“Diligence Issues / Growth By Acquisition Strategy”
OVERVIEW PRESENTATION Boston – New York – San Francisco – Houston – Chicago – London – Vancouver – Calgary – Toronto – Montreal www.canaccordadams.com
The Ca The Cana naccord Adams Platform ccord Adams Platform � Launched in January 2006 with the merger of Canaccord Capital and Adams Harkness � Publicly listed on both the Toronto Stock Exchange as well as London’s Alternative Investment Market � 2007, 577 completed transactions (201 lead-managed equity) with a deal value of approximately $42 billion � 53% employee owned � Able to list companies on seven exchanges in three countries � Significant footprint in the Life Sciences 3
The Ca The Cana naccord Adams Platform ccord Adams Platform Global al Pres Presenc ence Lo Lond Lond Lo Lo Lond Lo Lo Lond Lond Lo Lond ndon ndon ndon ndon ndon ndon Calgary Calgary Cal Cal Calgary Cal Cal Cal Calgary Calgary Cal Calgary ary ary ary ary ary ary Van Van Van Van Vancouv Vancouv Vancouv Vancouv uver uver uver uver Montre Montre Montre Montreal Montreal Montreal Montre Montre Montreal Montre Montreal Montreal al al al al al al Toront To To To Toront Toront Toront Toront To Toront To To ronto ronto ronto ronto ronto ronto Bost Boston Boston Bost Boston Bost Boston Bost Boston Bost Bost Boston on on on on on on Chicago Chicago Chi Chi ago ago New Y New New New Y New Y New New New Y New Y New New Y New York York York York York York San F San San San F San San San F San F San F San San San F Fran Fran Fran Fran Fran Fran anci anci anci anci anci anci cisco cisco cisco cisco cisco cisco Houst Houston Houston Houst Houston Houst Houston Houst Houst Houston Houst Houston 4
The Ca The Cana naccord Adams Platform ccord Adams Platform Ca Cana nacc ccord Ca d Capital’ l’s F Financial Rec ial Record $800 $120 $700 $100 $600 mm) ($mm) $80 ($mm) $500 $60 me ( t Income Revenue ( $400 $40 $300 Net I Re $20 Ne $200 $0 $100 $0 -$20 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 Revenue ($mm) Net Income ($mm) Note: Excludes one-time charges 5
The Ca The Cana naccord Adams Platform ccord Adams Platform Investment Banking Research Sales & Trading � 80 80 inve investme ment nt ba bank nkers � 600 com compan anies cov ies covered � Over er 1, 1,50 500 i 0 insti stituti utions cov ns covered � 2007 tr 07 tran ansaction saction exper experien ence ce � 67 research an research analysts alysts � 100+ 0+ traders, sales/tra traders, sales/traders & ers & marke rket make makers rs � 57 577 total tran 7 total transaction ions � 8 focus focus sector sectors � Market makin rket making � 20 201 lead or co-lead managed 1 lead or co-lead managed � #1 #1 ranke ranked re rese searc arch equity tran equity transaction ctions � 70 700 com 0 compan anies ies � StarMine, Bren arMine, Brendan dan Wood, Wood, � $4 $42B in deal value 2B in deal value � 7 ex 7 exchan change ges Thoms Thomson Exte Extel � Freq Frequen uent me media a dia appearan ppearances ces � Sales sp les specialists ecialists by geo by geography an raphy and d indu industry stry � CNBC, Bloom CNBC, Bloomberg berg � Ex Experienc perienced private c d private capital group pital group � On One in e integr tegrat ated t ed team 6
JSB- -Partners: Company Overview Partners: Company Overview JSB 2008 2008 7 global partners in life science transactions
Confidential Confidential JSB- -Partners: Adding Value in Product Collaborations Partners: Adding Value in Product Collaborations JSB OUR FOCUS: • Transaction advisory firm with broker-dealer license serving life science companies • Primary business: product partnering and licenses • Expertise in running sell-side product auctions WHO WE ARE: • Senior team with broad operating experience, providing leverage to management • Global presence (US, EU, Asian) and deep industry relationships WHAT WE BRING: • Track record of successfully closing product deals and M&A Boston Munich Boston Munich 8 8
Confidential Confidential Case Study: Phase I Obesity Compound, Large Pharma Case Study: Phase I Obesity Compound, Large Pharma Offered terms 5X Client rNPV 4 of top 10 Pharma Teaser CDA Indicative Term Close deal Offer Sheet 1 4 10 25 100 Boston Munich Boston Munich 9 9
