Company: TAK
Filing Date: 2025-06-27
Form Type: 424B2
Source: 0001628280-25-033198
Chunk: 12

Company: TAKEDA PHARMACEUTICAL CO LTD
Filing Date: 2025-06-27
Form: 424B2
Chunk 12
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 of the liquidation or reorganization of any of TPC’s subsidiaries other than the Issuer, the claims of holders of the Notes to participate in those assets through the Guarantee would be structurally subordinated to the claims of the creditors and preferred equity holders of such subsidiaries.

Moreover, Takeda Pharmaceutical Company Limited guaranteed $2.8 billion aggregate principal amount of debt securities issued by subsidiaries other than the Issuer as of March 31, 2025, in addition to other obligations of certain of its subsidiaries, and may in the future provide additional guarantees over indebtedness or other obligations of current or future subsidiaries. Claims against such guarantees expressed to be direct, unsecured and

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unsubordinated general obligations of TPC (including the guarantees over interest-bearing indebtedness of subsidiaries) rank or (in the case of future guarantees) will rank pari passu with the Guarantee.

The TUSFI Indenture and the Notes contain only very limited restrictions on the ability of the Issuer and Guarantor to pledge, dispose or securitize our assets, pay dividends, incur indebtedness or issue or repurchase securities and provide holders with limited protection in the event of a change in control.

The TUSFI Indenture and the Notes do not contain any financial covenants and contain only very limited restrictions on the ability of the Issuer and the Guarantor to pledge assets to secure other indebtedness, to securitize loan assets, or sell or otherwise dispose of substantially all of their assets, their ability to pay dividends on the shares of common stock, their ability to incur unsecured indebtedness or their ability to issue new securities or repurchase their outstanding securities. These or other actions could adversely affect their ability to pay amounts due on the Notes or the Guarantee, as applicable. In addition, the TUSFI Indenture and the Notes do not contain any covenants or other provisions that afford more than limited protection to holders of the Notes in the event of a change in control.

The Issuer may redeem the Notes prior to maturity.

The Issuer may redeem the Notes of a series, in whole but not in part, at its option prior to the final maturity date, subject to the conditions described under “Description of the Notes and Guarantee—Redemption—Optional Redemption.” In the case of such discretionary optional redemptions, if made after the Par Call Date for the relevant series of Notes, the Issuer will not be required to pay any premium or other make-wh