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The Story of Shire ’s Acquisition of Advanced BioHealing, Inc.
Panelists Rosina Pavia (moderator) Partner, Pappas Ventures Barbara Deptula EVP & Chief Corporate Development Officer, Shire plc. Gary Kurtzman, MD SVP and Managing Director, Safeguard Scientifics Dean Tozer SVP Corporate Development, Advanced BioHealing Inc. To be as brave as the people we help
Agenda ABH History and Journey to an Exit The Investor Perspective The Acquirer Perspective Q&A To be as brave as the people we help
Agenda ABH History and Journey to an Exit The Investor Perspective The Acquirer Perspective Q&A To be as brave as the people we help
Major Milestones To be as brave as the people we help 1990’s: Advanced Tissue Sciences (ATS) invests >$300M developing Dermagraft & TransCyte 2000: ATS forms marketing partnership with Smith & Nephew 2001: DG approved by the FDA to treat DFU 2002: ATS files for bankruptcy 2003: S&N purchases DG from bankruptcy and continues with commercialization
Major Milestones To be as brave as the people we help 2005: Smith & Nephew shuts down production 2006: ABH purchases assets 2007: First ABH manufactured DG shipped in the U.S. 2010: DG sales reach $147M in U.S. 2011: Shire completes $750M acquisition of ABH
Fund Raising To be as brave as the people we help 2003 $2.4M 2005 Series A $8.0M Series B 2007 $30.0M Series C $10.0M Friends, family & angels
Robust Revenue Growth To be as brave as the people we help CAGR = 157% Annual Revenue (in millions) 2Q11 vs. 2Q10 (in millions) 2Q11 32%
ABH Strategic Growth Options ABH Strategic Growth Options Private Equity IPO Merger & Acquisition Goals Execute on our vision and  “3 Point Growth Plan”  Build out balance sheet Allow our early investors an exit To be as brave as the people we help
Evaluation of Options To be as brave as the people we help
Down To The Wire To be as brave as the people we help January May 2011
Why Shire? Share a common vision for Regenerative Medicine ABH is a  “corner property” Similar culture and patient-centric values $20B market cap, $4B in revenues, strong balance sheet Management team & employees lead a new business area International infrastructure To be as brave as the people we help
Agenda ABH History and Journey to an Exit The Investor Perspective The Acquirer Perspective Q&A To be as brave as the people we help
Investor Perspective Series C (Feb. 2007): What were we thinking? Products/Pipeline Dermagraft (DFU) – 30K units/$15M under S&N and losing money Trancyte (burns) Celladerm – Next gen product Wound healing – “Let me discuss it at our partners meeting and we’ll get back to you.” Right place at the right time Reimbursement study High-touch, “high-science” sales and marketing plan  To be as brave as the people we help
Investor Perspective Post Series C (2007–2010): What were we thinking? Products/Pipeline Dermagraft – traction in marketplace from day 1 Transcyte – no ROI/sell product to government for strategic stockpile  Celladerm – no ROI/cut program Infrastructure Leverage Products or development To be as brave as the people we help
Investor Perspective Post Break-Even (2010–2011): What were we thinking? Products/Pipeline Dermagraft – $80M growing to $200M Transcyte – bureaucracy  Infrastructure Leverage Products – not a lot at a price we could afford Development eats EBIT “ Strategic Alternatives” M&A Private Equity IPO To be as brave as the people we help
Investor Perspective To be as brave as the people we help January May 2011 Fear and Greed Greed More Greed
Investor Perspective To be as brave as the people we help
Agenda ABH History and Journey to an Exit The Investor Perspective The Acquirer Perspective Q&A To be as brave as the people we help
Regenerative Medicine: a New Growth Area Long-standing area of strategic interest for Shire: High unmet needs  in select disease states (e.g. wound healing, bone and tissue repair, organ transplantation, etc.), not adequately addressed with conventional therapy Clinical and economic value to all stakeholders Sustainable exclusivity -  Seek metabolically active products with a BLA, NDA or Class III PMA regulatory pathways: Premium market position dependent on data acquisition Reject 510(k)  “innovation” Goal of Regenerative Medicine: to revitalise damaged tissues and organs resulting from disease, injury or even the normal aging process Includes: artificial skin, neural regeneration, islet cells for diabetes, substantial heart repair, new bone growth, progress to bladders, livers, kidneys To be as brave as the people we help
