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HBM Pharma/Biotech M+A Report - List of Transactions Since 2005

Information on "VC/PE-Investment", "Clinical Stage" and "Therapeutic Area" only complete for VC/PE-backed companies

Year

Target company

Country

Public / private

VC/PE

Buyer

Country

Upfront Deal Value ($m)

Total Deal Value ($m)

VC/PE Investment ($m)

Cash / shares

Clinical Stage of Lead Product

Therapeutic Area(s) of Target Company

2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005

Hexal Pharma (Eon Labs) Abgenix Vicuron Transkaryotic Therapies Fournier Pharma ID Biomedical Eyetech Agis Industries Viatris Bone Care Berna Biotech ESP Pharma Zeneus Corixa FEI Women's Health Idun Pharmaceuticals Xcel Pharmaceuticals Syrrx Docpharma Peninsula TransForm Pharmaceuticals AaiPharma InKine Arakis Glycart Guilford Pharmaceuticals Salmedix Orphan Medical Control Delivery Systems Neopharma Igeneon Bioren Evotec Neurosciences Lorantis Xenova Cellective Therapeutics Aerogen Cita NeuroPharmaceuticals Alteris Ionix Pharmaceuticals Afmedica Aptamera ActivX Biosciences Greenwich Therapeutics Angiosyn Cambridge Biotechnology

G US US US F US US Israel G US CH US UK US US US US US B US US US US UK CH US US US US S A US CH UK UK US US Canada US UK US US US US US UK

Private Public Public Public Private Public Public Public Private Public Public Private Private Public Private Private Private Private Private Private Private Public Public Private Private Public Private Public Private Private Private Private Private Private Public Private Public Private Private Private Private Private Private Private Private Private

PE

VC PE

VC PE VC VC VC

VC VC VC VC VC VC VC VC VC VC

VC VC VC VC VC VC

Novartis Amgen Pfizer Shire Solvay GSK OSI Perrigo Meda Genzyme Crucell Protein Design Labs Cephalon GSK Duramed/Barr Pfizer Valeant Takeda Matrix Laboratories Johnson & Johnson Johnson & Johnson Xanodyne Pharmaceuticals Salix Sosei Roche MGI Pharma Cephalon Jazz Pharmaceuticals pSividia Solvay Aphton Pfizer Evotec Celldex Celtic Pharma Development MedImmune Nektar Therapeutics Vernalis Celldex Vernalis Angiotech Antisoma Kyorin VioQuest Pfizer Biovitrum

CH US US UK B UK US US S US NL US US UK US US Canada J India US US US US J CH US US US Aus B US US G US UK US US UK US UK US UK J US US S

8300 2600 1900 1600 1440 1400 935 818 738 600 446 379 360 301 282 280 280 275 263 245 230 209 190 186 181 178 160 122 104 93 81 80 54 53 47 40 32 30 25 22 22 21 21 20 15 14

8300 2600 1900 1600 1938 1400 935 818 738 600 446 379 360 301 282 280 280 275 263 245 230 209 190 186 181 212 200 140 104 93 81 80 54 53 47 160 32 65 25 30 22 21 21 20 527 14

33 57 142 60 80 20 100 88 135 93 80 90 20 82 34 10 68 28 80 26 54 42 3 39 2 20

Cash Cash Cash Cash Cash & shares Cash Shares Cash & shares Cash Cash Cash Cash Cash Cash Cash Cash Shares Cash & shares Cash Cash & shares Cash Shares Cash Shares Cash Shares Shares Cash Cash Cash & shares Cash Cash & shares Shares Cash Shares Cash Shares Cash Cash

Generics

Metabolic, cardiovascular Vaccines Various Respiratory, pain Vaccines Cardiovascular, various Oncology Vaccines Women's health Anti-infectives CNS Metabolic, various Various Anti-infectives Services GI Respiratory, inflammation, pain

Market

Market Market

2 Market 1 3 2

2 Pre-clinical 2 Market Approval pend 3 Pre-clinical Pre-clinical Pre-clinical Pre-clinical

Oncology Ophtalmology, drug delivery CNS Oncology Various CNS Autoimmune Oncology, various Oncology, autoimmune CNS Oncology Pain, CNS Various Oncology Various Oncology Ophtalmology Pain

n.a. n.a. 1 Pre-clinical Pre-clinical Pre-clinical

HBM Partners AG / July 2012

Page 1

HBM Pharma/Biotech M+A Report - List of Transactions Since 2005

Information on "VC/PE-Investment", "Clinical Stage" and "Therapeutic Area" only complete for VC/PE-backed companies

Year

Target company

Country

Public / private

VC/PE

Buyer

Country

Upfront Deal Value ($m)

Total Deal Value ($m)

VC/PE Investment ($m)

Cash / shares

Clinical Stage of Lead Product

Therapeutic Area(s) of Target Company

2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006

Survac Sirenade Trinity Labs GemVax Delex Therapeutics Targeted Molecules Bioxalis Medica APS Pharma Inovio Auvation Echelon Nurel Therapeutics SansRosa Artesian Therapeutics Allerbio Amedis Pharmaceuticals Celogos Eukarion G2M Cancer Drugs Hematech Hormos Medical IBFB Pharma Metagen Metaphore Microscience Morphochem Psychenomics WE Pharmaceuticals Schering AG Serono Ivax Schwarz Pharma Altana Pharma Chiron KOS Myogen Pliva ICOS Andrx Sirna (Ribozyme) Cambridge Antibody Technology Tanox AnorMed Betapharm NeuTec Pharma Domantis

DK G US S Canada US Canada G Norway UK US US US US F UK F US G US Fin G US US UK G US US G CH US G G US US US Croatia US US US UK US US G UK UK

Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Public Public Public Public Public Public Public Public Public Public Public Public Public Public Public Private Public Private

VC VC

VC

VC VC VC

VC

VC VC VC VC

PE VC

Merck KGaA KeyNeurotek Jubilant Organosys Pharmexa YM BioSciences Chromos Ambrilia ProStrakan Genetronics EiRx Aeterna Zentaris Diamyd Medical CollaGenex Cardiome Pharma ALK-Abello Paradigm Therapeutics HR Pharma SA Proteome Systems TopoTarget Kirin Quatrx Curacyte Esprit Pharma ActivBiotics Emergent BioSolutions Biovertis Novasite airPharma Bayer Merck KGaA Teva UCB Nycomed Novartis Abbott Laboratories Gilead Sciences Barr Pharmaceuticals Eli Lilly Watson Pharmaceuticals Merck & Co AstraZeneca Genentech Genzyme Dr Reddy Novartis GSK

G G India DK Canada Canada Canada UK US UK Canada S US Canada DK UK F Aus DK J US G US US US A US US G G Israel B DK CH US US US US US US UK US US India CH UK

13 9 8 5 5 4 4 3 3 3 3 2 1

13 9 8 10 20 4 4 3 10 3 6 2 4 64

21500 13500 7400 5700 5345 5100 3700 2500 2500 2300 1900 1100 1070 922 580 570 566 454

21500 13500 7400 5700 5345 5100 3700 2500 2500 2300 1900 1100 1070 922 580 570 566 454

1 Cash 11 Cash Cash Cash Shares Cash Cash - Cash & shares Shares Shares Shares 1 Cash 12 Cash 7 Shares 10 Cash 93 Shares 80 Shares 80 Shares Cash Cash - Cash & shares Cash - Cash & shares Cash Cash 132 Cash 33 Cash Cash 40 Cash Cash 55 25 Cash 150 Cash 14 Cash 83 Cash

Pre-clinical 1

Oncology CNS Various Oncology Oncology Oncology Anti-infectives Oncology Oncology Pain, metabolic Dermatology Cardiovascular

Pre-clinical Pre-clinical n.a.

