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AR(`7i<nAqDrFrDrAo;k3f#VA/0@S" 1 T Z D B_C8DEPFZ84N%_^Q@0  (8*  *38%84*,@`S" 1s ` d E  B_C8DEPFX84N%_^Q@0  (8*  *38%84),@S" 1s `  F DBPCDEpFzP  "4S j~(s g \P E <4),%3(;,B5K?F5G,K%P :<@`S" $& Lm  G  NBPCDEpFxP  "4S j~(s g \P E <4),%3(;,B5K?F5G,K%P 9<@S" $& Lm R H BCMDELFVMJA5&   &5 AJ MM(,@`S" -\ I  BCMDELFTMJA5&   &5 AJ MM'(@S" -R J BC6DELFVj6s4{.%{sj%.46j6(,@`S" E\ K  BC6DELFTj6s4{.%{sj%.46j6'(@S" ER L BC6DELFV65/&&/566(,@`S" :\ M  BC6DELFT65/&&/566'(@S" : N B&CDE,F6 #&& @`S" v O  B&CDE,F4 #&& @S" v P  fD' 98cp?"  *  Q 0|' "K I ' B*  R  f' 98cp?"UZ *  S  f ' 98cp?"E: *  T  f' 98cp?" /  * ~T  \l  U "x V c >A&stethoscopeA \?  0| W C >A&kaufmanco logoCMYK" l B X # lD98cp?"dd Y  f' 98cp?"8x `Copyright 20044 #H  0޽h ? ̙33 Default Design  @b0(  B  s *޽h ? ̙330 D*(  D D 0' P   ' X*  D 0'    ' Z* d D c $ ?  ' D 0'  0 ' RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S D 6\' _P  ' X*  D 6' _  ' Z* H D 0޽h ? 3380___PPT10.g#j   H@(  H l 0|  P   |  @*  l 0|     |  B*  l 6|  `P  |  @*  l 6|  `  |  B* H H 0޽h ? ̙3380___PPT10.0r 8s$  KC0 |(   | Z' 98cp?  $ The Inevitability of M&A Biotechnology Industry Dynamics and Implications for GrowthX<(< | JO A ?ffhelix#" `g |@ H33 Wv @#"  `i |  f98cp?"d~T  \l  | "X `  | c >A&stethoscopeA \?  ;0| | C >A&kaufmanco logoCMYK" l  |  fX' 98cp?C"?Lr  GNovember 12, 2004 |  f' 98cp?C"?L?   DWashington, DCB | # lDjJ98cp? B  s *޽h ? ̙33y___PPT10Y+D=' = @B +  p (     ZN' 98cp?2& 6Kaufman & Company, LLC Life Science Investment BankingD7 6  ZLT' 98cp?P@ xKaufman & Company is an established Boston-based investment bank, serving numerous clients across a range of industries.yyN  Z(Y' 98cp?P |Founded in 1978, Kaufman & Company is a private investment banking firm providing a variety of corporate financial services.}m }}l  Zc' 98cp? PZ<  Life science activities include biotechnology, medical device and specialty pharmaceutical companies along with companies engaged in ancillary activities.m }(  Zm' 98cp?< P VClient base distributed throughout the United States and extends to Canada and Europe.Wm }W   Zw' 98cp?@PZ  j"Senior banker attention brought to private company financings and advisory situations  and intimately involved throughout all engagement phases.m }H  0޽h ? ̙33___PPT10i.bP8+D=' = @B +  . &  (    Z`=' 98cp?2& 1Industry Perspectives Evolution of Drug DiscoveryD2 8        fff98cp?     fT8' 98cp?p8 X ? Faith based 8       fff98cp?    fq 98cp?@ `  BEvidence based8 `  `     fff98cp?`    f?1 98cp?s   ? Rules based 2  3 rG5H98cp?2  3 rG5H98cp?P     flD1 98cp?K E OTraditional Pharmaceuticals   fx"1 98cp?Q K  GEarly Biotechnology   fL1 98cp?   SEmerging Discovery Technologies H  0޽h ? ̙33___PPT10i.+D=' = @B + /'0 (  `  c $A ??P J   # lm1 98cp?