Experts from Informa’s Medtrack, Trialtrove and Strategic Transactions teams presented a panel discussion at the recent T3 Conference in Orlando, Florida.

1. Trials, Tech and Transformation
May 11, 2017
Patricia Giglio, Content Manager
Rachel Meighan-Mantha, Principal Analyst, Oncology
Steven Muntner, Vice President, Deals
Global Transactions in
Pharma/Biotech – trends in
partnering, M&A, clinical trials
and new drug combinations

2. Pharma intelligence | informa2
Deal Activity in Pharma/Biotech – Overall Landscape
0
200
400
600
800
1000
1200
1400
1600
1800
Partnerships M&A Venture Financing IPO's
NumberofDeals
2012 2013 2014 2015 2016
Source: Medtrack/Strategic Transactions

3. Pharma intelligence | informa3
Pharma/Biotech Partnerships – Volume and Value Trends
1407 1416
1472
1599 1551
411 405
353 382 415
$0
$50
$100
$150
$200
$250
$300
$350
$400
0
200
400
600
800
1000
1200
1400
1600
1800
2012 2013 2014 2015 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
AverageValue(USDmm)
NumberofDeals
Average Deal Value
Source: Medtrack

4. Pharma intelligence | informa4
Pharma/Biotech Partnerships – Top Deals 2012 - Q1 2017
Date Companies Focus area Therapy Area
Upfront
Payments
(USDmm)
Total
Milestones
(USDmm)
Deal Value
(USDmm)
Royalty
Rate
2/2014 Ablynx
Merck
Bi- and tri-specific Nanobodies
directed toward up to 17
immune checkpoint modulators
Oncology 41 6724 6779 Undisclosed
2/2014 Bristol-Myers Squibb
AstraZeneca
7 diabetes therapeutics Metabolic 2700 -- 4325 Undisclosed
5/2014 CytomX
Bristol-Myers Squibb
Probody™ Therapeutics against
multiple Immuno-Oncology
targets
Oncology 250 4776 5026 4%-15%
4/2016 Heptares
Allergan
Muscarinic receptor agonists CNS 125 3165 3340 Undisclosed
11/2015 Hanmi
Sanofi
Long-acting GLP-1receptor
agonist, weekly insulin candidate,
and a GLP-1/insulin combination
Metabolic 436.8 2843 3280.1 Undisclosed
8/ 2012 Molecular Partners AG Allergan Designed Ankyrin Repeat
Proteins (DARPins)
Opthalmology 62.5 3100 3162.5 Undisclosed
2/2016 Bristol-Myers Squibb
ViiV Healthcare, Ltd
Early- and late-stage HIV
candidates
Infectious
Disease
317 2786 3085 Undisclosed
1/2017
Merus NV
Incyte
Biclonics bispecific antibody
discovery platform, including
two preclinical immune-oncology
candidates
Oncology 120 2800 3000 6%-10%
1/2017 Assembly Biosciences
Allergan
Microbiome GI programs Gastroenter-
ology
50 2780 2905 4%-17%
6/2014 Cellectis S.A.
Pfizer
Chimeric Antigen Receptor T-cell
(CAR-T) immunotherapy
Oncology 80 2775 2855 7%-9%
Source: Medtrack

5. Pharma intelligence | informa5
Pharma/Biotech Partnerships – 2012 - Q1 2017
13%
6%
7%
8%
7%
14%
3…
29%
Volume by Therapy Area
Central Nervous
System
Dermatology
Diagnostics
Endocrine,
Metabolic and
Genetic
Disorders
Immunology and
Inflammation
Infectious
Diseases
Oncology
*Others include cardiovascular, gastroenterology, genitourinary disorders, hematology, musculoskeletal,
opthalmology and respiratory
$0
$100
$200
$300
$400
$500
$600
$700
$800
2012 2013 2014 2015 2016
USD mm
Average Deal Value
All partnerships Oncology partnerships Immuno-oncology partnerships
Source: Medtrack

