J u l y 2 0 1 8

CRO Market Report

Specialised services to the pharmaceutical industry and the development of new drugs

Market Report

www.lumos-research.com Summary Contract research organizations (CROs) offer testing and consulting services for every stage of the drug R&D process for commercial manufacturers, such as pharmaceutical and biopharmaceutical companies and medical device firms. The CRO industry value is expected to reach $44.4 billion by 2021, at a compound annual growth rate of 12%. Since July 2017, our CRO Index has risen 18% compared to an 15% increase in the S&P 500. Public CRO have been trading at 4.4x Revenue TTM and 29.5x EBITDA TTM while recent transactions multiples are 3.7x and 14.4x, respectively. In response to intense competition and the need to offer a comprehensive portfolio of service offerings, the CRO industry has been undergoing significant consolidation in recent years.

Should you need further information Table of contents or details, please contact: 1. Market landscape

Dario Faiella 1. Introduction to the CRO market 3 Founding Partner at Lumos Research 2. CRO services and therapeutic areas 4 [email protected] 3. Clinical and pre clinical markets 5

4. Competitive landscape 6 Ortensio Foglia 2. Public firms Founding Partner at Lumos Research 1. Selection of public comparable companies 7 [email protected] 2. Market performance 8

Or visit 3. Current multiples overview 9 www.lumos-research.com 3. Latest transactions 10

4. Company profiles

1. IQVIA 16

2. Labcorp 18

3. PRA 20

4. ICON 22

5. Syneos 24

6. Evotec 26

7. Charles River 28

8. Medpace 30

9. Syngene 32

10. Biotelemetry 34 Market Landscape Introduction to the CRO market • Contract research organizations (CROs) offer testing and CRO Market Size consulting services for every stage of the drug R&D process for commercial manufacturers such as pharmaceutical and 80.0 biopharmaceutical companies and medical device firms. 70.0

• Declining growth in the pharmaceutical market is affecting the 60.0 CRO industry, though not in the obvious way. Pharmaceutical CAGR 12% and biotechnology companies have been confronted with the 50.0 44.4 need to lower their drug production and development costs. This has led many of them to evaluate cost-saving options 40.0 such as outsourcing clinical trials. 28.2

USD BillionUSD 30.0 • With the increasing number of patents expiring, increasing number of partnerships to identify biologics and new 20.0 compounds and growing R&D costs, drug maker and sponsor companies are under pressure to replace the revenue loss 10.0 specifically due to generics, which has further made drug 0.0 development more expensive and complex. 2017A 2021E

• Even government organizations are outsourcing their clinical trial activities to CROs so that they can carry out the clinical trials with the required infrastructure, expertise, and minimize Top 12 public CROs worldwide by market share cost and timelines. 4.00 12.9% • The CRO services market(1) is valued at $28.2 Billion in 2017 and projected to reach to $44.4 Billion by 2021, at a 3.50 11.6% CAGR of 12%. 3.00 • Historically, the CRO market was highly fragmented, but increasing M&A activity has led to consolidation. Five CROs 2.50 hold over 27.4% of the global market(2). 6.6% 2.00 6.2% • IQVIA is the largest CRO with a 12.9% share of the market, 5.8%

USD BillionUSD 5.2% followed by Laboratory Corporation of America Holdings, PRA 1.50 ICON, and PAREXEL. 3.5% 1.00 • The companies tend to specialize, however, so that another 1.5% company, not in the overall top five, is the largest in the pre- 0.50 1.1% 0.9% clinical studies segment. That is Charles River Laboratories, 0.8% (1) 0.1% which in 2017 had 17% of that part of the market . 0.00

• North America(1) is the largest region for the production of CRO services, at $11.9 billion, while CRO consumption in North America is worth $13.2 billion, or about 47% of the global total.

• The large North American market size is due to the presence of many pharmaceutical companies and extensive drug CRO Production and Consumption in 2017 by development activity in the region, especially in the US. The Region production/consumption difference results from the use by US pharmaceutical firms of lower-cost offshore locations for some 14 47% CRO activities, although most US outsourced activity remains 42% within the country. 12

(1) 10 • At 31% of the total, Asia Pacific has the second largest 31% share of the CRO production market, though its share of the consumption market is only two-thirds of that. 8 27%

21% 21% • This is due to pharmaceutical and biotechnology companies 6

in the United States and Western Europe increasingly BillionUSD outsourcing their core research activities to CROs in 4 developing countries in order to contain costs. 2 6% 5% • In Western Europe(1), as in North America, the relation between the production and consumption markets is the 0 reverse of that in Asia Pacific, at 27% of global consumption North America Asia Pacific Western Europe Rest of the World against 21% of global production. The difference here is also due to R&D outsourcing to emerging economy suppliers by % of Global Production % of Global Consumption Western European drug manufacturers.