Pre-clinical

Various Oncology Women's health Various Urology Anti-infectives Anti-infectives CNS Various Various Generics Cardiovascular, GI, CNS

3 Pre-clinical 2 n.a.

Cardiovascular Cardiovascular Generics Erectile dysfunction Various Ophalmology

Market Pre-clinical

Oncology Generics Various

HBM Partners AG / July 2012

Page 2

HBM Pharma/Biotech M+A Report - List of Transactions Since 2005

Information on "VC/PE-Investment", "Clinical Stage" and "Therapeutic Area" only complete for VC/PE-backed companies

Year

Target company

Country

Public / private

VC/PE

Buyer

Country

Upfront Deal Value ($m)

Total Deal Value ($m)

VC/PE Investment ($m)

Cash / shares

Clinical Stage of Lead Product

Therapeutic Area(s) of Target Company

2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006

Corus Pharma US Cotherix US GlycoFi US Rinat Neuroscience US PowderMed UK Avidia US Innovata UK Fumapharm CH Kudos UK Conforma US Pinewood Ireland Valera US Douglas Laboratories Canada Novosis G Abmaxis US Avidex UK Cabrellis Pharmaceuticals Corporation US Jaba Pharmaceutica Portugal SBL Vaccine AB S Cellpep F Carlsson Research S Eximias US MarcoMed US Sirius US Miikana US RXKinetix US Montigen US DnAge NL Vela Pharmaceuticals US Saegis US Haptoguard US AirPharma US Urdur Iceland Nobex US Alamo Pharmaceuticals US ProlX US Segix Pharma Italy Cutanogen US TheraPei Pharmaceuticals US MNL Pharma UK IviGene US Sciencom UK 4AZA B Athelas CH Bittner Pharma Group A CareX F

Private Public Private Private Private Private Public Private Private Private Private Public Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private

VC VC VC VC VC

VC VC

VC VC VC VC VC VC VC

VC VC VC VC VC

VC

VC

VC VC

Gilead Sciences Actelion Merck & Co Pfizer Pfizer Amgen Vectura Biogen Idec AstraZeneca Biogen Idec Wockhardt Indevus Atrium Schweizerhall Merck & Co MediGene Pharmion Recordati Crucell Procyon NeuroSearch YM BioSciences Protherics DUSA Pharmaecuticals EntreMed Endo Pharmaceuticals SuperGen Pharming Pharmos Lundbeck Synvista (former Alteon) Meldex DeCode Genetics Biocon Avanir Pharmaceuticals Biomira Mendex (former Bioprogess) Cambrex Forbes Medi-Tech Summit Oragenics Regen Therapeutics Elbion Merlion Omega Pharma 7TM

US CH US US US US UK US UK US India US Canada CH US G US Italy NL Canada DK Canada US US US US US NL US DK US UK Iceland India US Canada UK US Canada UK US UK G Singapore B DK

420 417 400 400 300 290 234 230 210 150 150 120 100 82 80 62 59 57 50 39 33 29 25 22 21 20 18 18 18 14 9 8 6 5 4 3 2 2 1 1

420 417 400 400 400 380 234 500 210 250 150 120 100 98 80 62 59 57 50 39 122 29 25 30 21 115 40 18 18 15 9 8 6 5 29 18 2 6 50 1

150 67 40 80 45 80 80 60 35 10 72 34 15 20 95 8 35 3 60 51 81 36

Cash Cash Cash Cash Cash Cash Shares Cash Cash Cash Cash Shares Shares Cash & shares Cash Shares Cash Cash Cash Shares Cash Cash & shares Shares Cash & shares Shares Cash Cash & shares Shares Cash & shares Cash Shares Cash & shares Shares Cash Cash Cash & shares Cash & shares Cash Cash & shares Cash Shares Cash Shares Shares -

3 Pre-clinical 2 2 1

1 1

Pre-clinical 1 2 Market Approval pend Pre-clinical 3

1 2 Pre-clinical 2 2

Respiratory Cardiovascular Various CNS Vaccines Autoimmune Respiratory CNS Oncology Oncology Various Oncology, urology Various Various Drug discovery Autoimmune, RA Oncology Various Vaccines Oncology CNS Oncology Oncology Dermatology Oncology Oncology Oncology Metabolic, CNS Autoimmune CNS Cardiovascular Oncology Metabolic CNS Oncology Wound care Metabolic Oncology Various CNS Anti-infectives Various Metabolic

Pre-clinical

Pre-clinical Pre-clinical

HBM Partners AG / July 2012

Page 3

HBM Pharma/Biotech M+A Report - List of Transactions Since 2005

Information on "VC/PE-Investment", "Clinical Stage" and "Therapeutic Area" only complete for VC/PE-backed companies

Year

Target company

Country

Public / private

VC/PE

Buyer

Country

Upfront Deal Value ($m)

Total Deal Value ($m)

VC/PE Investment ($m)

Cash / shares

Clinical Stage of Lead Product

Therapeutic Area(s) of Target Company

2006 2006 2006 2006 2006 2006 2006 2006 2006 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007

Combinature Ellipsis Neurotherapeutics Ethimed Hamlet Pharma Nura Proventiv Q-RNA Talisker Vivacs Medimmune Organon MGI Pharma Pharmion New River Reliant Pharmaceuticals Aspreva MedPointe Inc Madaus Pharma Cerexa Adnexus Ilypsa Agensys NovaCardia Recip Bradley Pharmaceuticals, Inc. Bioenvision Morphotek Hypnion Alantos Pharmaceuticals Negma Laboratories Coley Orphan Europe Nabi Biologics Renovis Arrow Therapeutics Biolipox Biorexis JDS Pharmaceuticals Alliant Pharmaceuticals Abrika Pharmaceuticals Biopartners Holdings Therapeutic Human Polyclonals Praecis Forsight Newco II Syntonix Brookwood