<p  QNew medicines/vaccines approved    @ # lq1 98cp?7W  q%Pharma industry R&D expenditures ($B)&&    6u1 {  422   6j1 6  428    6{1(* 453    61Uf 439    6~1 r 7  430    61 w 435    6T1XF  433   6p1F 432   61e   426   61&k 435 V  Z1 98cp?2& lR&D Productivity Pharmaceutical Industry (1994  2003)D7 %   fP1 98cp?U  ? Source: PHRMA     f1 98cp?  uCNote: Annual R&D expenditures adjusted to reflect 2003 equivalence.DD    f98cp? &8    B   f98cp?0 B  # lD198cp?B  # lD198cp?3  61 DNew Drug Approvals   6|1`2 GIndustry R&D spending H   Z1 98cp?P The  innovation gap continues to plague the pharmaceutical industry.FFH  0޽h ? ̙33___PPT10i.,+D=' = @B +,  C ; P (    Z1 98cp?XPR GRecognition of declining productivity and impending patent expirations.Hm }H  Z1 98cp? PZb  JTrend toward reallocation of resources towards more downstream activities.Km }K  Z1 98cp?)P KLeverage discovery activities through interactions with the biotech sector.Lm }L(  Z1 98cp?& P  VEmergence of new discovery technologies combine with promise of new genomics frontier.Wm }W   ZD[  98cp?2& 6Pharmaceutical Industry Perspectives Historical TrendsD7 %3  Z [  98cp?~\x ?Alliances afford big pharma a more conservative deal structure.@m }@%   Z[  98cp?@ The pharmaceutical industry moved aggressively to formalize relationships with the biotech sector in the 1990 s.qqH  0޽h ? ̙33___PPT10i.]f+D=' = @B +1 H@@(  0  Z [  98cp?2& FPharmaceutical Industry Perspectives Partnership vs. M&A Activity (WW)DG %!`  c $A ??n   C A(98cp?Small checker board" 1(   f98cp?" 1   f[  98cp?vN ; Alliances      f[  98cp?~.  FMergers/Acquisitions    # lx$[  98cp?  HNumber of transactions    6'[ f   5224    6x&[ - 6  5243    6-[ ] e  5229   62[ m 5292   6l6[ )  5373   65[  @  5341   6=[ `i   5425   6?[ ) J 5334   6D[   5411   6B[ 2P 5374   6tJ[ a` 5384   6DO[  ! 5568 1   f`M[  98cp?0)  5Source: BioWorld, Thompson Financial, BioCentury, PWC66 , H  0޽h ? ̙33___PPT10i.`M+D=' = @B +  6(    Z2 4Life Science Sector Review Capital Market InfluencesD5 P  Z+]  98cp?&P Current trends in the capital markets suggests the characteristics defining viability as an independent company are undergoing significant change.  Zh1]  98cp?V JLarger market cap likely required to retain viability as a public company.Km }K   Z ;]  98cp?$ 0  9Hurdle to access public markets to continue to trend up. :m }:   ZD]  98cp?~ 8  HEarlier venture financings likely to trend toward more mature companies.Im }IH  0޽h ? ̙33___PPT10i.𴿞+D=' = @B +0  0/PU/(    # lP]  98cp?   BNumber of issues  Z []  98cp?  [% life science issues! I  ZP]]  98cp?`M K13.1%! I  Zf]  98cp?M J5.1%! I  ZTo]  98cp? M J4.7%! I  Zx]  98cp? M K19.9%! I   Z`]  98cp?8 M K12.5%! I   Z(]  98cp?xXM J9.7%! I   Zl]  98cp?M J8.8%! I    `98cp?@.    f98cp?@   f\]  98cp?p5 @All Industries    fX]  98cp?|6 > Life Science  V  Z`]  98cp?2& ~Life Science Sector Review Annual IPO Activity: 1997  2004 YTD2@ %   f ]  98cp?@&  5199   f]  98cp? Nx  5178   f]  98cp?T  5295   fX]  98cp?l , 5287   fܶ]  98cp?   472   f8]  98cp?   472   f]  98cp? <,  480   f]  98cp?    426   fL]  98cp?W {-  39   f]  98cp?< | l  414   f]  98cp?@  457   f(]  98cp?W   39   f]  98cp?W 3  37   fx]  98cp?T f  37   f]  98cp?