Osaka, Japan, and Chicago October 22, 2019 ?Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) (?Takeda?) and COUR Pharmaceutical Development Company, Inc. (?COUR?) today announced that Takeda has acquired an exclusive global license to develop and commercialize the investigational medicine CNP-101/TAK-101, an immune modifying nanoparticle containing gliadin proteins. Based on COUR?s antigen specific immune tolerance platform, TAK-101 is a potential first-in-class treatment targeting the aberrant immune response in celiac disease, a serious autoimmune disease where the ingestion of gluten leads to inflammation and damage in the small intestine. Results of a randomized, double-blind, placebo-controlled clinical trial to assess the markers of potential efficacy and safety of the investigational medicine in 34 adults with proven celiac disease was presented today as a late-breaking abstract at UEG Week 2019, Barcelona, Spain. At inclusion, patients had well-controlled biopsy proven celiac disease. After inclusion, they underwent an oral gluten challenge. Based on the study, Takeda exercised its option to acquire the exclusive global license to TAK-101. ?While many people living with celiac disease can manage their symptoms by following a gluten free diet, there are currently no treatment options for those who continue to have symptoms,? said Asit Parikh M.D., Ph.D., Head, Gastroenterology Therapeutic Area Unit at Takeda. ?Our collaboration with COUR has shown, for the first time, that it is possible to induce specific immune tolerance to a foreign antigen in autoimmune diseases such as celiac disease. With our expertise in inflammatory diseases, Takeda is well positioned to further develop TAK-101 in pursuit of providing the first approved treatment option for patients with celiac disease.? In the trial, treatments were administered intravenously on day 1 and day 8. The gluten challenge began seven days after the second treatment administration and included 12 grams of gluten per day for three days followed by 6 grams of gluten per day for 11 days. The primary endpoint was change from baseline in interferon-gamma (IFN-?) spot forming units (SFUs) at day 6 after gluten challenge using a gliadin-specific enzyme-linked immunospot (ELISpot) assay. This test is a direct measure of gluten-specific systemic T cell activation in celiac disease, and blocking this response suggests individuals with celiac disease could be protected from the effects of gluten exposure. 34 patients were randomized and treated, 6 discontinued due to gluten related symptoms, and 28 completed the 14-day gluten challenge per protocol. The primary endpoint of the trial was achieved with a mean change from baseline in IFN-? ELISpotSFUs of 2.10 and 17.57 with TAK-101 and placebo, respectively (p=0.0056). Also seen was a trend in protection from small intestinal mucosal damage with deterioration of 0.18 with TAK-101 compared with 0.63 with placebo (p=0.079). The most frequent adverse events in patients receiving TAK-101 that exceeded the frequency seen in placebo treated patients were nausea, headache, abdominal pain, and back pain. No patient had clinically significant changes in vital signs, routine clinical labs, or?serum cytokines/chemokines, gliadin-specific T cell proliferation and cytokine secretion. Takeda intends to initiate a dose-ranging study to further explore the potential of TAK-101 in the treatment of patients with celiac disease on a gluten free diet to inform future registrational trials. COUR is eligible to receive up to $420 million in future payments, and royalties on sales of any commercialized products resulting from the license. ?We are encouraged by the data from this first human proof of concept study of our proprietary nanoparticle platform designed to reprogram the immune system,? said John J. Puisis, CEO of COUR Pharmaceuticals. ?As Takeda assumes responsibility for the celiac disease program, COUR will focus on advancing our pipeline of therapies for a variety of other immune disorders ranging from multiple sclerosis to peanut allergy.? COUR?s proprietary immune modifying nanoparticles bind inflammatory cells to initiate tolerogenic immune reprogramming. The interior core can be loaded with disease specific antigen ? in this case, gliadin proteins ? to induce tolerance in autoimmune conditions like celiac disease. About Celiac Disease Celiac?disease is a genetically driven chronic immune-mediated disorder where abnormal immune?responses?to gluten peptides lead to small intestinal mucosal damage.^[1],[2],[3]?Recent population-based studies in the U.S. indicate that the prevalence of celiac disease is around 1%^[4]?and approximately 0.5% globally.^[5]?The threshold of daily gluten that will cause mucosal injury in both adults and children is 10 to 50mg per day ? or about 1/100^th?of a slice of bread.