March 24, 2016

Not intended for U.S. and UK Media

Bayer and Regeneron To Jointly Develop Novel Combination Therapy for Eye Diseases

Berlin, March 24, 2016 - Bayer and Regeneron Pharmaceuticals, Inc. (NASDAQ:
REGN) will jointly develop a combination therapy of the angiopoietin2 (Ang2)
antibody nesvacumab and vascular endothelial growth factor (VEGF) trap
aflibercept for the treatment of serious eye diseases. Two ongoing Phase II
clinical studies are evaluating the combination therapy as a co-formulated
single intravitreal injection, known as REGN910-3, in patients with wet
age-related macular degeneration or diabetic macular edema.

Angiopoietins, discovered by scientists at Regeneron, are a family of vascular
growth factors. Preclinical data demonstrates that angiopoietins act together
with the VEGF family to promote the formation and maturation of blood and
lymphatic vessels in the eye. Ang2 and VEGF together therefore have the
potential to influence the pathological development of new blood vessels and
the permeability of blood vessel walls in certain diseases of the eye.

"Bayer is strongly committed to further expanding its ophthalmology portfolio
with innovative therapies for patients suffering from vision impairment.
Addressing multiple pathways offers potential additional benefit to patients
with devastating retinal eye diseases," said Dr. Joerg Moeller, member of the
Executive Committee of Bayer AG's Pharmaceuticals Division and Head of
Development. "Inhibiting the angiopoietin2 pathway is a promising new approach
for a combination therapy, and we are looking forward to working on it together
with Regeneron."

"Our collaboration with Bayer has been extremely successful to date, as we work
together to combat vision loss around the world. Vision loss can often have
devastating consequences to an individual's quality of life," said George D.
Yancopoulos, M.D., Ph.D., Chief Scientific Officer of Regeneron and President
of Regeneron Laboratories. "This new agreement reflects our shared commitment
to being leaders in ophthalmology and to now pursue the goal of improving
anatomical and visual outcomes for patients with retinal eye diseases."

Under the terms of the agreement, Regeneron will receive a $50 million upfront
payment and will share global development costs for the program with Bayer.
Bayer will have exclusive commercialization rights to the combination product
outside the United States and will share potential profits equally with
Regeneron. Within the U.S., Regeneron retains exclusive commercialization
rights and will retain 100 percent of profits from U.S. sales. Regeneron is
also eligible to receive up to $80 million in potential payments related to
development and regulatory milestones.

Bayer and Regeneron currently collaborate on the global development and
commercialization of EYLEA® (aflibercept) Injection and on the global
development of REGN2176-3, an antibody to Platelet Derived Growth Factor
Receptor Beta (PDGFR-beta) co-formulated in a single intravitreal injection
with aflibercept, which is currently in Phase II clinical trials for patients
with wet age-related macular degeneration.

About Ophthalmology at Bayer

Bayer has established strong internal R&D capabilities in ophthalmology with
the aim to bring new therapies to patients suffering from vision impairment and
sight-threatening diseases. The company's internal R&D capacities are
supplemented by external collaborations. As such, Bayer supports multiple
projects and initiatives worldwide as well as partnering with multiple
organizations to help improve the lives of people living with a visual
impairment or blindness.

About Regeneron Pharmaceuticals, Inc.

Regeneron (NASDAQ: REGN) is a leading science-based biopharmaceutical company
based in Tarrytown, New York that discovers, invents, develops, manufactures
and commercializes medicines for the treatment of serious medical conditions.
Regeneron commercializes medicines for high LDL cholesterol, eye diseases and a
rare inflammatory condition and has product candidates in development in other
areas of high unmet medical need, including oncology, rheumatoid arthritis,
asthma, atopic dermatitis, pain, and infectious diseases. For additional
information about the company, please visit www.regeneron.com or follow
@Regeneron on Twitter.

Bayer: Science For A Better Life

Bayer is a global enterprise with core competencies in the Life Science fields
of health care and agriculture. Its products and services are designed to
benefit people and improve their quality of life. At the same time, the Group
aims to create value through innovation, growth and high earning power. Bayer
is committed to the principles of sustainable development and to its social and
ethical responsibilities as a corporate citizen. In fiscal 2015, the Group
employed around 117,000 people and had sales of EUR 46.3 billion. Capital
expenditures amounted to EUR 2.6 billion, R&D expenses to EUR 4.3 billion.
These figures include those for the high-tech polymers business, which was
floated on the stock market as an independent company named Covestro on October
6, 2015. For more information, go to www.bayer.com.

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Forward-looking statements

This release may contain forward-looking statements based on current
assumptions and forecasts made by Bayer management. Various known and unknown
risks, uncertainties and other factors could lead to material differences
between the actual future results, financial situation, development or
performance of the company and the estimates given here. These factors include
those discussed in Bayer's public reports which are available on the Bayer
website at www.bayer.com. The company assumes no liability whatsoever to update
these forward-looking statements or to conform them to future events or
developments.