< ^  5154    f(]  98cp? ri  434 ! Z]  98cp?M K22.1%! I "  f]  98cp?"" TSource: Hoover s IPO Central, Kaufman & Co++F & S i+ < F ' S i+ K2< F ( S i+ h < F ) S i+ < F * S i+ < F + S i+ < F , S i+ S9< F - S i+X o< @ . C i+ @ / C i+i K2 @ 0 C i+ h @ 1 C i+  @ 2 C i+  @ 3 C i+  @ 4 C i+ S9 @ 5 C i+ o\ :B 6 3 i+mn< :B 7 3 i+< Cm= :B 8 3 i+ Cm :B 9 3 i+Cm:B : 3 i+Cm:B ; 3 i+Cm:B < 3 i+< m= :B = 3 i+< mnf :B > 3 i+< f :B ? 3 i+< f :B @ 3 i+<   f :B A 3 i+< F G f :B B 3 i+< uvf :B C 3 i+< f :B D 3 i+< f :B E 3 i+< f  F <]    E0(G  G <T^  q  G100(G  H <^ H  G200(G  I < ^ ' G300(G  J <h^ \ G400(G  K <l^ _  H1997(G  L <^ _ !Q H1998(G  M <^ _ W  H1999(G  N <^ _  H2000(G  O <X^ _  H2001(G  P <"^ _ * H2002(G  Q <&^ _ 0` H2003(G  R <<+^ _ f H2004(G  S </^ { GYTD(G  U Z3^  98cp? }IRecent public market activity in the life science sector has been robust.JJH  0޽h ? ̙33___PPT10i.2++D=' = @B +dC  BBlB(  @ I C i+ (\ 5 Z?^  98cp?2& Life Science Sector Review Quarterly IPO Activity: 2001  2004 YTD2C (: 9 3 t!(F ; S i+ (F < S i+ J(F = S i+d ^(F > S i+ E(F ? S i+. Z (F @ S i+ n (F A S i+ ;(@ B C i+  @ C C i+w 5(@ D C i+ J @ E C i+} ^d @ F C i+ E @ G C i+TZ . @ H C i+ n @ J C i+. (@ K C i+ (@ L C i+H '(@ M C i+; :B N 3 i+t(:B O 3 i+():B P 3 i+4 5 :B Q 3 i+H I :B R 3 i+TU:B S 3 i+gh:B T 3 i+tu:B U 3 i+(( V <hL^  \q E0(G W <Q^  ~  F10(G X <U^    F20(G Y <DZ^   F30(G Z <^^ +  F40(G [ <$c^ 7  F50(G \ # lg^  98cp?0  BNumber of issues  ]  fk^  98cp?   418  ^  fe^  98cp?   419  _  fq^  98cp?c 3  411  `  fu^  98cp?M+  424  a  f`x^  98cp? lJ  413  b  f{^  98cp?a \ 430  c  fp^  98cp?\ j  36  d  f~^  98cp?  423  e  f`^  98cp? 8  35  f  f^  98cp?[   36  g  fl^  98cp? ^  420  h  fD^  98cp?-  449  i  f^  98cp? &  33  j  f^  98cp? 69 30  k  f\^  98cp?/ H  32  l  f4^  98cp? hy  34  m  f ^  98cp?M D  31  n  f|^  98cp? T C  35  o  fL^  98cp?Y f  31  p  f^  98cp? < 30  q  f^  98cp? 9 30  r  f^  98cp? 3 30  s  fP^  98cp? -0 30  t  f^  98cp?$ D  37  u  fZH( 98cp?F$ v  fZH( 98cp?f $ w  fZH( 98cp? &$ x  f(^  98cp?T J  62002  y  f^  98cp?Th 62003  z  f^  98cp?T 62001  { 6<^ X6 HQ1*G C  | 6^ XF HQ2*G C  } 6^ Xc HQ3*G C  ~ 6^ X HQ4*G C   6T^ X6 HQ1*G C   6\^ XF  HQ2*G C   6^ X c  HQ3*G C   6^ X  HQ4*G C   6^ X  HQ1*G C   6T^ X HQ2*G C   6^ X8 HQ3*G C   6^ X[ HQ4*G C    f_  98cp?,; j8Source: Hoover s IPO Central:  3  Z):  3 i+,[    f_  98cp?F$1 436    f _  98cp? b   38   6P _ X} HQ1*G C    f_  98cp?H1y 62004 @8 <      `98cp?< H    f@_  98cp? `  @All Industries    f_  98cp?`   > Life Science     f98cp?Bt :  3 i+t,    f198cp? v-(   f_  98cp?V4 455    f_  98cp?0 b@  417 :  3 i+Q{    f#_  98cp?] 463    f '_  98cp? =w  39 8  N (2`/B  # lD98cp? @NB  # lD98cp? NF  N  (b/B  # lD98cp? @NB  # lD98cp? N  3 r-_ 198cp?u P( ,   60,_ X HQ2*G C   6X-_ X0 HQ3*G C %  Z`9_  98cp?  gUntil the recent public market turn, private life science companies went begging in the public markets.hhH  0޽h ? ̙33y___PPT10Y+D=' = @B +    $  (     ` 98cp?^t ~   `98cp?R<r\  ZD?_  98cp?2 & Life Science Sector Review Securities Industry  Evolving Dynamics2C (  6|D_ `* <RESEARCH   6I_ -0* CSALES & TRADINGr  ZM_  98cp?!  