April 26, 2019

Mitsubishi Tanabe Pharma and Salix
enter into a licensing agreement for MT-1303,
a therapeutic agent for autoimmune diseases
Mitsubishi Tanabe Pharma Corporation (“MTPC”) (Head Office: Osaka; President &Representative Director, CEO: Masayuki Mitsuka) and an affiliate of Salix
Pharmaceuticals (“Salix”), a wholly owned subsidiary of Bausch Health Companies
Inc. (NYSE/TSX: BHC) ("Bausch Health") (Head Office: Canada; Chairman of theBoard and Chief Executive Officer: Joseph C. Papa), have entered into an exclusive
licensing agreement for MT-1303(amiselimod), a therapeutic agent for
autoimmune diseases, discovered and developed by MTPC.
Under this agreement, MTPC grants Bausch Health exclusive rights to develop andcommercialize MT-1303 worldwide, except for Japan and certain other countries inAsia, in all fields, excluding neurology, rheumatology and certain rare dermatology
diseases, where MTPC retains the rights. Bausch Health plans to initiate
development of MT-1303 in ulcerative colitis, while, in Japan and certain othercountries in Asia, MTPC has the right to file applications for approval andcommercialize using data from the global clinical trials conducted by Bausch
Health.
MTPC, which will receive a one-time up-front payment from Bausch Health inconnection with the license, is also eligible to receive certain development andregulatory-based milestone payments as well as sales-based royalties.
MT-1303 may be potentially effective for various autoimmune diseases. Moving
forward, MTPC will continue to aggressively develop MT-1303 for indications in theretained fields other than those licensed to Bausch Health.
Mitsubishi Tanabe Pharma Corporation
Corporate Communications Department
Media contacts: TEL:+81 6 6205 5119
Investor contacts: TEL:+81 6 6205 5110

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About MT-1303（amiselimod）
MT-1303 is a sphingosine-1-phosphate (S1P) receptor functional antagonist and,by inhibiting the receptor function of sphingosine-1-phosphate (S1P) receptor on
the lymphocyte, keeps lymphocytes sequestered in the lymph nodes to prevent
them from contributing to autoimmune reactions. Due to this mechanism, thiscompound may be potentially effective for various autoimmune diseases.
Mitsubishi Tanabe Pharma has conducted clinical trials for MT-1303 for multiple
sclerosis, psoriasis, Crohn's disease and systemic lupus erythematosus in Europe
and in Japan and has obtained results suggesting a profile possibly safer than thatof the existing S1P receptor functional antagonists.

About Salix
Salix is one of the largest specialty pharmaceutical companies in the worldcommitted to the prevention and treatment of gastrointestinal diseases. For almost
30 years, Salix has licensed, developed, and marketed innovative products toimprove patients' lives and arm health care providers with life-changing solutions
for many chronic and debilitating conditions. Salix currently markets its product line
to U.S. health care providers through an expanded sales force that focuses ongastroenterology, hepatology, pain specialists, and primary care. Salix is
headquartered in Bridgewater, New Jersey.

About Bausch Health
Bausch Health Companies Inc. (NYSE/TSX: BHC) is a global company whose
mission is to improve people's lives with our health care products. We develop,manufacture and market a range of pharmaceutical, medical device and over-thecounter products, primarily in the therapeutic areas of eye health, gastroenterology
and dermatology. We are delivering on our commitments as we build an innovative
company dedicated to advancing global health. More information can be found atwww.bauschhealth.com.

About Mitsubishi Tanabe Pharma
Mitsubishi Tanabe Pharma, which was founded in 1678, has its headquarters in
Doshomachi, Osaka, which is the birthplace of Japan’s pharmaceutical industry.
With business centered on ethical pharmaceuticals, Mitsubishi Tanabe Pharma is awell-established company and has the longest history of any listed company inJapan.i In accordance with the corporate philosophy of “contributing to thehealthier lives of people around the world through the creation ofPharmaceuticals,” the Company formulated the key concept of Open Up theFuture under the Medium-Term Management Plan 16-20. Through the discoveryof drugs that address unmet medical needs, centered on its priority disease areas—autoimmune diseases, diabetes and kidney diseases, central nervous systemdiseases, and vaccines — Mitsubishi Tanabe Pharma will strive to contribute to thehealth of patients around the world.
For more information, go to https://www.mt-pharma.co.jp/.
iResearch by TOKYO SHOKO RESEARCH, LTD.

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