1) The Business Research Company, Contract Research Organizations Global Market Report 2018, February 2018 2) Annual reports, Lumos Research analysis Market Landscape CRO Services and Therapeutic Areas CRO Services • The core services offered by CROs to biopharmaceutical companies include initial drug discovery solutions, toxicology studies, bio- analytical services, central laboratory, site monitoring, data management services, vigilance, bio-statistics, study and development program design and consulting, regulatory affairs and a variety of post-marketing surveillance services. • The contract research organization market can be segmented on the basis of the type of services provided, which vary according to the development phase. The segments consist of the following: • Drug discovery • Preclinical studies to determine relative toxicity • Clinical research, which is further divided into • Phase I to test basic safety and pharmacology • Phase II efficacy evaluation • Phase III advanced efficacy and safety testing to provide enough data for valid statistical conclusions required by the regulatory authority • Phase IV continuous testing following the granting of regulatory authority approval for marketing • Other services including pharmacovigilance, bio-statistics, clinical data management, site management, monitoring, regulatory services, protocol development, and medical writing • The largest segment in 2017 was drug discovery(3), which accounted for about 33% of the contract research organization market. Its dominance is a reflection of the high failure rate at this early stage of drug development; most possibilities are eliminated at this stage.

Therapeutic Areas • Another way of categorizing the market for CRO services is by the disease area of the drugs or equipment being researched. • Here the segments consist of research directed at finding solutions for cancer, infectious diseases, central nervous system disorders, cardiovascular diseases and other therapeutic areas, which include diabetes and various metabolic, dermatology, and respiratory diseases. • By therapeutic area, oncology was the largest segment(3) of the CRO market in 2017, accounting for about 25% of the total. • Part of the reason for the importance of the oncology segment is the boost to cancer drug R&D development resulting from the US Federal Drugs Administration loosening its regulatory requirements for new cancer drugs. • However, the smaller metabolic disease segment is expected to grow at an annual rate of 17%, while oncology only at 13%.

Expected Growth Rates of Therapeutic Areas, Global CRO Market 2017, Segmentation By 2017-21 Therapeutic Area 18% 17% 16% 14% 14% 13% 12% 12% 26% 29% 10% 9% Oncology 8% 7% CNS Disorder 6% Cardiovascular Disease 4% Metabolic Disease 2% Infectious Disease 0% 14% Other Therapeutic areas 9%

9% 14%

3) The Business Research Company, Contract Research Organizations Global Market Report 2018, February 2018 Market Landscape Clinical and Pre Clinical Markets Pre clinical market

• The global preclinical CRO market is anticipated to reach $6.6 billion by 2025, while today is valued at $3.5 billion (4). The expected CAGR is 8.3%.

• The market is expected to witness lucrative growth during the forecast period owing to rise in R&D expenditure on early stage development as well as increase in number of drugs in preclinical phase. Hence, increase in outsourcing penetration is further expected to contribute to the growing demand of life science companies for outsourced preclinical services.

• Rise in the number of complex drugs entering preclinical trial and growing pressure to curb R&D expenses are expected to contribute to the growing demand for quality CROs, thereby contributing to the market growth. Issues related to nonclinical toxicology testing results in a 50.0% failure rate in the early stage development phase. High failure rate in this phase is expected to contribute to the demand for early stage development CROs during the forecast period.

• Rise in outsourcing of R&D and growing competency of CROs are expected to further contribute to the growing demand for early stage development CROs by life science companies. CRO's such as Charles River Laboratories and LabCorp specialize in early phase development services. Vendors in emerging countries, such as India and China, provide quick preclinical services at lower costs, which contributes to the outsourcing of R&D. Clinical Market

• The global clinical CRO market is valued at $10.8 billion. (4)

• In 2017, the top 7 CROs make up more than 52% of the overall clinical CRO market, with the remaining 48% being fragmented among niche specialists.

• Consolidation continues in the clinical CRO space, with the acquisition of Chiltern by LabCorp being just the latest example of top CROs expanding and increasing their breadth of offerings.