RResearch activities separated from banking activities. disaggregated on P&L compliance  chaperone needed for joint client meetings Increasingly viewed as a cost centerh7%!r-6r  H  ZU_  98cp?&   `Sales and trading desks managed to  profit neutral . decreased spreads due to decimalization trading desks required to take larger positions potential for increased volatilityh5%!{-4{  H2  c Gh.H(A g 98cp?70%" P 0    ` 98cp?`    6d_   ,  FINVESTMENT BANKINGf  Z{_  98cp?$ nIncreased dependence on investment banking fees. Economics uncertain for companies < $300 million market cap.@o%/<  H  Zu_  98cp? YA larger market cap is required to make a comprehensive banking relationship sustainable.ZZH  0޽h ? ̙33___PPT10i.:8 +D=' = @B +tA @@^  @(  ?  Z$_  98cp?2& ELife Science Sector Review 2004 BioPharma IPO Candidates: S-1 Filings2F +   # l_  98cp?q p  NProposed offering size ($mm)    fF' 98cp?V% MSource: Company SEC filings    f_  98cp?;5 5$75    f _  98cp?T 5$86    f8_  98cp? 5$90    fؙ_  98cp?TY9 5$86    f_  98cp?W%  5$86    f_  98cp?i  5$85   f_  98cp?> 6$100   f_  98cp?T  5$86   fX_  98cp? ` Y 5$80   f0_  98cp?   6$103   f_  98cp?T 5$86   fp_  98cp?KlL 5$86   fH_  98cp?Dp 5$75   f _  98cp?T u 5$86   f_  98cp?T^> 5$86   f`_  98cp?T' 5$86 ] B8_  M eEyetech(G ^ Bt_   \ aGTx(G _ B_   eRenovis(G ` B_  @0 h Corgentech( G  a B`_  _ eDynavax(G b B_  r dAnadys(G c B@_  H  JMemory(G d B_    eCorcept(G e B _   KBarrier(G f B_  V = j Cytokinetics( G  g B_  & s  LCritical( G h B_   eAlnylam(G i Ba   g Inhibitex( G  j Ba  ? g Metabasis( G  k B a   eIndenix(G l BPa   fAuxilium( G n  fa  98cp? pt 6$115 o  f$a  98cp? 5$70 p  f|a  98cp?T 5$86 q  f4a  98cp?W 5$86 r  fa  98cp?TB" 5$86 s  f!a  98cp?$  5$58 t  f\%a  98cp?TI )  5$86 u  f)a  98cp?T  5$86n ϐ 8fA 170%" \ n А 8fA 170%" ( n ѐ 8fA 170%" g n Ґ 8fA 170%" , n Ӑ 8fA 170%"  n Ԑ 8fA 170%" L n Ր 8fA 170%"  n ֐ 8fA 170%" O n א 8fA 170%"  n ؐ 8fA 170%"  g n ِ 8fA 170%" R 4 n ڐ 8fA 170%" s n ې 8fA 170%" 8 n ܐ 8fA 170%"  n ݐ 8fA 170%"  O n ސ 8fA 170%"  n ߐ 8fA 170%" [ n  8fA 170%"   n  8fA 170%" r n  8fA 170%" 7 n  8fA 170%" v n  8fA 170%" C n  8fA 170%"   n  8fA 170%" Z :B  3  :B  3 1  :B  3 1  :B  3 1  :B  3 1:B  3 1:B  3 1:B  3  z :B  3 1   W <d:a d D  H$0.0(G   X <?a q ~D  I$25.0(G   Y <Ca w ~D  I$50.0(G   Z <=a ~D I$75.0(G   [ <4Fa RD J$100.0(G   \ < $300 mm.vvH  0޽h ? ̙33___PPT10i.2@+D=' = @B +3 22C p2(  B  Za  98cp?2& 6Life Science Sector Review 2004 BioPharma IPO ActivityD7    3 ra  98cp?y  FIPO market cap ($mm)  P 0a T] j"Shares offered/ shares outstanding#!# H Q 00a p\ K17%!% R 0a wj\ K12%!%  BA v? ?*LU v a 8 P> \B  # lD98cp?P B  # lD98cp?P>F P>  hB  # lD98cp?P B  # lD98cp?P>   f|a  98cp?Mvz 6$809   fa  98cp?M6: 6$669   fa  98cp? 6$454   fa  98cp?(  6$271   fLa  98cp? v 6$284   fa  98cp?AEk 6$348   fla  98cp?A 6$357   fa  98cp?? 6$418   fa  98cp?; 6$327   fa  98cp?m6 :  6$255   fa  98cp?  6$212   fa  98cp? 2  6$178   fa  98cp? l p k  6$167   fa  98cp? - 1  6$160 ”  fa  98cp?   6$155 Ô  fa  98cp?