Sun Pharma and Almirall enter into a License Agreement for Tildrakizumab in Europe for Psoriasis

Registered Office : SPARC, Tandalja, Vadodara – 390 020. India Corporate Office : SUN HOUSE, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063, India. FOR IMMEDIATE RELEASE Almirall and Sun Pharma enter into a License Agreement for Tildrakizumab in Europe for Psoriasis • Relationship Builds on Tildrakizumab Clinical Success and Leverages Almirall Capabilities in Europe • First IL-23p19 Antibody to Meet Primary Endpoints in Pivotal Phase-3 Clinical Trials in Patients with Moderate-to-Severe Plaque Psoriasis Mumbai, India and Barcelona, Spain July 27, 2016 – Sun Pharma (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715, Sun Pharmaceutical Industries Ltd and includes its subsidiaries or associate companies), and its wholly owned subsidia ry and Almirall (Spanish Stock Exchange ticker: ALM) today announced a licensing agreement on the d evelopment and commercialization of tildrakizumab for psoriasis in Europe. Tildrakizuma b is an investigational IL-23p19 inhibitor currentl y being evaluated in patients with moderate-to-severe plaque psoriasis. Under terms of the license agreement, Almirall will pay Sun Pharma an initial upfront payment of US $50 million. Phase-3 studies of tildrakizumab have rece ntly been completed. Sun Pharma will be eligible to receive development and regulatory milestone paymen ts and, additionally, sales milestone payments and royalties on net sales, the terms of which are confidential. Almirall will be able to lead Europea n studies, and participate in larger Global clinical studies for psoriasis indication subject to the terms of the Sun Pharma – Merck agreements, as well as certain c ost sharing agreements. Sun Pharma will continue to lead development of tildrakizumab for other indi cations, where Almirall will have right of first negotiation for certain indications in Europe. “Sun Pharma is committed to growing our dermatology franchise, with tildrakizumab as our lead investigational compound. We continue to build our pipeline and capabilities in this important therapeutic area of significant unmet need. We are proud to be partnering with a regional leader in dermatology, like Almirall, to bring tildrakizumab to the European market,” said Dilip Shanghvi, Managing Director, Sun Pharma. “This agreement with Almirall follows the recent announcement that tildrakizumab is the first IL-23p19 inhibitor to demonstrate positive results in Phase-3 clinical trials and is another step towards preparing for future regulatory milestones that will potentially enable us to bring a new treatment option to patients with moderate-to-severe plaque psoriasis.” “This agreement with Sun Pharma allows us to add a novel biologic for treatment of psoriasis to our extensive dermatology portfolio,” said Jorge Gallar do, President of Almirall. “This is an exciting tim e for the treatment of psoriasis, a disease which can take both a physical and emotional toll on patients’ lives. Emerging new investigational drugs, like tildrakizu mab, are increasingly targeted and will potentially offer patients and physicians another alternative.” Additionally, the license agreement has a provision for possible co-promotion agreement at some point in the future, subject to certain conditions. Registered Office : SPARC, Tandalja, Vadodara – 390 020. India Corporate Office : SUN HOUSE, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063, India. Tildrakizumab Phase-3 trial outcome In May 2016, the two pivotal Phase-3 clinical trials of tildrakizumab met their primary endpoints for both evaluated doses with topline results shared via a s eparate press release. The co-primary efficacy endpoints were: the proportion of participants with psoriasis Area Sensitivity Index 75 (PASI 75) response at week 12 compared to placebo and the pro portion of participants with a Physician's Global Assessment (PGA) score of clear or minimal with at least a 2 grade reduction from baseline at week 12 compared to placebo. The overall safety profile of tildrakizumab in both Phase-3 clinical trials was consistent with the safety data observed in previou sly reported studies. Additionally, the second stud y included an etanercept comparator arm, with a key s econdary endpoint comparing tildrakizumab and etanercept on PASI 75 and PGA. Tildrakizumab 200mg was superior to etanercept on both PASI 75 and PGA endpoints at week 12, while the 100 mg dose showed superiority to etanercept on PASI 75 only. The preparations for submission of a Biologics Lice nse Application to the U.S. Food and Drug Administration are proceeding. The detailed findings from the Phase-3 clinical trials will be presente d at upcoming scientific meetings. About Tildrakizumab Tildrakizumab is an investigational humanized, anti -IL-23p19 monoclonal antibody designed to selectively block the cytokine IL-23. With this pr ecise targeting, tildrakizumab has the potential to help control the pathogenic cells responsible for the inflammatory process of psoriasis with limited impact on the rest of the immune system. About Sun Pharma, Merck & Co., Inc., Kenilworth, NJ, USA, Agreement Sun Pharmaceutical Industries Ltd.’s wholly owned s ubsidiary, acquired worldwide rights to tildrakizumab from Merck (through a Merck subsidiar y) known as MSD outside the United States and Canada, in 2014. Funded by a Sun Pharma subsidiary, Merck is responsible for the completion of Phase- 3 trials in patients with mild-to-moderate plaque psoriasis and, as appropriate, submission of a Biologics License Application to the United States Food and D rug Administration (FDA). Merck is also responsible for manufacturing finished goods to support Sun Pha rma’s initial product launch. Post-approval in the U.S., Sun Pharma