• Two of the largest CROs were recently formed through megamergers: Syneos Health from the joining of InVentiv Health and INC Research and IQVIA from the combination of Quintiles and IMS Health.

• The main clinical CRO market drivers have been:

• Cost reduction: lowering pharma’s internal capacities in R&D to contain cost. This leads to expenses being diverted towards outsourcing, giving CROs an integral role in increasing productivity, providing access to new capabilities, and shifting fixed cost to variable costs.

• Data & analytics: pharma is seen to partner with CROs to support with predictive modelling and analytics. This is driving CROs to either acquire or partner with specialists in this area.

• Emerging markets: the emerging markets of Brazil, China and Russia are witnessing increased trials, creating demand for regional CROs, with strong regulatory knowledge.

• New areas of research and regulations: the increased focus of pharma on large molecule therapy, rare diseases, specialty treatment, point of care assays, and personalised therapy & devices will require clinical trial testing and submission of data to the relevant regulatory authorities.

Pre Clinical Global CRO Market 2017 Clinical Global CRO Market 2017

13% 17%

IQVIA 8% PPD Charles River Syneos Health Lab Corp 14% 48% PAREXEL Envigo 8% PRA PPD ICON Other 63% Lab Corp 5% 7% Other

1% 6%

5% 5%

4) The Business Research Company, Contract Research Organizations Global Market Report 2018, February 2018 Market Landscape Competitive landscape

• Lumos Research has identified over 650 CROs worldwide and collected Geographic breakdown information such as Revenue, number of employees, headquarter and services provided. 265 CROs

64

• The largest share is based in the US, with India that ranks second and 41 Germany third. 30

Other 271 • Only 13 CROs generated more than $500 million of sales in 2017. Staff breakdown

>500 people 45

• 45 companies employ more than 500 people. 100-500 133

20-100 253

• Based on their service coverage and size, CROs have been classified into 4 1-20 174 buckets.

- NA 66

Revenue breakdown • The CRO market is dominated by a few global full-service players. >500M $ 13

50-500M $ 46 • Smaller organizations tend to focus on a single therapeutic area or 137 development stage. 10-50 $

0-10M $ 287

- NA 188

Competitive landscape

Full-service / 175 35 Global reach

Service coverage

Niche / Regional 366 10 reach

<500 >500

Size (N. of employees)

Source: Annual reports, Lumos Research analysis Public firms Selection of public comparable companies

Total Company CRO Revenue Country Business Description Employees Revenue Profit (USDm) name (USDm) (USDm)

IQVIA, formerly Quintiles IMS Holdings, Inc., is an American multinational company serving the combined industries of health information technologies and clinical research. It is a provider of biopharmaceutical IQVIA USA development and commercial outsourcing services, focused primarily on Phase I-IV clinical trials and 55,000 8,068 1,309 3,647 associated laboratory and analytical services, including consulting services. Over 2016 concluding on October 3, Quintiles underwent a $17.6 billion merger with IMS Health becoming IQVIA.

Laboratory Corporation of America Holdings, more commonly known as LabCorp, is an American S&P LabCorp USA 500 company headquartered in Burlington, North Carolina. It operates one of the largest clinical 60,000 10,441 1,268 3,273 laboratory networks in the world, with a United States network of 36 primary laboratories.

PRA Health Sciences is a contract research organization (CRO) with headquarters in Raleigh, North PRA USA 15,800 2,259 87 1,858 Carolina that was founded in 1982

ICON is a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries. It specialises in the strategic development, management and analysis of ICON USA 13,250 1,758 296 1,758 programmes that support Clinical Development - from compound selection to Phase I-IV clinical studies. It was founded in 1990.

PAREXEL International is a global provider of biopharmaceutical services. It conducts clinical trials on Parexel USA behalf of its pharmaceutical clients to expedite the drug approval process. PAREXEL was founded in 18,900 2,120 107 1,627 1982.

yneos Health (formerly InVentiv Health Incorporated and INC Research) is a NASDAQ listed American multinational clinical studies contract research organization, based in Raleigh, North Carolina. In January Syneos USA 6,800 2,672 139 1,460 2018 INC Research merged with inVentiv Health, the parent company of a subsidiary called Syneos, and the resulting company was named Syneos Health.