Strong Fit to Criteria for Corner Property Strategic Symptomatic Disease High level of Unmet Need Disease knowledge – comes with asset Compelling value proposition to Patients, Physicians and Payers Patient age – prefer younger population Specialist physicians/limited number of call points Sustainable IP/market exclusivity Prefer Global rights (Note: only registered in US to date) Expect to achieve #1 or #2 Market position Low R&D technical risk Financial $250m+ peak sales 15+% revenue growth Limited R&D spending EBITDA >30% To be as brave as the people we help
Unique Value Opportunity in the Space Commercially successful business model in cell therapy Derma graft is the market leader in the metabolically active segment of wound healing Low current and expected competition in biological treatments for DFU Excellent reimbursement for Derma graft in US Compelling cost benefit arguments Length of exclusivity beyond patent expiries because of high investment barrier to entry Extension of the fibroblast expression platform acquired with TKT Leverages HGT manufacturing, engineering and QA expertise Patient-centric approach is consistent with Shire ’s 2020 strategy To be as brave as the people we help
Advanced BioHealing…Advanced Timeline NYSE bell ringing set for May 18 th Due diligence and negotiations  May 3 rd –17 th To be as brave as the people we help
The Headline… Shire to establish new Regenerative Medicine business unit through cash acquisition of Advanced BioHealing, Inc., including US marketed DERMAGRAFT®
Agenda ABH History and Journey to an Exit The Investor Perspective The Acquirer Perspective Q&A To be as brave as the people we help
Thank You

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Anatomy of the Advanced BioHealing acquisition

  • 1. The Story of Shire ’s Acquisition of Advanced BioHealing, Inc.
  • 2. Panelists Rosina Pavia (moderator) Partner, Pappas Ventures Barbara Deptula EVP & Chief Corporate Development Officer, Shire plc. Gary Kurtzman, MD SVP and Managing Director, Safeguard Scientifics Dean Tozer SVP Corporate Development, Advanced BioHealing Inc. To be as brave as the people we help
  • 3. Agenda ABH History and Journey to an Exit The Investor Perspective The Acquirer Perspective Q&A To be as brave as the people we help
  • 4. Agenda ABH History and Journey to an Exit The Investor Perspective The Acquirer Perspective Q&A To be as brave as the people we help
  • 5. Major Milestones To be as brave as the people we help 1990’s: Advanced Tissue Sciences (ATS) invests >$300M developing Dermagraft & TransCyte 2000: ATS forms marketing partnership with Smith & Nephew 2001: DG approved by the FDA to treat DFU 2002: ATS files for bankruptcy 2003: S&N purchases DG from bankruptcy and continues with commercialization
  • 6. Major Milestones To be as brave as the people we help 2005: Smith & Nephew shuts down production 2006: ABH purchases assets 2007: First ABH manufactured DG shipped in the U.S. 2010: DG sales reach $147M in U.S. 2011: Shire completes $750M acquisition of ABH
  • 7. Fund Raising To be as brave as the people we help 2003 $2.4M 2005 Series A $8.0M Series B 2007 $30.0M Series C $10.0M Friends, family & angels
  • 8. Robust Revenue Growth To be as brave as the people we help CAGR = 157% Annual Revenue (in millions) 2Q11 vs. 2Q10 (in millions) 2Q11 32%
  • 9. ABH Strategic Growth Options ABH Strategic Growth Options Private Equity IPO Merger & Acquisition Goals Execute on our vision and “3 Point Growth Plan” Build out balance sheet Allow our early investors an exit To be as brave as the people we help
  • 10. Evaluation of Options To be as brave as the people we help
  • 11. Down To The Wire To be as brave as the people we help January May 2011
  • 12. Why Shire? Share a common vision for Regenerative Medicine ABH is a “corner property” Similar culture and patient-centric values $20B market cap, $4B in revenues, strong balance sheet Management team & employees lead a new business area International infrastructure To be as brave as the people we help
