Pa Bio 10 29 08

Biotech 2008 /Collaboration: The Current State of Funding October 29, 2008

The Elusive Biotech IPO Window ,[object Object],[object Object],[object Object]

M&A: An Attractive Exit Strategy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Continued: M&A: An Attractive Exit Strategy ,[object Object],[object Object],[object Object]

Potential Financing Alternatives The Three Companies were: Biogen, Genentech, Amgen Generally large companies (Mkt Cap > $1B) Or those who can service the debt within 3 years Neither convertible debt nor straight debt are likely to be appropriate financing vehicles for Small Cap Biotech Companies 5

Partnering/Collaboration Activity ,[object Object],[object Object],[object Object]

Continued: Partnering/Collaboration Activity ,[object Object],[object Object],[object Object],[object Object]

Venture Funding Today (NOT YESTERDAY & NOT TOMORROW) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Venture Funding Today ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Evolving Perspectives on Collaboration ,[object Object],[object Object],[object Object]

Target Perspective: Getting Ready ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Continued: Target Perspective: Getting Ready ,[object Object],[object Object],[object Object]

Practical Tips for the Target Team ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Continued: Practical Tips for the Target Team ,[object Object],[object Object],[object Object],[object Object],[object Object]

Biotech Perspective Timeline and Activities in Establishing a Partnership Engage Parties Initial Preparation Due Diligence Negotiation Execution ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Timeframe can run from 3 months to + 12 months

Setting the Stage: Negotiations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Negotiation Planning in Today’s Market ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Continued: Negotiation Planning in Today’s Market ,[object Object],[object Object],[object Object],[object Object]

Recent Benchmark Example Pain Compounds in Phase IIa Adolor/Pfizer Targacept/GSK Glenmark/Lilly Transaction Date December 4, 2007 July 27, 2007 October 30, 2007 Pain Target Delta Opoid Receptor Neuronal Nicotinic Receptor Transient Receptor Potential Vanilloid Sub-family 1 (TRPV1) Lead Compound ADL5859 TC-2696 GRC 6211 Upfront Payment $30 Million + $1.9 Million reimbursement for Phase 2a studies $20 Million Plus $15 Million in Equity $45 Million ,[object Object],[object Object],[object Object],[object Object],[object Object],Not Disclosed Not Disclosed Not Disclosed _ $232.5 MM Not Disclosed Not Disclosed Not Disclosed $1.5 B Not Disclosed Not Disclosed Not Disclosed $215 MM Back End US – 40/60 Profit Split ROW Royalties Undisclosed Double Digit Royalty ~15% Royalty in the Territory Territory Worldwide Worldwide North America, Europe, and Japan Cost Sharing 40/60 US 100% Pfizer in ROW Targacept to fund through Phase 2 POC. Then 100% GSK if they opt to take the compound 100% Lilly in Territory - no mention of access to Lilly trial data Co-promote Option Yes – US Specialty Yes – US Specialty for first two compounds Yes – US

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Key Considerations: Structuring a Collaboration

Other Key Considerations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Four Key Reasons For Entering into a Collaboration ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The NPV of the Company Should Increase When a Product/Opportunity is Partnered

Amicus-Shire Ex-US Partnership in three LSD programs ,[object Object],$50M Upfront $150M Clinical Milestones $240M Sales Milestones $440M Plus :  50% of WW development expenses for three LSD programs  Tiered double-digit royalties Partnership Advantages ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The “Back End” Profit Split or Royalty? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Co-Development Deals in Market ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Booking Sales ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Continued: Booking Sales ,[object Object],[object Object],[object Object],[object Object],[object Object]

Co-Promote Option ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Continued: Co-Promote Option ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Alternative Funding Components in Upfront or as Options after Closure ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Continued: Alternative Funding Components in Upfront or as Options after Closure ,[object Object],[object Object],[object Object],[object Object],[object Object]

After the Deal: Keys to a Successful Collaboration ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Continued: After the Deal: Keys to a Successful Collaboration ,[object Object],[object Object],[object Object]

Pa Bio 10 29 08

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