G Canada B S US US US UK G US NL US US US US Canada US G US US US US US S US US US US US F US F US US UK S US US US US CH US US US US US

Private Private Private Private Private Private Private Private Private Public Public Public Public Public Private Public Private Private Private Private Private Private Private Private Public Public Private Private Private Private Public Private Public Public Private Private Private Private Private Private Private Private Public Private Private Private

VC VC VC VC

VC

PE PE VC VC VC VC VC

VC VC VC

VC VC VC VC

VC VC VC VC

Merlion Transition Therapeutics Ranbaxy Natimmune Omeros Cytochroma Neuro Hitech EUSA Pharma Emergent BioSolutions AstraZeneca Schering-Plough Eisai Celgene Shire GSK Galenica Meda Rottapharm Forest Laboratories Bristol-Myers Squibb Amgen Astellas Pharma Merck & Co Meda Nycomed Genzyme Eisai Eli Lilly Amgen Wockhardt Pfizer Recordati Biotest Evotec AstraZeneca Orexo Pfizer Noven Sciele Pharma Actavis Bioton Roche GSK QLT Biogen Idec Surmodics

Singapore Canada India DK US Canada US UK US UK US J US UK UK CH S Italy US US US J US S CH US J US US India US Italy G G UK S US US US Iceland Polen CH UK Canada US US

15219 14400 3900 2598 2498 1650 915 790 660 493 430 420 387 350 350 346 345 325 315 300 265 200 191 185 152 150 134 130 125 110 110 78 56 55 42 40 40

15219 14400 3900 2600 2500 1650 915 790 660 593 530 420 520 350 350 346 345 325 315 300 265 200 191 185 152 150 134 130 125 172 110 78 56 55 82 120 62

17 Cash 5 Shares 10 Shares Shares 12 570 Cash Cash 400 Cash & shares Cash 66 Cash 80 Cash 70 Cash 110 Cash 94 Shares - Cash & shares Cash 82 Cash 87 Cash 60 Cash Cash Cash Cash Cash Shares 73 Cash 60 Shares 42 Cash 62 Cash Cash Cash 100 Shares 12 Cash Cash Cash 52 Cash Cash

Pre-clinical Pre-clinical n.a. n.a.

Anti-infectives CNS Oncology CNS Metabolic CNS CNS, pain Vaccines Respiratory

Market

Market Market 2 1 2 1 3

Cardiovascular Respiratory, pain Anti-infectives Oncology Renal disorders Oncology Cardiovascular Various Dermatology Oncology, inflammation CNS Metabolic Inflammation, cardiovascular, womens' health Orphan diseases Various Inflammation, pain Anti-infectives Metabolic CNS Pediatrics Various Various Oncology

2 2 2

2 Pre-clinical Pre-clinical Market

Approval pend Pre-clinical Pre-clinical Pre-clinical

Blood disorders Various, drug delivery

HBM Partners AG / July 2012

Page 4

HBM Pharma/Biotech M+A Report - List of Transactions Since 2005

Information on "VC/PE-Investment", "Clinical Stage" and "Therapeutic Area" only complete for VC/PE-backed companies

Year

Target company

Country

Public / private

VC/PE

Buyer

Country

Upfront Deal Value ($m)

Total Deal Value ($m)

VC/PE Investment ($m)

Cash / shares

Clinical Stage of Lead Product

Therapeutic Area(s) of Target Company

2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2008 2008 2008 2008 2008 2008 2008 2008

ORCA Pharm Morton Grove Oxxon Derms Development DanioLabs Neuro 3D GeneMedix Pharmelle Systems Medicine Cardiff ProTides & Biologicals Apoxis Fermavir Acorus Therapeutics Inpharmatica Iconix VitaFlow PharmaForm NeuroMedix Antigen Laboratories Illumigen Biosciences Pelias SourceCF Mytogen Align Holdings Hamilton Pharmaceuticals Rosanto Pharmaceuticals TLT Medical Complex Biosystems Haptogen Ingenium Intronn Lareq Pharma LymphoSign OPI SA Paradigm Therapeutics Proreo Pharma SalPep Surface Therapeutics Alcon (Option) Millennium Barr Pharmaceuticals Imclone APP Pharmaceuticals Adams Respiratory Alpharma Sciele

G US UK UK UK F UK US US UK CH US UK UK US S US US US US A US US US NL UK CH G UK G US Spain Canada F UK CH Canada UK US US US US US US US US

Private Private Private Private Private Private Public Private Private Private Private Public Private Private Private Private Private Public Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Public Public Public Public Public Public Public Public

VC VC VC VC

VC VC

VC VC

VC VC

VC VC VC VC VC

Barr Pharmaceuticals Wockhardt Oxford BioMedica York Pharma Summit Evotec Reliance Life Scicences Azur Pharma Cell Therapeutics Morvus Technology TopoTarget Inhibitex Maelor Galapagos Entelos Navamedic Akela Pharma Transition Therapeutics Planet Technologies Cubist Intercell Eurand Advanced Cell Technology Cyclacel Neuren York Pharma Arpida Ascendis Pharma Wyeth Probiodrug VIRxSYS Apotex Aegera Therapeutics EUSA Pharma Takeda Specialty European Pharma Atheromedix Serentis Novartis Takeda Teva Eli Lilly Fresenius Kabi Reckitt Benckiser King Pharmaceuticals Shionogi

US India UK UK UK G India Ireland US UK DK US UK B UK Norway Canada Canada US US A NL US UK US UK CH DK US G US US Canada UK J UK Canada UK CH J Israel US G UK US J

39 38 31 30 29 29 28 28 20 20 19 19 16 15 14 14 12 11 10 9 9 7 5 4 4 4

46 38 31 35 29 29 28 28 35 20 19 19 26 15 39 14 12 11 10 341 9 7 5 4 4 4 48

11000 8200 7460 6500 3700 2300 1700 1400

11000 8200 7460 6500 4600 2300 1700 1400

36 18 84 7 31 80 60 15 11 4 12 16 49 -

Cash Cash Shares Shares Cash & shares Shares Shares Shares Shares Shares Shares Cash & shares Shares Cash Cash & shares Shares Shares Cash Shares Cash Shares Cash Shares Shares Cash & shares Shares Shares Cash Shares Cash Cash Cash & shares Cash Cash Cash Cash Cash

2 Market n.a. Pre-clinical

Pre-clinical 2

Pre-clinical n.a.