Charles River Laboratories, Inc., is an American corporation specializing in a variety of pre-clinical and clinical laboratory services for the pharmaceutical, medical device and biotechnology industries. It also Charles River USA 6,400 1,858 125 980 supplies assorted biomedical products and research and development outsourcing services for use in the pharmaceutical industry. It was founded in 1947

Medpace (alt. MedPace) is a midsize, clinical contract research organization (CRO) based in Cincinnati, Medpace USA Ohio. Medpace provides services for Phase I-IV of drug and medical device development services 2,500 421 13 436 including regulatory services and central laboratory services. Medpace was founded in 1992.

CMIC Group was the first company to provide CRO (contract research organization) services in Japan. It CMIC Japan 4,704 611 37 309 was founded in 1992.

Evotec is a drug discovery alliance and development partnership company focused on rapidly progressing Evotec Germany innovative product approaches with leading pharmaceutical and biotechnology companies, academics, 2,000 165 27 258 patient advocacy groups and venture capitalists.

Syngene International is Indian largest contract research & manufacturing organization. Incorporated in Syngene India 1993. Syngene is an internationally reputed custom research and manufacturing organization, which 3,492 190 15 217 supports R&D programs from lead generation to clinical supplies

BioTelemetry, Inc. provides monitoring services and digital population health management for healthcare BioTelemetry USA 1,600 287 (17) 39 providers, medical device manufacturing and centralized core laboratory services for clinical research.

Source: Market data, annual reports, Lumos Research analysis Public firms Market performance 1/2 • All share prices were rebased to 100, as of July 8th 2017. The figures thus represent Latest Min Max Average the value in a given time of 100 (in the local currency) invested one year ago in each of the selected CRO. For example, if you had purchased $100 of ICON’s stock one year Medpace 148.9 93.1 155.3 122.1 ago, you would have $134.2 today.

CMIC 148.3 96.8 196.9 136.7

• Over a one-year period, Medpace was the best performer. As of July, 8th 2018, it increased its share price by 48.9%. BioTelemetry 141.0 73.3 141.3 104.0

ICON 134.2 98.3 139.6 117.7 • However, CMIC reached the highest cumulated return of all selected stocks in March 2018, at +96.9%. CMIC is currently trading at +48.3% Syngene 126.3 91.6 142.2 114.6

PRA 124.9 98.1 127.9 111.1 • On the other hand, Syneos reached the lowest point at $55.1 in February 2018.

LabCorp 117.3 96.5 123.5 107.1

th • As of July, 5 2018, the worst performer is Parexel, which is trading at $74.5. Charles River 112.2 95.5 116.7 105.7

IQVIA 112.1 98.2 121.8 110.9 • Out of 12 CROs, only 2 companies have a negative return. These are Syneos and Parexel. However, all CROs had at same point during the past year had a negative return. Evotec 109.2 81.9 157.4 106.5

Syneos 82.6 55.1 102.7 79.6 • Our CRO index is market-cap weighted. It reached its high in June 2018 at 122.7 and its low in July 2017 at 98.5. As of July, 8th 2018, it slightly overperformed the S&P500 Parexel 74.5 73.3 104.1 87.7 (+18% vs +15%)

Index 118.4 98.5 122.7 110.2

1Y share price performance of public CROs - All rebased to 100 200

175

150

125

100

75

50 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 IQVIA LabCorp PRA ICON Parexel Syneos Charles River Medpace CMIC Evotec Syngene BioTelemetry

CRO Index 150

125

100

75 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18

CRO index S&P500 (rebased) Source: Market data, annual reports, Lumos Research analysis Public firms Current multiples overview

• Over a one-year period, CROs have traded on average at 4.4x TTM EV/Revenue EV EBITDA EV EBIT PE TTM Revenue and 29.5x TTM EBITDA. TTM TTM TTM

Latest 4.4x 33.0x 36.0x 34.0x • As of July, 8th 2018, public CROs were trading at an average of 4.4x 2017 revenue and a median of 3.8x. They were also trading at an average of 3.6x 2018 revenue and 3.3x 2019 revenue. Low 3.8x 21.1x 30.1x 38.3x

• As of the same date, CROs were trading at an average of 31.6x 2017 Average 4.4x 29.5x 35.2x 42.8x EBITDA, and at a median of 21.1x. The average 2017 price-to- earnings multiple was 44.5x and the median value was 43.0x. Median 4.4x 31.0x 33.7x 42.6x