6. Pharma intelligence | informa6
Pharma/Biotech Partnerships – Deal Structure Breakdown
2%
13%
11%
13%
7%
30%
81%
78%
55%
60%
$0 $5 000 $10 000 $15 000 $20 000
2012
2013
2014
2015
2016
USDmm
Immuno-Oncology Partnerships
Total Deal Value Total milestones Total upfronts
2%
7%
7%
15%
8%
45%
39%
73%
52%
58%
$0 $5 000 $10 000 $15 000 $20 000 $25 000 $30 000 $35 000
2012
2013
2014
2015
2016
USDmm
Oncology Partnerships
Total Deal Value Total milestones Total upfronts
Source: Medtrack

7. Pharma intelligence | informa7 By Rachel Meighan-Mantha | Source: Trialtrove ® | Pharma intelligence, Feb/Mar2017
Snapshot of Ongoing/Planned Oncology Trials
821
557
1725
2018
648
901
Single Agent
Combination
0% 20% 40% 60% 80% 100%
Trial Design
Planned Open Closed
0 500 1000 1500 2000
I
I/II
II
III
Trial Phases
Planned Open Closed
16%
31%
34%
PGX-Patient
Selection/Stratification
Planned Open Closed
0 1000 2000 3000 4000
Planned
Open
Closed
Industry Partner
Academic Co-op Group Government Industry N/A

8. Pharma intelligence | informa8
Oncology Trials for Industry Sponsors/Collaborators
Locations
By Rachel Meighan-Mantha | Source: Trialtrove ® | Pharma intelligence, Feb/Mar2017

9. Pharma intelligence | informa9
0
200
400
600
800
1000
1200
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Open
Closed
Total
Oncology Development Trends
Drugs by Global Status Ongoing Trials by Status
Preclinical
Phase I
Phase II
Phase III
Launched
Source: Pharmaprojects® | Pharma intelligence, Apr2017 Source: Trialtrove® | Pharma intelligence, Feb/Mar2017

10. Pharma intelligence | informa10
Source: Pharmaprojects® | Pharma intelligence, Apr2017 Source: Trialtrove® | Pharma intelligence, Feb/Mar2017
Immuno-Oncology Development Trends
I-O Drugs by Global Status Ongoing I-O Trials by Status
0
100
200
300
400
500
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Open
Closed
Total

11. Pharma intelligence | informa11
MOA Combinations in Ongoing/Planned I-O Trials
PD-1 antagonist 75 CTLA4 antagonist
PD-1 antagonist 63 Platinum agent
PD-1 antagonist 57 Antimetabolite
PD-L1 antagonist 52 CTLA4 antagonist
PD-L1 antagonist 40 Platinum agent
PD-1 antagonist 39 Taxane
PD-1 antagonist 36 EGFR antagonist/TKI
PD-L1 antagonist 35 Antimetabolite
PD-L1 antagonist 29 Taxane
PD-L1 antagonist 28 EGFR antagonist/TKI
PD-1 antagonist 26 Immunostimulant
PD-1 antagonist 24 VEGFR antagonist/TKI
PD-1 antagonist 21 Angiogenesis inhibitor
PD-L1 antagonist 18 VEGFR antagonist/TKI
PD-1 antagonist 15 DNA topoisomerase II inhibitor
PD-1 antagonist 14 Immunosuppressant
PD-L1 antagonist 14 Angiogenesis inhibitor
PD-1 antagonist 11 C-Kit inhibitor
PD-1 antagonist 11 Corticosteroid
PD-L1 antagonist 11 Immunostimulant
PD-1 antagonist 10 DNA methylase inhibitor
PD-L1 antagonist 10 DNA topoisomerase II inhibitor
PD-L1 antagonist 10 MEK inhibitor
CTLA4 antagonist 63 PD-1 antagonist
CTLA4 antagonist 45 PD-L1 antagonist
CTLA4 antagonist 26 Platinum agent
CTLA4 antagonist 25 Antimetabolite
SLAMF7 antagonist 17 Corticosteroid
CD20 antagonist 14 Immunosuppressant
CTLA4 antagonist 14 Taxane
CD20 antagonist 13 Antimetabolite
CD38 antagonist 13 Immunostimulant
SLAMF7 antagonist 13 Angiogenesis inhibitor
CD19 antagonist 12 Antimetabolite
CD19 antagonist 12 Immunosuppressant
CD20 antagonist 12 Bruton's TKI
LAG3 antagonist 12 PD-1 antagonist
CD20 antagonist 11 DNA topoisomerase II inhibitor
IDO inhibitor 10 PD-1 antagonist
By Rachel Meighan-Mantha | Source: Trialtrove ® | Pharma intelligence, Feb/Mar2017