Oncology, generics Dermatology Oncology, anti-infectives Dermatology CNS, ophtalmology CNS Various Women's health Oncology Oncology Oncology Anti-virals Various, blood Various Metabolic, women's health Various Allergy Anti-infectives Vaccines Respiratory Cardiovascular Oncology CNS Inflammation Anti-infectives Metabolic Various

Pre-clinical 1

Pre-clinical Pre-clinical Pre-clinical 1 Pre-clinical

Oncology Oncology CNS, various Cardiovascular Dermatology Ophalmology Oncology Generics Oncology Various OTC, cough Cardiovascular, diabetes

HBM Partners AG / July 2012

Page 5

HBM Pharma/Biotech M+A Report - List of Transactions Since 2005

Information on "VC/PE-Investment", "Clinical Stage" and "Therapeutic Area" only complete for VC/PE-backed companies

Year

Target company

Country

Public / private

VC/PE

Buyer

Country

Upfront Deal Value ($m)

Total Deal Value ($m)

VC/PE Investment ($m)

Cash / shares

Clinical Stage of Lead Product

Therapeutic Area(s) of Target Company

2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008

Axcan Pharma Inc Canada Speedel CH Sirtris US Acambis (ex Peptide Therapeutics) UK Jerini G Lev Pharmaceuticals US Omrix US CollaGenex US CoGenesys US ProTherics UK Tercica US Bentley US CovX US Direvo G Dow Pharmaceutical US Draxis Canada Kosan US U3 Pharma G Serenex US Encysive US Arius Canada Iomai US Piramed UK Barrier US Mirus Bio US Protez US Prestwick US Coria Laboratories US Interpharm Holdings US SGX US Pharmacopeia US Xanthus Canada Actimis US Oryx Canada Memory Pharmaceuticals US Protein Sciences US Axicorp G Protiva Biotherapeutics US Proprius Pharmaceuticals US Adenosine Therapeutics US Thiakis UK Elbion G Cytogen US CeNeS UK OncoGenex Canada AMBI / MCR Pharmaceuticals US

Public Public Public Public Public Public Public Public Private Public Public Public Private Private Private Public Public Private Private Public Public Public Private Public Private Private Private Private Public Public Public Private Private Private Public Private Private Private Private Private Private Private Public Public Private Private

VC

VC VC VC

VC VC

VC

VC VC

VC VC

VC VC VC VC VC VC

VC

TPG Capital Novartis GSK Sanofi Shire ViroPharma Johnson & Johnson Galderma Pharma Teva BTG Ipsen Teva Pfizer Bayer Valeant Jubilant Organosys Bristol-Myers Squibb Daiichi Sankyo Pfizer Pfizer Roche Intercell Roche Stiefel Roche Novartis Biovail Valeant Amneal Eli Lilly Ligand Antisoma Boehringer Ingelheim Sepracor Roche Emergent BioSolutions Biocon Tekmira Pharmaceuticals Cypress Bioscience Clinical Data Wyeth Biotie EUSA Pharma Paion Sonus Neuro Hitech

US CH UK F UK US US CH Israel UK F Israel US G Canada India US J US US CH A CH US CH CH Canada Canada US US US UK G US CH US India Canada US US US Fin UK G US US

1300 1000 720 550 517 443 438 420 400 390 373 360 300 300 285 255 235 234 200 195 190 189 160 148 125 100 100 95 68 64 59 53 50 50 50 48 43 40 38 33 30 26 23 20 12 12

1300 1000 720 550 517 617 438 420 400 390 373 360 500 300 285 255 235 234 200 195 190 189 175 148 125 400 100 95 68 64 74 53 515 70 50 78 43 40 38 63 150 26 23 20 20 12

180 180 15 83 45 55 70 40 120 52 85 65 25 25 120 130 25 80 20 10 17 15 18 18 50 28 -

Cash Cash Cash Cash Cash Cash & shares Cash Cash Cash Shares Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash & shares Cash Cash Cash Cash Cash Cash Cash Cash Cash & shares Shares Cash Cash Cash Cash & shares Cash Shares Cash Cash & shares Cash Shares Cash Shares Shares Cash & shares

GI Metabolic, endicronology Anti-infecties, vaccines Orphan diseases Inflammation, orphan Dermatology Oncology Acute care Metabolic Generics Various Various Dermatology Various Oncology Oncology Oncology Cardiovascular Oncology, inflammation Vaccines Oncology Dermatology Various Anti-infectives CNS Dermatology Various Oncology Oncology Respiratory Various CNS, Alzheimer Vaccines Various Various Autoimmune Various Metabolic, diabetes CNS, inflammation Oncology CNS, pain Oncology Anti-infectives

1 Pre-clinical Market

Pre-clinical 1

2 Market

3 1

3 Pre-clinical 2 2 1 1

HBM Partners AG / July 2012

Page 6

HBM Pharma/Biotech M+A Report - List of Transactions Since 2005

Information on "VC/PE-Investment", "Clinical Stage" and "Therapeutic Area" only complete for VC/PE-backed companies

Year

Target company

Country

Public / private

VC/PE

Buyer

Country

Upfront Deal Value ($m)

Total Deal Value ($m)

VC/PE Investment ($m)

Cash / shares

Clinical Stage of Lead Product

Therapeutic Area(s) of Target Company

2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009

Hunter-Fleming Neosil Virium Amnestix Innovive Lymphatix Oy Axordia Cellgate Virexx Somanta Cartela ABR Biodevelops Clinical Designs Cognitive Ganymed Nucleonics ProEthic Pharmaceuticals Raven Biotechnologies V-Clip Wyeth Genentech Schering Plough Stiefel Laboratories Zentiva Sepracor Medarex Arrow Generics CV Therapeutics Ebewe Pharma Cougar Biotechnology Ovation Swedish Orphan Indevus (Interneuron) Noven Pharmaceuticals Novexel Gloucester OM Pharma Goldshield Group Proteolix BiPar Sciences Esbatech Life Health Fovea Insmed (Biologics) Tillotts Pharma

UK US US US US Fin UK US Canada US S US A UK US G US US US US US US US US CZ US US UK US A US US S US US F US CH UK US US CH UK F US CH

Private Private Private Private Public Private Private Private Public Public Private Private Private Private Private Private Private Private Private Private Public Public Public Private Public Public Public Private Public Private Public Private Private Public Public Private Private Private Public Private Private Private Private Private Public Private

VC VC VC

VC

VC

VC VC VC VC

PE

VC VC

VC VC VC VC

Newron Peplin MacroChem Sygnis CytRx Ark Intercytex Progen Paladin Access Pharmaceuticals Hansa Medical Stiefel Axentis Pharma Mundipharma Mithridion ATS Beteiligungen Alnylam Kowa Macrogenics Viral Genetics Pfizer Roche Merck & Co GSK Sanofi Dainippon Sumitomo Bristol-Myers Squibb Watson Pharmaecuticals Gilead Sciences Novartis Johnson & Johnson Lundbeck Biovitrum Endo Pharmaceuticals Hisamitsu AstraZeneca Celgene Galenica Midas Bidco Investor Group Onyx Sanofi Alcon Lundbeck Sanofi Merck & Co Zeria