High 5.1x 37.2x 46.4x 47.8x

EV Revenue TTM EV EBITDA TTM 5.5x 45.0x

5.0x 40.0x

4.5x 35.0x

4.0x 30.0x

3.5x 25.0x

3.0x 20.0x

EV EBIT TTM PE TTM 50.0x 50.0x 48.0x 45.0x 46.0x 44.0x 40.0x 42.0x 40.0x 35.0x 38.0x 36.0x 30.0x 34.0x 32.0x 25.0x 30.0x

Key Multiples (Market data in millions of local currency unless otherwise specified) - As of July, 8th 2018

Share Price Mkt cap EV EV as multiple of Price-based mutiples Company name Revenue EBITDA EBIT Price to Earnings as of 08-Jul as of 08-Jul as of 08-Jul 2017 TTM 2018 2019 2017 TTM 2017 TTM 2017 TTM 2018 2019 IQVIA 99.93 21,185 30,881 3.2x 3.1x 3.0x 2.9x 18.3x 18.0x 37.6x 38.1x 17.0x 17.3x 18.5x 16.2x LabCorp 179.87 18,527 24,879 2.4x 2.3x 2.2x 2.1x 13.1x 13.1x 17.3x 17.4x 14.7x 14.8x 15.6x 14.6x PRA 93.96 6,202 7,417 3.3x 3.0x 2.5x 2.3x 29.1x 25.7x 41.9x 37.5x 71.2x 61.8x 22.8x 19.6x ICON 131.70 7,243 7,238 4.1x 3.7x 2.8x 2.6x 18.0x 17.6x 20.9x 20.6x 25.7x 25.0x 21.8x 19.3x Syneos 47.50 4,940 7,692 2.9x 2.3x 1.7x 1.6x 58.3x 50.9x 48.7x 45.0x NEG NEG 17.8x 15.3x Charles River 113.54 5,563 6,527 3.5x 3.4x 3.0x 2.7x 14.3x 14.6x 22.7x 22.8x 44.7x 42.8x 19.5x 17.4x Medpace 43.61 1,570 1,746 4.0x 3.5x 2.7x 2.5x 15.6x 15.3x 26.9x 25.3x 44.5x 37.0x 22.8x 20.3x Evotec 15.54 2,284 2,374 9.2x 9.3x 6.7x 6.3x 47.5x 103.2x 60.9x 67.8x 97.1x NM 67.5x 50.1x Syngene 603.40 120,077 114,615 9.5x 8.1x 6.7x 5.6x 24.0x 21.8x 42.4x 35.7x 41.5x 39.5x 41.5x 34.0x Bio Telemetry 46.45 1,626 1,787 6.2x 5.5x 4.6x 4.2x 77.7x 49.6x 59.6x 49.6x NEG NEG 34.9x 31.8x Average 4.8x 4.4x 3.6x 3.3x 31.6x 33.0x 37.9x 36.0x 44.5x 34.0x 28.3x 23.9x Median 3.8x 3.5x 2.9x 2.7x 21.1x 19.9x 39.7x 36.6x 43.0x 37.0x 22.3x 19.5x

Source: Market data, annual reports, Lumos Research analysis Public firms Latest transactions 1/6

Transaction Enterprise Close Date Target Acquirer Transaction Description EV/Revenue EV/EBITDA Value Value

Admescope has acquired Swedish contract research organization MetaSafe AB, 13-Jun-18 MetaSafe Admescope NA NA NA NA which focuses on metabolic research and drug biotransformation.

LabCorp acquired outsourcing company Sciformix and plans to integrate it into its Covance drug-development arm.The purchase of Sciformix, which focuses on 11-Jun-18 Sciformix Labcorp NA NA NA NA regulatory and pharmacovigilance solutions in drug and device development, will strengthen Covance’s later-phase offerings. Founded in 1986, Concord Bio supports the pharmaceutical, agricultural, chemical, Concord 5-Apr-18 Frontage Laboratories and animal health industries with Drug Safety, Metabolism, Bioanalytical, Residue, NA NA NA NA Bioscience and Environmental Fate studies. Tergus Pharma, LLC, the leading global provider of dermatology Contract Research EnDev Organization (CRO) Services, acquired EnDev Laboratories, a Dermatology- 22-Mar-18 Tergus Pharma NA NA NA NA Laboratories centric CRO based in Kannapolis, NC. The acquisition will add extensive early- phase drug development capabilities from lead compound selection to skin biology. Citoxlab acquires Solvo Biotechnology, the leading CRO specializing in drug Solvo 13-Mar-18 Citoxlab transporter research and Drug-Drug Interactions. With this acquisition, Citoxlab NA NA NA NA Biotechnologies reinforces its leadership position among the top five non-clinical CROs

Acquiring MPI will enhance Charles River’s position as a leading global early-stage 14-Feb-18 MPI Research Charles River CRO by strengthening its ability to partner with clients across the drug discovery 800.0 800.0 3.3x 11.7x and development continuum.

