Market Overview

Arrowhead Pharmaceuticals Earns $10 Million Milestone Payment from Amgen

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Arrowhead Pharmaceuticals Inc. (NASDAQ:ARWR) today announced that it
has earned a $10 million milestone payment from Amgen following the
administration of the first dose of AMG 890, formerly referred to as
ARO-LPA, in a clinical study. Amgen is evaluating AMG 890 in a Phase 1
clinical study designed to assess its safety in volunteers with elevated
levels of lipoprotein (a) (Lp(a)). Emerging research has shown that
elevated levels of Lp(a) are strongly associated with cardiovascular
disease. AMG 890 is an RNAi therapeutic designed to lower Lp(a) for the
treatment of cardiovascular disease.

Chris Anzalone, Ph.D., president and CEO at Arrowhead said, "We are
thrilled that Amgen has advanced AMG 890 into a Phase 1 clinical study,
resulting in a $10 million milestone payment to Arrowhead. Amgen has
extensive expertise in developing and commercializing innovative
cardiovascular medicines and we view our collaboration as further
validation of the potential for Arrowhead's proprietary Targeted RNAi
Molecule, or TRiM™, technology platform to generate compelling product
candidates. Importantly, AMG 890 represents the third drug candidate
enabled by TRiM™ to enter clinical development this year, following
ARO-AAT and ARO-HBV."

"Amgen has a long-standing commitment to advancing innovative
cardiovascular programs and the AMG 890 program is no exception," said
David M. Reese, M.D., executive vice president of Research and
Development at Amgen. "We're excited to embark on the AMG 890 clinical
program in which we hope to translate strong genetic insights and
Arrowhead's exciting new RNAi technology into a treatment for patients
with cardiovascular disease and elevated levels of Lp(a)."

Under the terms of the two cardiovascular agreements announced
in September 2016, Arrowhead is eligible to receive up to $617 million
in option payments, and development, regulatory, and sales milestone
payments. Arrowhead is further eligible to receive up to low
double-digit royalties for sales of products under the AMG 890 agreement
and single-digit royalties for sales of products against an undisclosed
target.

About Arrowhead Pharmaceuticals

Arrowhead Pharmaceuticals develops medicines that treat intractable
diseases by silencing the genes that cause them. Using a broad portfolio
of RNA chemistries and efficient modes of delivery, Arrowhead therapies
trigger the RNA interference mechanism to induce rapid, deep, and
durable knockdown of target genes. RNA interference, or RNAi, is a
mechanism present in living cells that inhibits the expression of a
specific gene, thereby affecting the production of a specific protein.
Arrowhead's RNAi-based therapeutics leverage this natural pathway of
gene silencing.

For more information, please visit www.arrowheadpharma.com,
or follow us on Twitter @ArrowheadPharma.
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Safe Harbor Statement under the Private Securities Litigation Reform
Act:

This news release contains forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These statements are based upon our
current expectations and speak only as of the date hereof. Our actual
results may differ materially and adversely from those expressed in any
forward-looking statements as a result of various factors and
uncertainties, including the safety and efficacy of our product
candidates, the duration and impact of regulatory delays in our clinical
programs, our ability to finance our operations, the future success of
our scientific studies, our ability to successfully develop drug
candidates, the timing for starting and completing clinical trials,
rapid technological change in our markets, and the enforcement of our
intellectual property rights. Our most recent Annual Report on Form 10-K
and subsequent Quarterly Reports on Form 10-Q discuss some of the
important risk factors that may affect our business, results of
operations and financial condition. We assume no obligation to update or
revise forward-looking statements to reflect new events or circumstances.

Source: Arrowhead Pharmaceuticals, Inc.

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