Italy Aus US G US UK UK Aus Canada US S US CH Bermuda US G US J US US US CH US UK F J US US US CH US DK S US J UK US CH UK US F CH DK F US J

12 7 7 4 3 3 3 2 1 1 1

36 7 7 4 18 3 3 31 3 1 1

66700 46800 42000 3300 2603 2600 2226 1750 1400 1200 1000 600 480 370 368 350 340 330 289 276 200 150 147 132 130 128

66700 46800 42000 3600 2603 2600 2226 1750 1400 1200 1000 900 480 630 368 425 640 330 289 851 500 589 147 540 130 128

35 42 1 85 5 56 120 45 50 150 120 137 142 90 110 65 57 -

Shares Shares Shares Cash & shares Cash & Shares Shares Shares Shares Cash Shares Shares Shares Shares Cash & shares Cash Cash & shares Cash Cash Cash Cash Cash & shares Cash Cash Cash Cash Cash & shares Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash -

Pre-clinical 2 Pre-clinical

CNS Dermatology Oncology CNS Oncology Various Ophtalmology Oncology Anti-infectives Autoimmune Dermatology Orphan diseases Respiratory CNS Oncology Various Oncology Anti-infectives

Pre-clinical

n.a. Pre-clinical Pre-clinical Pre-clinical

Dermatology Generics Respiratory Oncology, melanoma Generics Various Oncology Market Orphan diseases Urology, endocrinology CNS Anti-infectives Oncology Respiratory, diabetis, urinary Generics Oncology Oncology Ophtalmology Huntington Disease Ophthalmology Oncology Inflammation

2 Market

2 2 1 2

HBM Partners AG / July 2012

Page 7

HBM Pharma/Biotech M+A Report - List of Transactions Since 2005

Information on "VC/PE-Investment", "Clinical Stage" and "Therapeutic Area" only complete for VC/PE-backed companies

Year

Target company

Country

Public / private

VC/PE

Buyer

Country

Upfront Deal Value ($m)

Total Deal Value ($m)

VC/PE Investment ($m)

Cash / shares

Clinical Stage of Lead Product

Therapeutic Area(s) of Target Company

2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2010 2010 2010 2010 2010 2010 2010 2010

Corthera US ViroChem Pharma Canada Calixa US Curagen US Cornerstone Therapeutics US IDM Pharma F Genelabs Techn. US Sapphire (Rejuvenon) US BioAssets Development US Targanta Therapeutics US Minrad US CellGenesys US Avigen US Nitromed US Addrenex US Huxley US Magen BioSciences US Neurogen US Prolysis UK Avalon Pharmaceuticals US MacroChem US ECR Pharmaceuticals US Stem Cell Sciences UK Crystax Spain PharmaKodex UK Juvantia Fin Metabasis US Nventa (Stressgen) US Xphase Pharmaceuticals Canada ACE Biosciences DK Amalyte Pharmaceuticals US Apoptos US Helvepharm CH Hermes Biosciences US NeuronIcon DK Travanti Pharma US Tubilux Italy Wound Management Technologies US Alcon US Ratiopharm G OSI Pharma US Valeant US Abraxis BioScience Inc. US Chattem US Qualitest US ZymoGenetics US

Private Private Private Public Public Public Public Private Private Public Private Public Public Public Private Private Private Public Private Public Public Private Public Private Private Private Public Public Private Private Private Private Private Private Private Private Private Public Public Private Public Public Public Public Private Public

VC VC VC

VC VC

VC VC

VC VC VC

VC VC

VC

PE

Novartis Vertex Cubist Celldex Chiesi Takeda GSK Helsinn Cephalon The Medicines Company Piramal BioSante MediciNova Deerfield Management Sciele Pharma BioMarin PPD Ligand Biota Clinical Data Access Pharmaceuticals Hi-Tech Pharmacal StemCells Oryzon Orexo Santhera Ligand Akela Pharma Pacgen Biopharmaceuticals Zymenex Kemin Industries Receptos Sanofi Merrimack Lundbeck Teikoku Pharma Bausch & Lomb BioPharma Management Novartis Teva Astellas Pharma Biovail Celgene Sanofi Endo Pharmaceuticals Bristol-Myers Squibb

CH US US US Italy J UK CH US US India US US US US US US US Aus US US US US Spain S CH US Canada Canada DK US US F US DK J US US CH Israel J Canada US F US US

120 100 93 90 75 75 57 45 43 42 40 38 37 36 29 15 15 11 11 10 8 5 5 5 4 3 2 1 0

620 375 403 90 75 75 57 45 43 100 40 38 37 36 29 61 15 11 11 10 8 9 5 5 8 3 2 1 0

41200 4950 4000 3300 2900 1900 1200 885

41200 4950 4000 3300 3550 1900 1200 885

71 70 15 103 32 95 9 100 27 11 85 17 18 88 6 5 14 21 60 37 28 -

Shares Cash & shares Cash Cash Cash Cash Cash Cash Cash Cash Cash Shares Shares Cash Shares Cash Cash Shares Shares Shares Shares Cash Cash & shares Shares Shares Shares Cash Shares Shares Cash Cash Shares Cash Cash Cash Cash & shares Cash & shares Cash Cash Cash

3 2 2

2 2

Cardiovascular Anti-virals Anti-infectives Oncology Respiratory Oncology Anti-infectives Oncology, GI Inflammatory pain (spine) Antibiotics Oncology Gene therapy Cardiovascular Adrenergic dysregulation

Pre-clinical Pre-clinical

Dermatology Various Antibiotics Dermatology Various

Pre-clinical n.a. 2

Oncology Pain CNS Metabolic, liver disease Anti-viral, HPV

Pre-clinical Pre-clinical Oncology Various generics Oncology CNS

n.a. Pain Ophtalomology Generics Dermatology Oncology Consumer health, OTC OTC, pain, generics HCV

Market

HBM Partners AG / July 2012

Page 8

HBM Pharma/Biotech M+A Report - List of Transactions Since 2005

Information on "VC/PE-Investment", "Clinical Stage" and "Therapeutic Area" only complete for VC/PE-backed companies

Year

Target company

Country

Public / private

VC/PE

Buyer

Country

Upfront Deal Value ($m)

Total Deal Value ($m)

VC/PE Investment ($m)