/   6$150 Ĕ  f@a  98cp?Y pt  6$142 Ŕ  fa  98cp?k 15  6$136 Ɣ  fa  98cp? #  6$125 ǔ  fa  98cp? #  6$123 Ȕ  f0a  98cp? hl=  6$118 ɔ  fa  98cp? (,=  6$118 ʔ  fa  98cp? C  6$116 ˔  fDb  98cp? I  6$116 ̔ 0b +\ K19%!% ͔ 0b \ K23%!% ϔ 0(b  ^Y K22%!% Д 0b  eXY K22%!% є 0'b  % Y K23%!% Ҕ 06b   Y K23%!% Ӕ 0P8b  R b K22%!% Ԕ 0@b b U b K21%!% Ք 0Ib  b K23%!% ֔ 0Rb  b K25%!% ה 0[b  O_ K25%!% ؔ 0db \ O_ K22%!% ٔ 0nb _ K27%!% ڔ 0vb _ K29%!% ۔ 0b h K24%!% ܔ 0b M@h K26%!% ݔ 0b  h K28%!% ޔ 0b e K29%!% ߔ 0b e K30%!%  0̬b M@e K28%!%  0b e K26%!%  0ؾb f K26%!%   fb  98cp?{?( 3$ B  3 rD98cp?P  @   `tb  XX?iFP  X HAVE s   `lb  XX?iV * hHAVE NOT s    fb  98cp?#A MSource: Company SEC filings   ZDb  98cp? i5The actual post-IPO market caps are much more varied.66B  3 rDo98cp?    Z\b  98cp?` p K$300 million market cap H  0޽h ? ̙33___PPT10i.qp)e+D=' = @B +$ ##>t]1#(   l y$ Zb  98cp?2 & Life Science Sector Review Public vs. Private Financings (1997  2004 YTD)2K 0 '] # lb  98cp?h  Fdollars raised ($mm)  (]  `98cp?( )] C A 98cp?70%"  *]  fb  98cp?LN @IPO financings  +]  f]  fd  98cp? p  F T$6,490 $2,872! I: A] 3 1 ) : B] 3   : C] 3 7 T : D] 3 @  : E] 3 s Q : F] 3 s  : G] 3 m | h H] s 2A 70%" P c : I] 3 O Y h J] s 2A 70%"  , : K] 3  & h L] s 2A 70%"  V : M] 3  T h N] s 2A 70%"  : O] 3   h P] s 2A 70%" t : Q] 3 r h R] s 2A 70%" % L : S] 3 $ O h T] s 2A 70%" ! y : U] 3 $ | 4B V] #  4B W] #   4B X] #   4B Y] # 4B Z] # 4B [] # 4B \] #    ]] <-d  #  H$0.0(G   ^] <l2d    L$2,000.0( G   _] <t7d   L$4,000.0( G   `] <2 GLife Science Sector Review Capital Market Implications for M&A ActivityDH ,9  Zd  98cp?&P {M&A activities will take on an increasingly important role as early-stage companies adapt to trends in the capital markets.||8  Zd  98cp?pV fIncreased activity among public companies to gain increased critical mass and public market relevance.gm }g:  Zpd  98cp?$ 0  hPlatform-centric companies using M&A as a transitional strategy towards product-oriented business model.im }i.   Zd  98cp? t  \Venture-backed companies using M&A as primary exit strategy for current portfolio companies.]m }]H  0޽h ? ̙33___PPT10i.4.+D=' = @B +  v(  d  Z$d  98cp?>2 zLife Science Sector Review M&A Activity  Concluding ThoughtsD> "  Ztd  98cp?  HHighly advisable to integrate M&A considerations proactively into corporate strategy. Guard against the  ostrich phenomena strategy of avoidance. Take an agnostic position as to which side of a transaction (buy/sell) is preferred.Hm }V=UH  0޽h ? ̙33___PPT10i.@ŅY+D=' = @B + @K(    Zd  98cp?Z- $ The Inevitability of M&A Biotechnology Industry Dynamics and Implications for GrowthX<( <    fd  98cp?C"?\F 0 GNovember 12, 2004    fd  98cp?C"?\ 0 DWashington, DCB  # lDjJ98cp? *   fld  98cp?C"? ^  t>Biotech Management Institute Third Annual Meeting on Financing??   ` 98cp?` 0 H  0޽h ? ̙33___PPT10i.A g+D=' = @B +40 PD(  X  C D   '  S D1D   ' FI'd like to thank the Biotech Management Institute for opportunity to present at this - the 3rd Annual Meeting on Financing Title of talk "The Inevitability of M&A" reflects industry in transition Very rich subject - hope to do it justice in a 30 minute talkH  0޽h ? 