The addition of KWS strategically expands Charles River’s existing discovery 15-Jan-18 KWS BioTest Charles River capabilities in the field of immunology, which is critical given the importance of new 20.0 20.0 NA NA therapies which harness the human immune system. By acquiring MKS Research, Optimapharm will enter the Czech market, and further strengthen its portfolio of clients in the pharmaceutical and biotech industries and its 11-Jan-18 MKS Research Optimapharm NA NA NA NA market position in Central Europe. The move is in line with Optimapharm’s medium- term strategic objective of becoming the largest independent CRO in CEE. The contract development and manufacturing organisation, Recipharm acquires Nitin Lifesciences Recipharm AB (publ) 2-Jan-18 remaining shares in Nitin Lifesciences Ltd, an Indian sterile injectables CMO, 47.8 183.8 NA NA Limited (OM:RECI B) previously owned by the Sobti family. JSR Life Sciences (JLS) acquired Crown Bioscience International (TPEx: ticker Crown Biosciences 6554), a global drug discovery and development services company providing 20-Dec-17 JSR Life Sciences 405.0 405.0 4.5x 20.3x International translational platforms to advanced oncology, inflammation, cardiovascular and metabolic disease research. CTI Clinical Trial and Consulting Services (CTI), a global, privately held, full-service Clinical Trial and contract research organization announces the acquisition of Eurotrials, a full- 7-Dec-17 Eurotrials Consulting Services NA NA NA NA service contract research organization, with more than 20 years of experience, and (CTI) strong local expertise in Europe and Latin America.

Concept Life 6-Nov-17 Concept Life Sciences Concept buys preclinical CRO that specializes in immunology, immuno-oncology NA NA NA NA Sciences

INC Research The 53/47 merger of INC Research and inVentiv will create a new organization 5-Oct-17 inVentiv Health Inc. Holdings, Inc. whose combined clinical scale, therapeutic depth and expertise will allow it to more 4,600.0 4,600.0 2.1x 12.6x (NasdaqGS:INCR) effectively partner with biopharmaceutical companies of all sizes. CSPC Zhongqi CSPC Zhongqi Pharmaceutical Technology, based in China, is acquiring New CSPC Dophen Pharmaceutical Jersey-based CSPC Dophen Corporation which focuses on protein production, 5-Sep-17 9.7 9.7 NA NA Corporation Technology conjugation, and formulation technology, to (Shijiazhuang) Co., Ltd develop low cost and long acting protein and antibody therapeutics for the Chinese

17-Aug-17 Cancer Genetics vivoPharm Cancer Genetics paid $12M for Australian CRO vivoPharm 12.0 12.0 NA NA

Advinus Eurofins Scientific SE Eurofins expands its leadership in biopharmaceutical services with the acquisition 23-Jul-17 NA NA NA NA Therapeutics (ENXTPA:ERF) of Advinus Therapeutics.

Integrated Based in Japan, Korea and South East Asia, IDA sets up regulatory and Development Chiltern International 31-May-17 development pathways for Japan, in addition to implementing Pan Asian clinical NA NA NA NA Associates Co., Limited trials with an aim to attain regulatory objectives both in Japan and worldwide. Ltd. (IDA) ERT, a global data and technology company that minimizes uncertainty and risk in eResearchTechnology clinical trials, acquired ImageIQ. The acquisition enables ERT to offer advanced, 9-May-17 ImageIQ NA NA NA NA , Inc. (ERT) end-to-end clinical trial imaging analysis using best-in-class technology that delivers compliant data for use in clinical development. Vector Oncology, George Clinical, a leading full-service CRO in the Asia-Pacific region, acquired 2-May-17 Pharma Services George Clinical Pty Ltd NA NA NA NA Vector Oncology’s CRO Division, leader in oncology research and data analytics Division