Cash / shares

Clinical Stage of Lead Product

Therapeutic Area(s) of Target Company

2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010

Mepha Pharma Movetis Bioniche Pharma Facet Biotech Corp. Alaven Aton Pharma Marcadia Biotech Biocompatibles AkaRx BioForm Medical Inc. Ception Therapeutics Arresto Biosciences FoldRx Amerifit Brands Alnara Pharmaceuticals Preglem Angioblast Systems Javelin Pharmaceuticals Penwest Nepentes S.A. CGI Pharmaceuticals Respivert Trubion Pharmaceuticals Laboratoire de la Mer Transave SmartCells TargeGen Inc. VaxDesign Cequent Pharmaceuticals BioXell Everett Laboratories Solstice Symphony Dynamo Heidelberg Pharma Cambridge Laboratories ZyStor Intradigm Corp. Sloning GTC Biotherapeutics LEAD Therapeutics Middlebrook Pharmaceuticals NeutraHealth Humalys SAS Vital Science Corp. DeveloGen AG Symphony Icon

CH B Ireland US US US US UK US US US US US US US CH US US US Poland US UK US F US US US US US Italy US US US G UK US US G US US US UK F Canada G US

Private Public Private Public Private Private Private Public Private Public Private Private Private Private Private Private Private Public Public Public Private Private Public Private Private Private Private Private Private Public Private Private Private Private Public Private Private Private Public Private Public Private Private Private Private Private

PE VC VC VC VC VC PE VC VC

VC VC

VC VC VC VC

VC VC VC VC VC VC VC

VC VC

Cephalon Shire Mylan Abbott Laboratories Meda Valeant Roche BTG Eisai Merz Pharma Group Cephalon Gilead Sciences Pfizer Martek Biosciences Eli Lilly Gedeon Richter Mesoblast Ltd. Hospira Endo Pharmaceuticals Sanofi Gilead Sciences Johnson & Johnson Emergent BioSolutions Omega Pharma Insmed Merck & Co Sanofi Sanofi MDRNA Cosmo Chemo WorldMeds Dynavax Technologies Wilex Pharma Alliance Pharma BioMarin Silence Therapeutics MorphoSys LFB Biotechnologies S.A.S. BioMarin Victory Pharma Elder Pharma Vivalis SA Valeant Evotec Lexicon

US UK US US S Canada CH UK J G US US US US US Hungary Aus US US F US US US B US US F F US Italy Spain US US G UK US UK G F US US India F Canada G US

615 566 550 450 350 318 287 282 255 253 250 225 200 200 180 150 148 145 144 129 120 104 97 96 92 80 75 55 46 41 40 37 28 27 22 22 22 21 18 18 17 15 13 10 10 10

615 566 550 450 350 318 530 282 255 253 250 225 655 200 380 445 148 145 144 129 120 120 136 96 92 500 560 60 46 41 40 37 28 27 26 115 22 21 18 97 17 15 33 10 18 90

18 20 80 80 88 55 80 67 23 107 10 118 52 80 90 50 60 11 39 20 29 55 83 45

Cash Cash Cash Cash Cash Cash Cash Cash & shares Cash Cash Cash Cash Cash Cash Cash Cash Shares Cash Cash Cash Cash Cash Cash & shares Cash Cash & shares Cash Cash Cash Shares Cash & shares Cash Cash Shares Shares Cash & shares Cash Shares Cash Shares Cash Cash Cash Shares Cash Shares Shares

Generics Women's Health Generics Immunology, oncology Gastroenterology, women's Health Market 1 2 2 1 3 Market Approval pend 3 Diabetes Oncology Autoimmune Dermatology, women's health, cosmetics Asthma, autoimmune IPF Consumer health, women's health Metabolic Womens health Various, stemm cells Pain Pain OTC, dermatology, pediatrics, cough/cold Inflammation, autoimmune Asthma, COPD, cystic fibrosis Rheumatoid arthritis, lupus OTC Cystic fibrosis Diabetes Myelofibrosis Oncology, inflammation Pain OTC, vitamins, womens health CNS, cosmetics Hepatitis, oncology

Pre-clinical Pre-clinical

2 Pre-clinical 2 Pre-clinical

Market n.a. Pre-clinical Pre-clinical n.a. Market Pre-clinical

Orphan diseases, genetic diseases Technology platform (RNA/siRNA) Various

Pre-clinical 2

Antibiotic Nutritional health Technology platform OTC, Dermatology Endocrine, metabolic IBS

HBM Partners AG / July 2012

Page 9

HBM Pharma/Biotech M+A Report - List of Transactions Since 2005

Information on "VC/PE-Investment", "Clinical Stage" and "Therapeutic Area" only complete for VC/PE-backed companies

Year

Target company

Country

Public / private

VC/PE

Buyer

Country

Upfront Deal Value ($m)

Total Deal Value ($m)

VC/PE Investment ($m)

Cash / shares

Clinical Stage of Lead Product

Therapeutic Area(s) of Target Company

2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011

TOPIGEN Pharmaceuticals Sanomune Minster Pharmaceuticals Macoven DOV Pharmaceutical Covella Pharmaceuticals Teomed AG Ariston Pharmaceuticals ProBioGen Aqua Pharmaceuticals BioMonde GmbH Bionor Immuno AS BioSynthema Catalina Lifesciences Cellvir SAS DMI BioSciences Inc. Karalex Pharma MacuCLEAR MIKA Pharma Nitec Pharma Oriel Therapeutics SARM Three Rivers Vitaflo Genzyme Nycomed Cephalon King Pharmaceuticals Talecris Biotherapeutics Crucell Q-Med Martek Clinical Data Plexxikon Advanced BioHealing Eurand Specifar Paddock Laboratories Pharmaswiss Prostrakan Graceway Pharmaceuticals Inspire Biovex Anchem Pharmaceuticals Calistoga AB Sanitas

Canada Canada UK US US US CH US G US G Norway US US F US US US G CH US Italy US UK US CH US US US NL S US US US US NL Greece US CH UK US US US US US Lithuania

Private Private Public Private Public Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Public Private Public Public Public Public Public Public Public Private Private Public Private Private Private Public Private Public Private Private Private Public

VC

VC

VC

VC VC VC VC

PE

VC VC

PE PE VC VC

Pharmaxis Ltd. Aus 8 DiaMedica Canada 8 Proximagen Neuroscience UK 6 Pernix Therapeutics US 2 Euthymics Bioscience US 2 Santarus US 2 Allergy Therapeutics UK 1 Manhattan Pharmaceuticals US 1 Minapharm Egypt RoundTable Healthcare Partners US ZooBiotic Ltd. UK Nutri Pharma ASA Norway Advanced Accelerator Applications F Metagenics US Pharma Omnium International F Ampio Pharmaceuticals US Orchid Pharma (Orchid Chemicals India & Pharmaceuticals) Healthcare of Today US Giuliani S.p.A. Italy Horizon Therapeutics US Novartis CH BIAL Portugal Kadmon US Nestle CH Sanofi F 20100 Takeda J 13680 Teva Israel 6800 Pfizer US 3600 Grifols Spain 3400 Johnson & Johnson US 2300 Galderma Pharma CH 1200 DSM NL 1087 Forest Laboratories US 929 Daiichi Sankyo J 805 Shire UK 750 Axcan Canada 587 Watson Pharmaceuticals US 562 Perrigo US 540 Valeant Canada 478 Kyowa Hakko Kirin J 475 Medicis US 455 Merck & Co US 430 Amgen US 425 Par Pharmaceuticals US 410 Gilead Sciences US 375 Valeant Canada 372