Confidential Confidential JSB- -Partners: Adding Value in Product Collaborations Partners: Adding Value in Product Collaborations JSB OUR FOCUS: • Transaction advisory firm with broker-dealer license serving life science companies • Primary business: product partnering and licenses • Expertise in running sell-side product auctions WHO WE ARE: • Senior team with broad operating experience, providing leverage to management • Global presence (US, EU, Asian) and deep industry relationships WHAT WE BRING: • Track record of successfully closing product deals and M&A Boston Munich Boston Munich 10 10
Confidential Confidential Why JSB- -Partners? Partners? … … A Successful Transaction A Successful Transaction Why JSB • Senior partners manage the project, no delegation • Global reach – representation in the US, EU, and Asia • Not only financial expertise, but also extensive bio-pharma industry experience • Personal contacts with decision makers with both strategic and financial buyers • Empower the seller by leveraging time and competition • Complement internal BD resources to manage the surge in capacity • Track record of success Boston Munich Boston Munich 11 11
Confidential Confidential Global Presence Global Presence Munich Boston Munich Boston JSB-Partners GmbH JSB-Partners LP Emil-Geis Str. 4 30, Monument Square D-82031 Grünwald Concord, MA 01742 Germany USA T. +49-89-64948840 T. +1-978-318-9799 F. +49-89-64948844 F. +1-978-318-6966 mgouy@jsb-partners.com tbunt@jsb-partners.com upessara@jsb-partners.com mwfarley@jsb-partners.com wstoiber@jsb-partners.com tsjohnson@jsb-partners.com kmay@jsb-partners.com akazimi@jsb-partners.com rpage@jsb-partners.com msteiner@jsb-partners.com www.jsb-partners.com Boston Munich Boston Munich 12 12
Crosstree Capital Partners Overview – Clinical Development Services Material Presented for Discussion September 2008 13
Crosstree Capital Partners Overview Crosstree Capital Partners Overview Service Capabilities Target Size Crosstree advises shareholders in sales, mergers and divestitures $10 - $250 MM � � Strengths - Our deep industry knowledge and extensive industry contacts Enterprise Value � Exclusive Sales allow for a highly efficient and confidential transaction process Crosstree advises institutional and strategic investors pursuing platform, add- $10 - $250 MM � � on and strategy re-defining acquisitions Enterprise Value Acquisitions Strengths - Our comprehensive coverage of niche industry subsectors � provides powerful insight into possible acquisitions Crosstree offers equity and debt capital raising advisory to middle-market $5 - $50 MM � � companies Private Capital Raises Strengths – Our bankers have structured numerous complex transaction � structures, from venture capital to senior bank debt Crosstree provides assessment of strategic alternatives for companies Case-by-case � � considering new opportunities and threats Strategic Advisory Strengths – Our bankers have extensive experience in all facets of corporate � finance; we always strive to provide objective, unbiased advice Crosstree can perform transaction-related fairness opinions and general Case-by-case � � valuation projects Fairness Opinions / Valuations Strengths – Two of Crosstree’s founders are CFA charterholders, a � designation focused on equity and enterprise valuation 14 14
Crosstree Capital Partners Overview Crosstree Capital Partners Overview Discovery Development & Validation Market Launch Pre-Clinical Phase I – III Phase IV Phase 0 Post Marketing ADME/ Tox Health Economics Surveillance Phase I Phase II Phase III Micro- Dosing IRB Pharmacokinetics Medical Animal Models Adverse Events Communications Recruiting Radioanalysis Multimedia SMO Network Medical Device CRO Pathology Patient Data Monitoring Registries Medical Writing Registries Management Genetic Staffing Toxicology Clinical Project Management Electronic Neuropathology Regulatory Online Training Submissions Bio-Analytical ECG Imaging Analytical Laboratory Services In-Vitro Economic Evaluation Bio-Informatics Database IVRS Regulatory Pricing Disease Clinical IT Outcomes Non-Clinical IT Technology Safety Support Burden IRS CTMS EDC ePRO Bio-Safety Drug Bioavailability Pharmacodynamics Testing Interaction 15 15
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