^[6],[7]?Celiac disease can cause symptoms including abdominal pain, diarrhea, nausea, and vomiting. Long-term complications of celiac disease may include malnutrition, accelerated osteoporosis, nervous system problems and problems related to reproduction. Currently the only available treatment for patients with celiac disease is maintaining a gluten-free diet, which involves strict, lifelong avoidance of exposure to gluten proteins from wheat, barley, and rye, which is not always effective.^[8] 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 COUR Pharmaceuticals COUR Pharmaceuticals is developing first-in-class therapies designed to reprogram the immune system to achieve antigen-specific tolerance for immune-mediated disease.?COUR?s platform of immune-modifying nanoparticles treats the root cause of immune disease unlike traditional approaches, which only minimize symptoms using toxic immune suppression. COUR?s lead product for celiac disease, partnered with Takeda, is the first demonstration of induction of antigen-specific immune tolerance in any autoimmune disease. Data from clinical and preclinical settings demonstrate the opportunity for the COUR nanoparticle platform to address a wide range of immune and inflammatory conditions. The underlying technology was acquired from Northwestern University and draws from more than 30 years of research by the laboratory of Stephen D. Miller, Ph.D., the Judy E. Guggenheim Research Professor of Microbiology-Immunology. For more information, visit?www.courpharma.com. About Takeda Pharmaceutical Company Limited 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), Rare Diseases and Neuroscience. 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 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 words such as ?targets?, ?plans?, ?believes?, ?hopes?, ?continues?, ?expects?, ?aims?, ?intends?, ?ensures?, ?will?, ?may?, ?should?, ?would?, ?could? ?anticipates?, ?estimates?, ?projects? or similar expressions or the negative thereof. Forward-looking statements in this document are based on Takeda?s estimates and assumptions only as of the date hereof. 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 global business, including general economic conditions in Japan and the United States; competitive pressures and developments; changes to applicable laws and regulations; the success of or failure of product development programs; decisions of regulatory authorities and the timing thereof; fluctuations in interest and currency exchange rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the timing and impact of post-merger integration efforts with acquired companies; and the ability to divest assets that are not core to Takeda?s operations and the timing of any such divestment(s), 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 most recent Annual Report on Form 20-F and Takeda?s other reports 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. Future results, performance, achievements or financial position of Takeda could differ materially from those expressed in or implied by the forward-looking statements. Persons receiving this press release should not rely unduly on any 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, except as required by law or stock exchange rule. 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.

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Media Contacts: Takeda Pharmaceuticals Media in Japan Kazumi Kobayashi +81 (0) 3-3278-2095 kazumi.kobayashi@takeda.com U.S Media Chris Stamm +1 (617) 374-7726 chris.stamm@takeda.com European Media Luke Willats +41 44-555-1145 luke.willats@takeda.com COUR Pharmaceuticals Canale Communications Mari Purpura +1 (619) 849-5384 mari@canalecomm.com ^[1]?Jabri B, Sollid LM. T Cells in Celiac Disease. J Immunol 2017;198:3005-3014. ^[2]?Molberg O, McAdam S, Lundin KE, et al. T cells from celiac disease lesions recognize gliadin epitopes deamidated in situ by endogenous tissue transglutaminase. Eur J Immunol 2001;31:1317-23. ^[3]?Dieterich W, Ehnis T, Bauer M, et al. Identification of tissue transglutaminase as the autoantigen of celiac disease. Nat Med 1997;3:797-801. ^[4]?Leonard MM, Sapone A, Catassi C, et al. Celiac Disease and Nonceliac Gluten Sensitivity: A Review. JAMA 2017;318:647-656. ^[5]?Lionetti E, Gatti S, Pulvirenti A, et al. Celiac disease from a global perspective. Best Pract Res Clin Gastroenterol 2015;29:365-79. ^[6]?Might gluten traces in wheat substitutes pose a risk in patients with celiac disease? A population-based probabilistic approach to risk estimation. Am J Clin Nutr 2013;97:109-16. ^[7]?Catassi C, Fabiani E, Iacono G, et al. A prospective, double-blind, placebo-controlled trial to establish a safe gluten threshold for patients with celiac disease. Am J Clin Nutr 2007;85:160-6. ^[8]?https://www.niddk.nih.gov/health-information/digestive-diseases/celiac-disease/symptoms-causes (accessed October 9, 2019)