  • 13. Agenda ABH History and Journey to an Exit The Investor Perspective The Acquirer Perspective Q&A To be as brave as the people we help
  • 14. Investor Perspective Series C (Feb. 2007): What were we thinking? Products/Pipeline Dermagraft (DFU) – 30K units/$15M under S&N and losing money Trancyte (burns) Celladerm – Next gen product Wound healing – “Let me discuss it at our partners meeting and we’ll get back to you.” Right place at the right time Reimbursement study High-touch, “high-science” sales and marketing plan To be as brave as the people we help
  • 15. Investor Perspective Post Series C (2007–2010): What were we thinking? Products/Pipeline Dermagraft – traction in marketplace from day 1 Transcyte – no ROI/sell product to government for strategic stockpile Celladerm – no ROI/cut program Infrastructure Leverage Products or development To be as brave as the people we help
  • 16. Investor Perspective Post Break-Even (2010–2011): What were we thinking? Products/Pipeline Dermagraft – $80M growing to $200M Transcyte – bureaucracy Infrastructure Leverage Products – not a lot at a price we could afford Development eats EBIT “ Strategic Alternatives” M&A Private Equity IPO To be as brave as the people we help
  • 17. Investor Perspective To be as brave as the people we help January May 2011 Fear and Greed Greed More Greed
  • 18. Investor Perspective To be as brave as the people we help
  • 19. Agenda ABH History and Journey to an Exit The Investor Perspective The Acquirer Perspective Q&A To be as brave as the people we help
  • 20. Regenerative Medicine: a New Growth Area Long-standing area of strategic interest for Shire: High unmet needs in select disease states (e.g. wound healing, bone and tissue repair, organ transplantation, etc.), not adequately addressed with conventional therapy Clinical and economic value to all stakeholders Sustainable exclusivity - Seek metabolically active products with a BLA, NDA or Class III PMA regulatory pathways: Premium market position dependent on data acquisition Reject 510(k) “innovation” Goal of Regenerative Medicine: to revitalise damaged tissues and organs resulting from disease, injury or even the normal aging process Includes: artificial skin, neural regeneration, islet cells for diabetes, substantial heart repair, new bone growth, progress to bladders, livers, kidneys To be as brave as the people we help
  • 21. Strong Fit to Criteria for Corner Property Strategic Symptomatic Disease High level of Unmet Need Disease knowledge – comes with asset Compelling value proposition to Patients, Physicians and Payers Patient age – prefer younger population Specialist physicians/limited number of call points Sustainable IP/market exclusivity Prefer Global rights (Note: only registered in US to date) Expect to achieve #1 or #2 Market position Low R&D technical risk Financial $250m+ peak sales 15+% revenue growth Limited R&D spending EBITDA >30% To be as brave as the people we help
  • 22. Unique Value Opportunity in the Space Commercially successful business model in cell therapy Derma graft is the market leader in the metabolically active segment of wound healing Low current and expected competition in biological treatments for DFU Excellent reimbursement for Derma graft in US Compelling cost benefit arguments Length of exclusivity beyond patent expiries because of high investment barrier to entry Extension of the fibroblast expression platform acquired with TKT Leverages HGT manufacturing, engineering and QA expertise Patient-centric approach is consistent with Shire ’s 2020 strategy To be as brave as the people we help
  • 23. Advanced BioHealing…Advanced Timeline NYSE bell ringing set for May 18 th Due diligence and negotiations May 3 rd –17 th To be as brave as the people we help
  • 24. The Headline… Shire to establish new Regenerative Medicine business unit through cash acquisition of Advanced BioHealing, Inc., including US marketed DERMAGRAFT®
  • 25. Agenda ABH History and Journey to an Exit The Investor Perspective The Acquirer Perspective Q&A To be as brave as the people we help