12. Pharma intelligence | informa12
Partners in Ongoing/Planned I-O Clinical Combination Trials
Top Industry Partner Combinations
Bristol-Myers Squibb 19 Ono
GlaxoSmithKline 15 Novartis
AbbVie 6 Bristol-Myers Squibb
Celgene 6 Roche
Incyte 6 Merck & Co.
Bristol-Myers Squibb 5 Celgene
Johnson & Johnson 5 Roche
Merck & Co. 5 Pfizer
Adaptimmune 4 GlaxoSmithKline
Amgen 4 Merck & Co.
Biothera 4 Merck & Co.
Celgene 4 Merck & Co.
AstraZeneca 3 Eli Lilly
AstraZeneca 3 Hutchison MediPharma
Merck & Co. 3 Novartis
Merck & Co. 3 Syndax
Roche 3 Seattle Genetics
0 200 400 600
Planned
Open
Closed
Trial Count
Academic Co-op Group Government
Industry N/A
Combination Trials Overview
Source: Trialtrove® | Pharma intelligence, Feb/Mar2017

13. Pharma intelligence | informa13
Ongoing/Planned Immuno-Oncology Combinations
atezolizum
ab
avelum
ab
axicabtagene ciloleucel
blinatum
om
abdaratum
um
ab
durvalum
ab
elotuzum
ab
inotuzum
ab ozogam
icin
ipilim
um
ab
m
ogam
ulizum
abnivolum
ab
obinutuzum
abofatum
um
ab
pem
brolizum
absipuleucel-T
tisagenlecleucel-t
Bladder 11 0 0 0 0 8 0 0 5 1 9 0 0 15 0 0
Breast 13 1 0 0 1 15 0 0 7 0 11 0 0 28 0 0
CNS, Glioblastoma 0 0 0 0 0 2 0 0 1 0 9 0 0 3 0 0
CNS, Medulloblastoma 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0
Colorectal 7 1 0 0 2 8 0 0 6 2 16 0 0 20 0 0
Endometrial 3 0 0 0 0 0 0 0 2 0 3 0 0 4 0 0
Esophageal 2 1 0 0 0 8 0 0 5 2 14 0 0 7 0 0
Gastric 6 1 0 0 0 10 0 0 7 1 18 0 0 11 0 0
GIST 0 0 0 0 0 0 0 0 0 0 0 0 0 2 0 0
Head/Neck 4 4 0 0 1 16 0 0 6 3 16 0 0 22 0 0
Leukemia, Acute Lymphocytic 0 0 2 3 0 0 0 3 0 0 0 0 3 0 0 1
Leukemia, Acute Myelogenous 2 1 0 0 0 2 0 0 0 0 3 0 0 2 0 0
Leukemia, Chronic Lymphocytic 1 0 0 0 0 1 0 1 0 0 2 14 10 2 0 1
Leukemia, Chronic Myelogenous 0 0 0 0 0 0 0 1 0 0 2 0 0 0 0 0
Liver 2 0 0 0 0 4 0 0 4 0 8 0 0 7 0 0
Lung, Non-Small Cell 20 4 0 0 2 24 0 0 20 4 48 0 0 39 0 0
Lung, Small Cell 1 0 0 0 0 9 0 0 6 0 10 0 0 2 0 0
Lymphoma, Hodgkin's 0 0 0 0 1 0 0 0 2 0 7 0 0 4 0 0
Lymphoma, Non-Hodgkin's 7 1 4 2 1 7 0 2 2 1 6 22 15 8 0 2
Melanoma 9 1 0 0 0 8 0 0 43 0 44 0 0 36 0 0
Mesothelioma 0 0 0 0 0 6 0 0 4 0 3 0 0 2 0 0
Multiple Myeloma 1 0 0 0 19 5 19 0 1 0 6 0 0 6 0 0
Myelodysplastic Syndrome 1 0 0 0 0 3 0 0 1 0 3 0 0 0 0 0
Myeloproliferative Neoplasms 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Osteosarcoma 0 0 0 0 0 3 0 0 0 0 0 0 0 2 0 0
Ovarian 7 2 0 0 0 12 0 0 4 2 13 0 0 12 0 0
Pancreas 4 0 0 0 1 13 0 0 7 1 13 0 0 13 0 0
Prostate 5 0 0 0 0 3 0 0 9 0 3 0 0 7 5 0
Renal 12 2 0 0 0 7 0 0 14 1 22 0 0 17 0 0
Skin, Basal Cell Carcinoma 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0
Soft Tissue Sarcoma 3 0 0 0 0 5 0 0 3 0 3 0 0 10 0 0
Testicular 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0
Thyroid 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0
Phase III
Phase II
Phase I/II
Phase I
By Rachel Meighan-Mantha | Source: Trialtrove ® | Pharma intelligence, Feb/Mar2017