12 8 6 2 2 2 1 4 38

23900 13680 6800 3600 3400 2300 1200 1087 1114 935 750 587 562 540 518 475 455 430 1000 410 600 372

60 Shares Shares Cash - Cash & shares Cash - Cash & shares Cash Shares 13 Cash Cash Shares 2 0 6 62 Shares 55 Cash Cash Cash Cash - Cash & shares Cash Cash Cash Cash 67 Cash 47 Cash Cash Cash Cash Cash Cash Cash Cash 166 Cash Cash 120 Cash Cash

2 Alzheimer CNS Generics

Allergy CNS n.a. Dermatology Wound care HIV, vaccines Oncology Weight-loss surgery patients, nutritional health HIV Male sexual dysfunction Generics Ophtalmology, AMD Drug delivery, pain, arthritis Asthma, COPD Allergy, immunotherapy Genetic diseases, nutritional health Orphan diseases, kidney, orthopaedics, cancer, transplant, autoimmune OTC, gastro, pain Pain, cancer, various Pain Immunology, pulmunology, neurology, hemostasis Dermatology Nutritional health 3 Market Metastatic melanoma Diabetic, foot ulcer Gastroenterology, Cystic Fibrosis, hypertension Generics Various OTC Various, RX, branded generics Pain, nausea, oncology Dermatology Ophtalmology Oncology Generics Oncology OTC

1 Market Market n.a.

Market

Market Market 3 2

HBM Partners AG / July 2012

Page 10

HBM Pharma/Biotech M+A Report - List of Transactions Since 2005

Information on "VC/PE-Investment", "Clinical Stage" and "Therapeutic Area" only complete for VC/PE-backed companies

Year

Target company

Country

Public / private

VC/PE

Buyer

Country

Upfront Deal Value ($m)

Total Deal Value ($m)

VC/PE Investment ($m)

Cash / shares

Clinical Stage of Lead Product

Therapeutic Area(s) of Target Company

2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011

Amira Pharma Oceana Therapeutics Antula Cypress Bioscience Anadys Gemin X Adolor Intellikine Caraco Prism Novagali Synosia Victory Pharma Astex Taligen BioPhausia Afexa Cellerix IS Pharma CPEX Pharmaceuticals Vicept Therapeutics Icagen Abunda DuoCort Pharma CyDex Mpex Uman Pharma Cellartis Labopharm ZARS Pharma Kinaxo Amorcyte Bio-Vita Aegera Therapeutics Artisan Pharma Biocontrol Biorealits Cytokine Epixis Excaliard Immunologix Lectus Therapeutics Minoguard Symbiotec Syntarga SynthRx

US US S US US US US US US US F CH US UK US S Canada Spain UK US US US US S US US Canada S Canada US G US S Canada US UK F US F US US UK Israel G NL US

Private Private Private Public Public Private Public Private Public Private Public Private Private Private Private Public Public Private Public Public Private Public Private Private Private Private Private Private Public Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private

VC

VC VC VC VC VC VC VC

VC

VC VC VC VC VC VC VC VC VC VC VC VC

VC VC

VC

Bristol-Myers Squibb Salix Meda Ramius/Royalty Pharma Roche Cephalon Cubist Takeda Sun Pharma Baxter Santen Pharmaceuticals Biotie Shionogi SuperGen Alexion Medivir Valeant TiGenix Sinclair Pharma FCB I Holdings (Footstar) Allergan Pfizer Evolva ViroPharma Ligand Axcan CFR Pharmaceuticals Cellectis Paladin Nuvo Research Evotec NeoStem Midsona Pharmascience Ashai Kasei Targeted Genetics Servier Ferring VBI Vaccines Pfizer Intextron UCB XTL Biopharmaceuticals Lipoxen Synthon Adventrx

US US S US CH US US J India US J Fin J US US S Canada B UK US US US CH US US Canada Chile S Canada Canada G US S Canada J US F CH US US US B Israel UK NL US

325 300 281 255 230 225 190 190 188 170 135 122 118 117 111 90 87 86 81 77 75 56 40 34 31 30 27 21 20 12 8 4 3

500 300 281 255 230 525 415 310 188 338 135 122 127 117 478 90 87 86 81 77 275 56 40 175 31 250 27 21 20 35 12 6 6

40 73 266 41 63 85 45 119 76 96 16 5 45 100 20 44 7 58 70 1 25 23 -

Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash Shares Shares Cash & shares Cash Cash & shares Cash Shares Shares Cash Cash Cash Shares Cash Cash Cash Cash Shares Cash Cash & shares Cash & shares Shares Cash Shares

Idiopathic fibrosis Urology, incontinence OTC Anti-virals, hepatitis C Oncology Antibiotics Oncology OTC, generics

2 1 Market 2 Market 2 Pre-clinical

Parkinson, movement disorders Pain AMD, inflammatory Gastrointestinal,critical care, generics, CNS Immunstimulants Adult stem cell Dermatology Drug delivery Dermatology Pain, epilepsy Nutritional health Oprhan, adrenal insufficency CNS Cystic fibrosis, antibiotics Oncology, generics

2 n.a. Market Market 3 Market Market Pre-clinical 1 2 2 2

Dermatology, pain

Nutritional health Sepsis Antibiotics Oncology Obstetrics, womens health Anti-virals, hepatitis C Dermatology, scarring Pain Schizophrenia Orphan diseases Sickle cell disease

2 n.a.

