crowdfunder, a leader in funding high-growth ventures. Funds will be earmarked to move Innovega’s eMacula toward commercial launch.

Innovega’s eMacula is a wearable display system that includes patented disposable soft contact lenses (“smart lenses”) and a range of display eyewear (“smart glasses”). This combination system meets wearers’ parallel demands for lightweight, stylish eyewear and access to high-quality media with a high-resolution, panoramic field of view. eMacula provides a synthesis of features that is unavailable in other AR/VR products — which are typically encumbered by heavy, obtrusive headsets or eyewear with a narrow display field.

With a network of more than 130,000 entrepreneurs and investors, Crowdfunder is an equity crowdfunding leader for sourcing and funding high-growth ventures. Crowdfunder provides access to a global network of accredited investors who participate in funding startups.

Innovega’s business model allows established contact lens manufacturers to bring the eMacula system’s smart lenses to market, and allows multiple manufacturing and distribution partners to commercialize its display eyewear, configured for many applications or use cases. Its patented portfolio of Enhanced Retina Technologies covers the system of contact lenses and smart glasses, including key sub-systems such as eye tracking, and is protected by twenty-six filed patent applications and thirteen granted U.S. patents.

To learn more about Innovega and the eMacula system, and the opportunity for equity investment during the current limited-time funding round, please visit https://www.crowdfunder.com/innovega.

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Press Releases

VSP Global Premier Program to Launch National Consumer Advertising Campaign and Program Enhancements

This is in support of private practice.

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(PRESS RELEASE) RANCHO CORDOVA, CA – As part of its commitment to support private practice Doctors of Optometry, theVSP Global Premier Program announced it will launch a national consumer advertising campaign, designed to drive patients to Premier Program practices. Debuting later this month, a mix of television, radio, outdoor, and digital advertising will motivate patients to schedule an appointment at a local Premier Program private practice, where they can maximize their benefits and receive a personalized eye care experience.

Enhancements to the Premier Program were also announced to provide doctors more of what they are asking for: improved revenue opportunities, more patients, marketing and exclusive offers, as well as access to the best brands and robust staff training and education.

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Through a new tiered loyalty framework, the Premier Program offers a competitive advantage to private practice through business-building benefits, increased patient traffic, and greater profitability.

“Doctors have asked for greater choice and flexibility, and we’re excited to expand the Premier Program in response to that feedback and support private practice’s ability to differentiate and compete,” said Michelle Skinner, VSP Global’s chief provider relations officer.

Practices can choose their level of participation from three new distinct tiers. To unlock the benefits, practices must meet tier criteria, including flexible combined purchases within the last 12 months from Marchon Eyewear, Altair Eyewear, and VSP Optics. Qualifying practices must also offer consumer conveniences like retinal imaging, exclusive VSP ‘Member Extra’ offers, and free fittings and adjustments. Tiers and key benefits include:

  • Silver: Practices can leverage My Marketing Team to increase patient engagement and will have full access toPremier Academy360.
  • Gold: In addition to enjoying all Silver benefits, practices will receive thePremier Program banner, enhancing their listing on vsp.com to increase patient traffic, complete with online appointment scheduling and more. They will also enjoy special offers and discounts withPremier Program Partners.
  • Platinum: In addition to all Silver and Gold benefits, practices will unlockadditional payments and rewards. They will also have access to job posting andrecruitment services, as well as enhanced marketing services, including complimentary social media management and much more.

Practices can learn more at: EnhancedPremier.com

Additionally, in response to feedback from doctors, Premier Academy360 is a new educational platform which will soon be made available to practices participating in the Premier Program. Premier Academy360 will offer comprehensive training and education programs tailored to VSP network doctors and staff. Designed to expand potential practice services, enhance the patient experience, and save doctors time and money on staff development, it will include 24/7 online education, webinars, and in-person workshops.

Since the Premier Program’s inception in 2013, $9.2 billion in revenue has been delivered to participating practices, with over 32 million patient visits – with nearly half of them being new patients. Data shows that practices with the Premier Program banner average 2 times more clicks on the vsp.com ‘Find A Doctor’ directory than those without. In 2018, VSP sent 1.4 million members direct marketing encouraging them to visit Premier Program locations to maximize their vision benefits and take advantage of special offers, which helped reduce out-of-network claims.

“In fulfilling our mission of helping people see, we remain committed to connecting VSP members with the core of our network – Premier Program private practices,” added Michael Guyette, president and CEO of VSP Global. “We’re excited by these new investments in the program because they are critical to fulfilling that commitment.”

Additional investments and business-driving initiatives will be announced through the end of 2019, with more to debut at ‘SHiFT19,’ the annual Premier Program meeting in late October.

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