WIRB-Copernicus Group (WCG), the world’s leading provider of solutions that WIRB - Copernicus 2-May-17 ThreeWire, Inc. measurably improve the quality and efficiency of clinical research, has acquired NA NA NA NA Group, Inc. ThreeWire, the global patient recruitment, enrollment, and retention firm Exova Group plc, the global testing, calibration and advisory services provider, has SL Pharma Labs, Exova Group plc acquired SL Pharma Labs Incorporated (SL Pharma), a Delaware, US, based 11-Apr-17 NA NA NA NA Inc. (LSE:EXO) pharmaceutical business focused primarily on parenteral, ophthalmic, intranasal and topical drug products

Source: Annual reports; Lumos Research analysis; “Analysis of the CRO Market”, June 2017, Brocair Partners Public firms Latest transactions 2/6

Transaction Enterprise Close Date Target Acquirer Transaction Description EV/Revenue EV/EBITDA Value Value LGC acquired Axolabs, a leading Contract Research, Development and 3-Apr-17 Axolabs GmbH LGC Limited Manufacturing Organisation, specialising in the development of therapeutic nucleic NA NA NA NA acids (TNAs).

Genstar Capital, a leading middle-market private equity firmacquired Bracket, a 28-Mar-17 Bracket Global LLC Genstar Capital, LLC leading scientifically-driven clinical trial technology and specialty services provider, NA NA NA NA from Parthenon Capital Partners

WDB Holdings Co., Ltd, a listed Japanese Contract Research Organisation (CRO), 21-Mar-17 Oy Medfiles Ltd. WDB Holdings Co. NA NA NA NA bought Medfiles Ltd (100 % of the shares), a Finnish CRO.

Genesis Biotechnology Group (GBG), a consortium of an integrated group of Genesis biotechnology and research companies, expanded its drug development services by 1-Mar-17 PharmOptima, LLC Biotechnology Group, NA NA NA NA the acquisition of PharmOptima, a preclinical Contract Research Organization LLC (CRO) company CROS NT announced the acquisition of the clinical division of PM Clinical Limited, a PM Clinical Limited, sister company under the PM Holding entity. The acquisition shifts CROS NT from a 1-Mar-17 CROS NT SRL NA NA NA NA Clinical Division biometrics-only CRO to a niche provider of data expertise combined with clinical excellence to now offer a full service approach Shin Nippon Pharmaron, a fully integrated CRO offering R&D services to the life sciences Biomedical industry, acquired a majority stake in Shin Nippon Biomedical Laboratories Clinical 28-Feb-17 Pharmaron, Inc NA NA NA NA Laboratories Pharmacology Center, Inc. (“SNBL CPC”) in Baltimore, Maryland, USA. This clinical Clinical center is a leading provider of Phase I/II clinical development services Takeda and PRA established a joint venture, each holding 50％ of the share Takeda PRA Health Sciences, respectively, to provide clinical trial delivery and pharmacovigilance services as a 15-Feb-17 Pharmaceutical Inc. NA NA NA NA strategic partner of Takeda in Japan. Takeda also transfered all of the shares of Data Service, Ltd. (NasdaqGS:PRAH) Takeda Pharmaceutical Data Services TDS, a wholly-owned subsidiary of Takeda, Quotient Clinical, an early phase drug development services provider, acquired QS 10-Feb-17 QS Pharma, LLC Quotient Clinical Ltd. Pharma, the contract development and manufacturing organisation (CDMO), based 75.0 75.0 NA NA near Philadelphia, US, from Charles River Laboratories International, Inc.

Seaview Research, Quotient Clinical (“Quotient”), the early phase drug development services provider, 6-Feb-17 Quotient Clinical Ltd. NA NA NA NA Inc. acquired SeaView Research (“SeaView”), expanding its operations into the USA.

Porton Fine Chemicals, Ltd., a China-based contract development and J-STAR Research, 27-Jan-17 Porton USA, L.L.C. manufacturing organization (CDMO), acquired J-STAR Research, Inc. ("J-STAR"), a 26.0 26.0 NA NA Inc. contract chemistry organization based in South Plainfield, New Jersey

WuXi AppTec, a global pharmaceutical, biotechnology and medical device open- HD Biosciences WuXi PharmaTech 19-Jan-17 access capability and technology platform, acquired HD Biosciences (HDB), a NA NA NA NA Co., Ltd. (Cayman) Inc. biology-focused preclinical drug discovery CRO

Amatsigroup, a leading European CDMO located in France, acquired Disposable- Disposable-Lab 18-Jan-17 Amatsigroup Lab, a French company specialized in manufacturing clinical batches on injectable NA NA NA NA SAS forms.