14. What’s
Next?

15. Pharma intelligence | informa15
Questions?

16. Pharma intelligence | informa16
Extra Slides

17. Pharma intelligence | informa17
Oncology Trials for Industry Sponsors/Collaborators
Diseases
0
100
200
300
400
500
600
Planned Open Closed
Trial Count
Lung, Non-Small Cell Breast Lymphoma, Non-Hodgkin's
Colorectal Melanoma Ovarian
Prostate Head/Neck Leukemia, Acute Myelogenous
Multiple Myeloma Pancreas Liver
CNS, Glioblastoma
By Rachel Meighan-Mantha | Source: Trialtrove ® | Pharma intelligence, Feb/Mar2017

18. Pharma intelligence | informa18
Pharma/Biotech Partnerships – Volume and Value Trends
$0
$10 000
$20 000
$30 000
$40 000
$50 000
$60 000
$70 000
$80 000
$90 000
1300
1350
1400
1450
1500
1550
1600
1650
2012 2013 2014 2015 2016
TotalValue(USDmm)
NumberofDeals
Total Deal Value
Source: Medtrack

19. Pharma intelligence | informa19
Pharma/Biotech M&A– Volume and Value Trends
0
20
40
60
80
100
120
140
160
180
200
$0
$500
$1 000
$1 500
$2 000
$2 500
2012 2013 2014 2015 2016
Numberofdeals
DealValue(USDmm)
Average Deal Value Deal Volume
Source: Medtrack

20. Pharma intelligence | informa20
Pharma/Biotech Partnerships – Deal Structure Breakdown
7%
8%
19%
13%
9%
44%
35%
53%
56%
53%
$0 $10 000 $20 000 $30 000 $40 000 $50 000 $60 000 $70 000 $80 000 $90 000
2012
2013
2014
2015
2016
USDmm
All Partnerships
Total Deal Value Total milestones Total upfronts
Source: Medtrack

21. Pharma intelligence | informa21
Pharma/Biotech Partnerships – Average Royalty Rate
0%
2%
4%
6%
8%
10%
12%
14%
16%
All Partnerships Oncology Partnerships I-O Partnerships
n=133 n=69 n=20n=46 n=26 n=5
n=83 n=83 n=12n=30 n=10 n=2
RoyaltyRate
2012- 2016
PreClinical Phase I Phase II Phase III
Source: Medtrack

22. Pharma intelligence | informa22
Pharma/Biotech Partnerships – Volume by Phase
0
50
100
150
200
250
300
PC I II III PA A M PM
NumberofDeals
2012 2013 2014 2015 2016
Source: Medtrack

23. Pharma intelligence | informa23
Pharma/Biotech Partnerships with Academia – Volume Trends
8% 8%
10%
12%
12%
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2012 2013 2014 2015 2016
NumberofDeals
All Partnerships Partnerships with Academic Inst
Source: Medtrack

24. Pharma intelligence | informa24
Pharma/Biotech Partnerships with Academia – Therapy Area
*Others include dermatology, gastroenterology, genitourinary disorders, hematology, musculoskeletal, opthalmology and respiratory
0 50 100 150 200 250
Cardiovascular
Immunology and Inflammation
Endocrine, Metabolic and Genetic Disorders
Diagnostics
Central Nervous System
Others
Infectious Diseases
Oncology
Chart Title
2012 2013 2014 2015 2016
Source: Medtrack