Market Overview

Chugai Enters into Comprehensive Partnership Agreement with Preferred Networks

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Chugai
Pharmaceutical Co., Ltd.
(TYO:4519, Chugai)) and Preferred
Networks, Inc.
(PFN) announced today that they have entered into a
comprehensive partnership agreement aiming to create new values in
innovative drugs and services.

Under the corporate slogan, "INNOVATION BEYOND IMAGINATION," Chugai
strives to contribute to global healthcare through innovation. As the
rapid progress of Internet of Things (IoT) and Artificial Intelligence
(AI) has greatly changed the society, unprecedented innovation
possibilities have expanded also in life sciences with integration of
these technologies and existing ones. Following this trend, we decided
to build a comprehensive partnership with PFN, a global leading company
of AI technology known for "Chainer," a deep learning
framework, seeking to create new values by applying cutting-edge data
analysis technologies, as well as expertise, technologies and data
accumulated by Chugai.

In this partnership, we will select projects to which the cutting-edge
data analysis technologies offered by PFN are applicable from our
business activities which places "Technology-driven drug discovery" as a
core element, and pursue for results in several collaborative projects.
In addition to projects which aim to solve existing challenges, the
partnership is designed to accommodate more exploratory initiatives as
well. With this framework, the potential of innovations will be broadly
discussed so as to bring about new values including innovative drugs and
solutions for various medical need. Furthermore, Chugai will make an
investment of about 7 hundred million yen as a subscription of
third-party allocation of shares of PFN along with the comprehensive
partnership agreement.

PFN promotes advanced initiatives in cooperation with leading companies
and organizations of each industry, focusing on industrial utilization
of the deep learning technology. This comprehensive partnership allows
PFN to further broad activities in the biotechnology and healthcare area
which is positioned as its priority area.

"We are very pleased to have concluded the comprehensive partnership
agreement with PFN, a world-leading company in the development of deep
learning frameworks and software," said Nobuya Ishii, Chugai's
Department Manager of Science & Technology Intelligence Dept., Project &
Lifecycle Management Unit. "PFN's advanced technologies allow us to take
new approaches which are different from our conventional methods in R&D
and value chain activities. I hope that we can yield fruitful results
leading to innovative drugs and services as much as possible in all
stages including drug discovery, development, and manufacturing."

"I am very glad to have signed the comprehensive partnership agreement
with Chugai, a leading company in creating innovative drugs. With
expertise and performance Chugai have cultivated in pharmaceutical
business and PFN's technologies together, we strive to create new drugs
and services which are not seen yet," said Daisuke Okanohara, PFN's
Representative Director & Executive Vice President.

About Chugai

Chugai Pharmaceutical is one of Japan's leading research-based
pharmaceutical companies with strengths in biotechnology products.
Chugai, based in Tokyo, specializes in prescription pharmaceuticals and
is listed on the 1st section of the Tokyo Stock Exchange. As an
important member of the Roche Group, Chugai is actively involved in R&D
activities in Japan and abroad. Specifically, Chugai is working to
develop innovative products which may satisfy the unmet medical needs,
mainly focusing on the oncology area.
In Japan, Chugai's research
facilities in Gotemba and Kamakura are collaborating to develop new
pharmaceuticals and laboratories in Ukima are conducting research for
technology development for industrial production. Overseas, Chugai
Pharmabody Research
based in Singapore is engaged in research
focusing on the generation of novel antibody drugs by utilizing Chugai's
proprietary innovative antibody engineering technologies. Chugai
Pharma USA
and Chugai
Pharma Europe
are engaged in clinical development activities in the
United States and Europe.
The consolidated revenue in 2017 of
Chugai totaled 534.2 billion yen and the operating income was 103.2
billion yen (IFRS Core basis).
Additional information is available
on the internet at https://www.chugai-pharm.co.jp/english/.

About Preferred Networks Inc.

Founded in March 2014 with the aim of business utilization of deep
learning technology focused on IoT, PFN advocates Edge Heavy Computing
as a way to handle the enormous amount of data generated by devices in a
distributed and collaborative manner at the edge of the network, driving
innovation in various fields, with a focus on three business areas:
transportation, manufacturing, and bio/healthcare.

PFN develops and provides Chainer, an open source deep
learning framework. PFN promotes advanced initiatives by collaborating
with world leading organizations, such as Toyota Motor Corporation,
Fanuc Corporation, National Cancer Center. (https://www.preferred-networks.jp/en)

Company names, product names and trademarks used or mentioned in this
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