Kyowa Kirin Co., Ltd. · TSE:4151
Kyowa Kirin — Merger or Acquisition (February 2026)
15 slides from Kyowa Kirin's merger presentation, Feb 2, 2026
Slide 1: Kyowa Kirin to Regain Control of Rocatinlimab Development and Commercialization Program
Kyowa Kirin to Regain Control of Rocatinlimab Development and Commercialization Program February 2nd, 2026 Chairman and Chief Executive Officer (CEO) Masashi Miyamoto, Ph.D. President and Chief Operating Officer (COO) Abdul Mullick, Ph.D. Managing Executive Officer, Chief Financial Officer (CFO) Mot
Slide 2: Kyowa Kirin will continue to advance rocatinlimab development
Kyowa Kirin will continue to advance rocatinlimab development to create Life-changing value that makes people smile ◼ Existing license and collaboration agreement will be terminated following Amgen’s strategic portfolio prioritization, and Kyowa Kirin will regain control of the global rocatinlimab p
Slide 3: Rocatinlimab is a T-cell Rebalancing Therapy targeting a root cause of AD
Rocatinlimab is a T-cell Rebalancing Therapy which directly targets a root cause of AD, activated pathogenic Effector and Memory T-cells OX40 OX40 OX40 (Receptor) Ligand (Receptor) OX40 (Receptor) Antigen Activated Presenting Cell T-cell T-cell Rebalancing Approach Cytokines Novel upstream mechanism
Slide 4: More than 10 assets related to OX40/OX40L are in clinical stage globally
At present, more than 10 assets related to OX40/OX40L are in clinical stage globally OX40 signalling leads to the activation of downstream pathways that drive effector and memory T-cell differentiation, proliferation and survival1,2 Amlitelimab is an anti-OX40L therapy that Rocatinlimab acts directl
Slide 5: Kyowa Kirin has absolute conviction in rocatinlimab's science
Kyowa Kirin has absolute conviction in rocatinlimab’s science and excited to advance Rocatinlimab program to the next chapter Kyowa Kirin regain control Global Ph3 mono-therapy of the global data program Published Global Ph2b data in the Lancet Published in the Lancet 2026 Partnership with 2025 Amge
Slide 6: Moderate-to-Severe Atopic Dermatitis is a chronic inflammatory skin disease
Moderate-to-Severe Atopic Dermatitis (msAD) is a chronic, heterogeneous inflammatory skin disease that imposes a substantial burden on patients and caregivers Impact of Moderate-to-Severe AD: Skin Symptoms Excessively dry, itchy, and painful skin Repeated scratching can lead to thickened, hardened s
Slide 7: Current treatment options often fail to provide sufficient depth and durability
Strictly Confidential Current treatment options often fail to provide sufficient depth and durability of symptom improvement1-3 ◼ Due to the heterogeneous pathogenesis of AD, no one therapy shows consistent efficacy across diverse patient populations. ◼ Only 10 - 15% of eligible patients are current
Slide 8: For patients with Atopic Dermatitis, Unmet Medical Needs still exist
For patients with Atopic Dermatitis, Unmet Medical Needs (UMN) still exist ◼ There remain significant unmet medical needs in AD. Few patients are able to continue existing advanced treatments over the long term. Patients are eagerly waiting for innovative new options. ◼ I welcome new drug candidates
Slide 9: Strong Growth Expected in the msAD Markets
Strong Growth Expected in the msAD Markets Driven by increasing penetration of biologics and the introduction of novel therapies Atopic Dermatitis Market Overview Atopic Dermatitis Market Outlook Estimated U.S. AD patient 12y+ >23 million AT*-treated # of population Patients in U.S** 800-850K 400-45
Slide 10: Rocatinlimab delivers progressive increases in deep responses through Week 52
Rocatinlimab delivers progressive increases in the proportion of patients achieving deep responses through Week 52 ROCKET-ORBIT Topline: 52-week Open Label Adolescent Trial* vIGA-0/1 EASI-90 ■ Safety results are consistent with 100 100 those observed in the ROCKET 90 90 24-week and 56-week adult tri
Slide 11: A Robust Launch Readiness Upon Regulatory Approval
A Robust Launch Readiness Upon Regulatory Approval Kyowa Kirin has established operations in Japan, U.S., and Europe with proven track records • Japan: Strong track record in dermatology • U.S. and Europe: Excellent core teams across Sales, Marketing, Market Access, Medical, Patient Support; proven
Slide 12: This transition will allow Kyowa Kirin to bring Rocatinlimab to patients with urgency
This transition will allow Kyowa Kirin to bring Rocatinlimab with the highest priority and urgency to patients around the world Item Original Agreement After Original Agreement Termination Market Authorization Holder Amgen Kyowa Kirin Amgen will provide transitional long-term Manufacturing Amgen man
Slide 13: Impact on P&L: Short-term cost increase, beneficial over mid to long term
Impact on P&L: Short-term cost increase, but substantially beneficial over the mid to long term Item Original Agreement After Original Agreement Termination Revenue Kyowa Kirin receives double-digit % royalty Kyowa Kirin records sales revenue COGS — Amgen supplies products at an agreed-upon price SG
Slide 14: Rocatinlimab: Pioneering a Novel Treatment Paradigm Through T-cell Rebalance
Rocatinlimab: Pioneering a Novel Treatment Paradigm Through T-cell Rebalance ◼ Directly targets a root cause of inflammation and chronicity to potentially achieve deeper and durable improvement ◼ Potential to expand to other inflammatory diseases with significant unmet need Moderate-to-Severe Prurig
Slide 15: Kyowa Kirin
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