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A novel partnership model with better results and more flexibility We provide a novel option to commercialize in Europe, bridging the gap between going direct and out-licensing We are European launch experts with unmatched experience and a deep understanding of the European markets Our partnership model has key strategic, commercial and operational advantages over standard entry options of out-licensing or going direct, and provides more focus and thus better chances of success better economics for our partners more strategic flexibility This is Vicarius Pharma , July 2017 2
Our partnership model reduces risks & bridges the gap Entering Europe going direct or with an out-licensing deal is risky Going direct with a first asset entails risks of high cost and flawed execution; a single asset may not justify infrastructure build; P&L impact and long wait to break-even Out-licensing entails the risks of lack of focus, conflicts of interest and loss of control We offer shared-value partnerships which address trade-offs of traditional entry options Benefits vs. going direct Benefits vs. out-license Reduced up-front financial costs Long term optionality for asset recapture (back-office and field force) Strong influence over branding, strategy Minimal distraction from U.S. business Strategic focus from Access to European launch excellence European Executive Team Ability to scale quickly Higher overall value capture No scale-down costs No “poison pill” effect This is Vicarius Pharma , July 2017 3
Our partnership model increases value capture Total returns with Vicarius outperform out-licensing High share of economics via profit share and royalties Targeted 40% - 60% total asset NPV for partner in base case scenario with Vicarius, vs. typical below 30% with out-license For a $400m NPV asset, Vicarius will provide $60m to $140m increased NPV. Upfront payments in out-licenses often come at a heavy price Example: Base case NPV is $400m, with a 60% chance of success. Out-license (incl. $10m upfront) provides 25% NPV ($100m), of which $10m at zero risk and $90m adjusted to 60% ($54m), totaling $64m. Assume 50% NPV share with Vicarius ($200m) and adjust to 60%, totaling $120m. The “cost” of a $10m upfront is $56m of risk-adjusted NPV. This is Vicarius Pharma , July 2017 4
Our partnership model provides highest strategic flexibility Increased global corporate value through goodwill creation and brand equity No “poison pill” effect The valuation of the innovator company does not suffer from a “poison pill” effect of a long-term out-license agreement Asset can be recovered at any time Partners can recover the asset and dedicated customer-facing organization at any time, e.g. on change of control, or as new indications or follow-on products are approved Partners keep all options open Unlike out-licenses, Vicarius partnerships do not block other corporate transactions or reduce takeover premium Vicarius partnership model bridges the gap Partnership with Vicarius avoids the risk, distraction and expense of going direct, whilst preserving our partners’ strategic control of R&D and global branding This is Vicarius Pharma , July 2017 5
Our partnership terms are tailored to our partners’ needs Partnership terms allow for recapture of asset and customer-facing organization at any time Start of partnership Regulatory approval Launch Post partnership period Advisory & strategic Local market Full launch cost Asset and market guidance: regulatory, authorizations absorption by Vicarius authorizations return to pricing & reimbursement, held by Vicarius partner at expiry of term clinical trial design, Royalties stakeholder management Building of as of first sale and go-to-market dedicated customer- strategies facing commercial Profit sharing organizations as of break even Change of Control/IPO clauses protect partner’s Allocated cross- corporate value functional support provided by Vicarius This is Vicarius Pharma , July 2017 6
We are experienced in a wide range of disease areas Neurology (Alzheimer’s disease, MS, Parkinson’s disease) Cardio-vascular diseases Auto-immune (Crohn’s disease, Lupus, rheumatoid arthritis) Infectious diseases Psychiatric disorders (depression, anxiety, schizophrenia) Dermatology (psoriasis) Oncology Pain management Metabolic diseases (diabetes, GH deficiency, hemophilia) Ophthalmolog y Respiratory diseases (asthma) Rheumatology Neuromuscular disorders Several rare and ultra rare diseases This is Vicarius Pharma , July 2017 7
We provide excellence in launch preparation and execution Our leadership team consists of senior executives with an average of 26 years of experience in the Life Sciences industry We combine the expertise and know-how gathered with over 35 product launches on a pan-European level We have achieved multiple successful pan-European and national regulatory approvals We have successfully negotiated P&R submissions , including HTA submissions , in all EU and EEA markets We have registered dozens of legal entities in Europe and built robust, tax- efficient inter-company structures We have hired over 2000 employees for direct EU operations and successfully managed extensive third party distributor networks in and outside the EU This is Vicarius Pharma , July 2017 8
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