3380___PPT10.FdB ?0 `(  X  C D   z   S Xs D 0  z   H  0޽h ? 3380___PPT10.:0 zp(  X  C D   s z  S z D   s  vBegin by framing discussion w/i proper historical context. BUT  Current venue for this speech Recent events Thought it necessary to make certain modifications to this slide first. P<-xH  0޽h ? 3380___PPT10.аb<0 r(  X  C D   z   S |.z D 0  z  tHere is a graph of productivity trends in the pharmaceutical industry Pharma appreciated for some time that R&D productivity declining Development initiatives not providing the same levels of returns More dollars being spent to generate less revenue So what do you do?GH  0޽h ? 3380___PPT10.-&>0 [S(  X  C D   z S  S dnz D ~  z f^___PPT9@8 In response, pharma industry began to outsource discovery activities to biotech companies disaggregation of the value chain Enable pharma to focus on downstream commercialization - sales, marketing (incr DTC advertising) Shift in development strategy coincided with a wave of new technologies and scientific advances (age of the genome) Rules based biotech discovery to complement pharma's commercialization prowess Alliances appealed to the more conservative nature of pharma industry Z"&FZ"a    t    O    H  t G>R  hH  0޽h ? 3380___PPT10. =0 (  X  C D   z   S (z D 0  z  In consequence was a ground swell in alliance formation Trend seems to have peaked as the genome project neared completion Activity has since backed off somewhat As alliance activity has waned, M&A activity ramped up considerably WHY?x9C'DH  0޽h ? 3380___PPT10.+W@0 ,$(  X  C D   z $  S z D 0  z  Great number of alliances did not involve products per se - rather technologies to develop products Once bloom was off genomics rose - with pharma pipelines in even more dire shape Pharma has had to target product opprtunities and act aggressively Translation - acquire not license23>$ 9pH  0޽h ? 3380___PPT10.P?A0 (  X  C D   z   S $z D 0  z  IThis analysis of the pharma industry then sets the stage for us to better understand M&A activity in the biotech industry M&A activity will likely evolve from three distinct company types Focus on the 3rd group - the emerging biotech group - and the motivations driving M&A activity here - likely more relevant to this audienceJJ/H  0޽h ? 3380___PPT10.`B0 _W(  X  C D   z W  S z D   z  oM&A in this third sector - largely driven in reaction to the capital markets (these companies a long way from profitability) If financing available, bias to maintain independent But changes to the securities industry will also likely be a significant driver of M&A going forward Influences of the public markets on the venture community also needs to be consideredP~6~68hH  0޽h ? 3380___PPT10.