will be responsible for all other regulatory activities, including subsequent submissions, pharmacovigilance, post approval studi es, manufacturing and commercialization of the approved product. Sun Pharma will also be responsib le for all regulatory, pharmacovigilance, post- approval studies, manufacturing and commercializati on of approved products for all non-U.S. markets. Merck is eligible to receive milestone payments and royalties on sales of tildrakizumab. The agreement between Sun Pharma and Almirall remains subject to the exclusive license agreement between Sun Pharma and Merck. About Psoriasis Psoriasis is a chronic immune disease that appears on the skin. It affects an estimated 7.5 million people in the U.S. and approximately 125 million people worldwide 1. It is a non-contagious disorder that speeds the growth cycle of skin cells 1 and results in thick scaly areas of skin 2. The most common form of psoriasis, called plaque psoriasis, appears as red, raised areas of skin covered with flaky white scal es, which may be itchy and painful and can crack and bl eed 2. Despite existing treatment options, many Registered Office : SPARC, Tandalja, Vadodara – 390 020. India Corporate Office : SUN HOUSE, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063, India. people with plaque psoriasis continue to struggle w ith the ongoing, persistent nature of this chronic disease that often has a debilitating impact not only on their bodies but their everyday lives. References 1. National Psoriasis Foundation. Facts about psori asis. https://www.psoriasis.org/sites/default/files/for- media/MediaKit.pdf. Accessed on June 27, 2016. 2. National Psoriasis Foundation. About Psoriasis. https://www.psoriasis.org/about-psoriasis. Accessed on June 27, 2016. About Sun Pharmaceutical Industries Ltd. (CIN - L24230GJ1993PLC019050): Sun Pharma is the world's fifth largest specialty g eneric pharmaceutical company and India's top pharm aceutical company. A vertically integrated business, economies of scale and an extremely skilled team enable us to deliver quality products in a timely manner at affordable prices. It provides high-quali ty, affordable medicines trusted by customers and p atients in over 150 countries across the world. Sun Pharma's global pre sence is supported by 47 manufacturing facilities s pread across 6 continents, R&D centres across the globe and a mult i-cultural workforce comprising over 50 nationaliti es. The consolidated revenues for 12 months ending March 2016 are approximately US$ 4.3 billion, of which US contributes US$ 2.1 billion. In India, the company enjoys leadership across 13 different classes of doctors with 30 brands featuring amongst top 300 pharmaceutical brands in India. Its footprint across emerging mark ets covers over 100 markets and 6 markets in Wester n Europe. Its Global Consumer Healthcare business is ranked amongst Top 10 across 4 global markets. Its API business footpr int is strengthened through 14 world class API manufacturing facilities across the globe. Sun Pharma fosters excellence th rough innovation supported by strong R&D capabilities comprising abo ut 2,000 scientists and R&D investments of over 8% of annual revenues. For further information please visit www.sunpharma.com & follow us on Twitter @SunPharma_Live About Almirall Almirall is a global company based in Barcelona ded icated to providing valuable medicines and medical devices through its R&D, agreements and alliances. Our work covers the whole of the drug value chain. A consolidated growt h allows us to devote our talent and efforts towards specialty areas and particularly to further grow as a leading Dermatolo gy player. We are a specialist company, enabling us to accomplish the purpose of providing innovative products wherever they are needed. Founded in 1943, Almirall is listed on the Spanish Stock Exchange (ticker: ALM) and it has become a so urce of value creation for society due to its vision, and the commitment o f its long-standing major shareholders. In 2015, Al mirall revenues totaled 769 million euros and, with more than 1,800 employe es, it has become a trusted presence across Europe, as well as in the USA. For more information, please visit www.almirall.com. Contacts: Sun Pharma Nimish Desai Frederick Castro Tel +91 22 4324 4324, Xtn 2778 Tel +91 22 4324 432 4, Xtn 2777 Tel Direct +91 22 4324 2778 Tel Direct +91 22 4324 2777 Mobile +91-98203 30182 Mobile +91 99206 65176 E mail [email protected] E mail [email protected] FleishmanHillard Faith Moresco Tel +1 646-659-0642 E mail [email protected] Registered Office : SPARC, Tandalja, Vadodara – 390 020. India Corporate Office : SUN HOUSE, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063, India. Contacts: Almirall Media contact: Investor Relation contact: Cohn & Wolf Almirall Adriana Ibarguen Pablo Divasson del Fraile [email protected] Tel.: (+34) 93 291 30 87 Tel.: (+34) 91 531 57 23 Disclaimer This document includes only summary information and does not intend to be comprehensive. Facts, figure s and opinions contained herein, other than historical, are "forward-looking stateme nts". These statements are based on currently avail able information and on best estimates and assumptions believed to be reasonable by the Co mpanies. These statements involve risks and uncerta inties beyond the Companies' control. Therefore, actual results may differ materially from those stated by such forward-looking statements. The Companies expressly disclaim any obligation to review or update any forward-look ing statements, targets or estimates contained in this document to reflect any change in the assumptions, events or circumstances on which such forward-looking statements are based unless so required by applicable law.

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