Market

HBM Partners AG / July 2012

Page 11

HBM Pharma/Biotech M+A Report - List of Transactions Since 2005

Information on "VC/PE-Investment", "Clinical Stage" and "Therapeutic Area" only complete for VC/PE-backed companies

Year

Target company

Country

Public / private

VC/PE

Buyer

Country

Upfront Deal Value ($m)

Total Deal Value ($m)

VC/PE Investment ($m)

Cash / shares

Clinical Stage of Lead Product

Therapeutic Area(s) of Target Company

2011 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012

Wellspring Pharmaecuticals Pharmasset Actavis Amylin Human Genome Science Medicis Pharmaceutical Inhibitex Fougera Ardea Biosciences Micromet URL Pharma Mercury Pharma EUSA Pharma Enobia Amdipharm Azur Pharma Ista Pharmaecuticals deCode Genetics Avila Therapeutics SkinMedica Proximagen Kai Pharmaceuticals Orapharma NextWave Pharmaceuticals Dusa Pharmaceuticals Allos Therapeutics Boston Biomedical JHP Pharmaceuticals Airborne EKR Therapeutics Elevation Pharmaceuticals FerroKin CorImmun CNS Therapeutics Cellzome Stromedix LigoCyte Pharmaceuticals Cobrek Pharmaceuticals Bilthoven Biologicals Farma Projekt Alterna NeuroNova Aldagen Eclat Pharmaceuticals Eclipse Therapeutics Pervasis Therapeutics

US US CH US US US US US US G US UK UK Canada Ireland Ireland US Iceland US US UK US US US US US US US US US US US G US G US US US NL Poland US S US US US US

Private Public Private Public Public Public Public Private Public Public Private Private Private Private Private Private Public Private Private Private Public Private Private Private Public Public Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private

PE

PE

PE PE PE VC PE VC VC VC VC PE VC

VC PE PE VC VC VC VC VC VC VC VC VC

VC VC VC VC VC

Ancor Capital / Investor Group Gilead Sciences Watson Pharmaceuticals Bristol-Myers Squibb Glaxo Smith Kline Valeant Bristol-Myers Squibb Novartis AstraZeneca Amgen Takeda Cinven Jazz Pharmaceuticals Alexion Cinven Jazz Pharmaceuticals Bausch & Lomb Amgen Celgene Allergan Upsher-Smith Amgen Valeant Pfizer Sun Pharmaceuticals Spectrum Pharmaceuticals Dainippon Sumitomo Warburg Pincus Schiff Nutrition Cornerstone Therapeutics Dainippon Sumitomo Shire Johnson & Johnson Mallinckrodt GSK Biogen Idec Takeda Perrigo Company Serum Institute of India Recordati Moberg Derma Newron Cytomedix Flamel Technologies Bionomics Shire

US US US UK UK Canada US CH US US J UK US US UK US US US US US US US Canada US India US J US US US J Ireland US US UK US Japan US India I DK Italy US F Aus UK

11200 5600 5300 3600 2600 2500 1525 1260 1160 800 732 650 610 590 580 500 415 350 350 347 325 312 255 230 206 200 195 150 125 100 100 100 100 98 75 60 45 41 21 20 19 16 12 10 9

11200 5920 5300 3600 2600 2500 1525 1260 1160 800 732 700 1080 590 580 500 415 545 375 553 325 426 680 230 206 2630 195 150 150 400 325 200 100 98 562 45 41 21 20 19 31 12 10 200

Cash Cash Cash Cash Cash Cash Cash Cash Cash Cash 285 Cash 225 Cash 140 Cash Cash 168 Shares Cash 286 Cash 60 Cash 172 Cash Cash 65 Cash Cash 123 Cash Cash 5 Cash Cash Cash Cash 77 Cash 30 Cash 15 Cash 16 Cash 80 Cash 35 Cash Cash Cash Cash Cash - Cash & shares 30 Shares 62 Shares Note 3 Cash 47 Cash

Market

Market

Market Market Market 2 Market Pre-clinical 1 Market 2 Market Market

OTC, various Anti-virals, HCV Generics Diabetes Heart Disease Dermatology Anti-virals, HCV Dermatology, generics Gout, arthritis Oncology Gout, arthritis Various Oncology, critical care, orphan Orphan diseases, genetic CNS, pain, womens health Ophthalmology Genetic Diseases Oncology Skin appearance, dermatology Metabolic, RA, Parkinson Chronic kidney disease Dental anethesia ADH Disorder Actinic Kerastoses Oncology Oncology Injectables for various indications Immunstimulants, health nutrition Cardiovascular COPD, Respiratory diseases Haematology, orphan Cardiovascular, heart failure Pain and CNS Therapeutics Pharma research products IPF, fibrosis, orphan Norovirus Vaccine Dermatologic, Foams Vaccines Cardiovascular, urology, nutrition Anti-fungal CNS Cardiovascular Pain Cancer, Stemcell Therapy Regeneration, vascular

2 Market Market Market 2 2 Pre-clinical Market n.a. 1 2 Market

2 1 Market Pre-clinical 2

HBM Partners AG / July 2012

Page 12

HBM Pharma/Biotech M+A Report - List of Transactions Since 2005

Information on "VC/PE-Investment", "Clinical Stage" and "Therapeutic Area" only complete for VC/PE-backed companies

Year

Target company

Country

Public / private

VC/PE

Buyer

Country

Upfront Deal Value ($m)

Total Deal Value ($m)

VC/PE Investment ($m)

Cash / shares

Clinical Stage of Lead Product

Therapeutic Area(s) of Target Company

2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012

AGI Therapeutics Inverseon Inc. Neuronex Nordsveen Pier Pharmaceuticals Oncogenerix Tacere Therapeutics Envoy Therapeutics Aenova Alacer Alvos Therapeutics Anabasis Araclon Biotech Cardiokine Cutanea Life Sciences DiaKine Therapeutics Eaton Scientific Systems Eyetech Farmadiet Group Kullgren Pharma Othera Pedinol Pharma-Vinci Scomedica-Finesco Spirig Pharma Swiss Herbal Remedies Triax Pharmaceuticals

Ireland US US Norway US US US US G US US Italy Spain US US US US US Spain S US US DK F CH Canada US

Public Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private Private

VC

VC PE

VC VC VC VC

VC

Vidara CBIO Acorda Therapeutics Midsona Cortex Pharmaceuticals Dara Biosciences Benitec Biopharma Takeda BC Partners Pfizer Arrowhead Research Dompe Grifols Cornerstone Therapeutics Maruho Islet Sciences Pristine Solutions Valeant OPKO Health BBI Holdings Colby Pharmaceutical Valeant Orcla Brands Apricus Bio Galderma Pharma (Nestle) Valeant PreCision Dermatology

Ireland Aus US S US US Aus J UK US US Italy US US J US US Canada US UK US Canada S US CH Canada US

8 7 7 5 3 2 2

8 7 133 11 3 3 2 140

1 13 87 3 20 -

Cash Shares Cash Cash Shares Shares Shares Cash Cash Cash Cash Cash Cash Shares Cash Cash Cash Shares Cash Cash -

Pre-clinical Market

Pre-clinical Approval pend 3 Pre-clinical

Critical care Asthma, Bronchitis, Lupus Epilepsy nasal spray Nutritional health Sleep disorders Oncology Hepatitis C CNS, Parkinsons, Schizophrenia Various Vitamin C, nutritional health Oncology, RNA therapeutics Ophthalmology Alzheimer, CNS Metabolic Dermatology Metabolic, diabetes Womens health, hot flashes Ophthalmology Rheumatology, women's health, various OTC, womens health Opthalmology Podiatry, OTC Health nutrition Various, distribution Dermatology OTC Dermatology, acne

HBM Partners AG / July 2012

Page 13

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