< <C0 L(  X  C D   z   S z D 0  z  NTrends we are seeing in the capital markets are Larger market caps are required to be a truly viable public company - influence of institutional buyers Bar to go public continues to be raised In reaction - first venture dollars coming in at decidedly later development stage (witness - $250 MM KKR financing of Jazz Pharma) These characteristics evidence an industry in transition - a sign of the natural progression of industry evolution - of maturation81?H  0޽h ? 3380___PPT10.3R90  .(   X   C D   z    S z D 0  z  0Let's look at the numbers A public market biotech boom generally comes in roughly 4-year cycles - (1 peak year + 3 valley) From a macro perspective, the financing history of the last few years has proven no different With one exceptionH   0޽h ? 3380___PPT10. 0 h`(  X  C D   z `  S | D   z  The trough from mid '02 to Q4 '03 was not Sun Valley - more like Death Valley - no soft landing Led to investor soul searching Is it true that there are too many companies, with too little cash, too light on management, with too few products to remain viable independent entities? Recent experience has left more sophisticated biotech investors thinking this is likely the case Appetite for early-stage development companies has changedH  0޽h ? 3380___PPT10.y70 # (  X  C D   |   S H| D 0  |  sThere have been huge changes in the way the securities industry operates Research - Sarbanes/Oxley impacts - cost center Sales & Trading - decimalization; institutional impact; profit neutral Investment banking - key profit driver - economics (i.e. fees generated) uncertain if company < $300 mm Consistency of that message is striking - let's look at the S-1 filingsttH  0޽h ? 3380___PPT10.`A50 @80(  X  C D   | 8  S /| D 0  |  FLooking at all the biotech companies to go public in 2004 - that the range of amounts to be raised would be that tight  And by inference - given the shares issued at IPO represent 20% to 25% of the shares outstanding - that each company has a market cap in the $350 to $400 mm range In light of the variety of technologies, business models, and development stages these companies represent Is just unbelieveable. @ZZ  H  0޽h ? 3380___PPT10.Psz60 QI@(  X  C D   | I  S HK| D 0  |  And by the time these deals actually price (and others didn't price), the markets have said as much What then happens is a segregation of companies into the have's and have nots Have's - stock has liquidity, company has strong following in research community, has currency to drive growth Have Not's - no coverage, limited liquidity, burdened by public market shackles - CEO ruing the decision to go public Once trapped with the Have-Not's, very difficult to move up.xdNov=b oH  0޽h ? 3380___PPT10.'0 zP (   X   C D   | z   S Q| D 0  |  These trends aren't lost on the venture community Have to be sensitive to public market trends - this is their exit Have to adjust their investment strategy in reaction to the direction of the public markets.H   0޽h ? 3380___PPT10.GHD0 `$(  $X $ C D   |  $ S Hw| D 0  |  What does all of this mean? 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