StatFinn and EPID Research, both based in Finland, merged their operations in 16-Jan-17 EPID Research Oy StatFinn Oy order to offer a full range of services to their clients in clinical data analytics from NA NA NA NA Phase I to Phase IV.

AMS Sciences Pharmaron announced the acquisition of Xceleron Inc, the trading subsidiary of 10-Jan-17 Pharmaron, Inc. NA NA NA NA Limited Solon Ventures portfolio company AMS Sciences Limited.

Simulations Plus, Inc. (NASDAQ: SLP), a leading provider of simulation and DILIsym Services, Simulations Plus, Inc. modeling software for pharmaceutical discovery and development, acquired 5-Jan-17 10.0 10.0 N/A N/A Inc. (NasdaqCM:SLP) DILIsym Services, Inc. of Research Triangle Park, North Carolina, a provider of drug-induced liver injury simulation software and related consulting services Eurofins Scientific (EUFI.PA) a world leader in providing analytical support to the Villapharma Eurofins Scientific SE 29-Dec-16 global pharmaceutical industry, acquired Villapharma Research SL, which provides NA NA NA NA Research S.L. (ENXTPA:ERF) organic synthesis and medicinal chemistry services WuXi AppTec, a global pharmaceutical, biotechnology and medical device open- Jiangsu Safe WuXi PharmaTech access capability and technology platform, acquired Jiangsu Safe Pharmaceutical 19-Dec-16 Pharmaceutical 8.4 NA NA NA (Cayman) Inc. Co., Ltd, a China-based pharmaceutical company engaged in manufacturing Co., Ltd. capsules, tablets, creams and suppositories, for €8m.

I'rom Group Co., Ltd. IDT Australia Divested DSU Pty, its CMAX Clinical Trial Business to I'rom Group 15-Dec-16 DSU Pty Ltd. 7.7 12.5 NA NA (TSE:2372) Co. Ltd

Evotec, acquired the U.K.-based Cyprotex. Evotec will strengthen its high-end drug Cyprotex plc Evotec AG discovery platform and capabilities with access to the market’s most industrialized 14-Dec-16 63.2 54.9 2.6x 10.2x (AIM:CRX) (XTRA:EVT) ADME-Tox platform and proven expertise in in vitro ADME screening, mechanistic and high-content toxicology screening, and predictive modeling. ERT, a leading provider of high-quality patient data collection solutions for use in eResearchTechnology 8-Dec-16 Exco inTouch Ltd. clinical drug development, acquired Exco InTouch, a leading provider of patient NA NA NA NA , Inc. (ERT) engagement, data capture and digital health solutions. Clinical Supplies Management ("CSM"), a Great Point Partners ("GPP") portfolio Theorem Clinical Clinical Supplies company, acquired the assets of Theorem Clinical Research - Clinical Supplies 5-Dec-16 Research GmbH Management, Inc. NA NA NA NA ("TCS"). TCS was a subsidiary of Chiltern and focuses on clinical trial drug (TCS) (CSM) packaging, labeling, storage, reconciliation, and distribution for pharmaceutical trials

Source: Annual reports; Lumos Research analysis; “Analysis of the CRO Market”, June 2017, Brocair Partners Public firms Latest transactions 3/6

Transaction Enterprise Close Date Target Acquirer Transaction Description EV/Revenue EV/EBITDA Value Value European Ergomed plc (, a pharmaceutical services and drug development company, acquired Ergomed Plc 29-Nov-16 PharmInvent European PharmInvent Services s.r.o. ("PharmInvent"), a leading European 8.5 8.5 2.7x 11.5x (AIM:ERGO) Services s.r.o. pharmacovigilance and regulatory services business.

TKL Research, Inc., Quintiles Transnational QuintilesIMS agreed to purchase TKL Research’s Clinical Trials Division (CTD), 21-Nov-16 Clinical Trials Holdings Inc. NA NA NA NA which will become a part of Novella Clinical, a Quintiles company. Division (NYSE:Q)

CRO KYMOS Pharma Services closed a deal to acquire Italian firm Kymos Pharma 18-Nov-16 Pharmaprogress Srl Pharmaprogress, located in Ancona (in the Marche region of Italy) with a 700-m² NA NA NA NA Services, S .L. analysis laboratory, staff of 10 and estimated turnover of €1 million for 2017. Partners Group, the global private markets investment manager, acquired global Partners Group PCI Pharma pharmaceutical services provider PCI Pharma Services ("PCI"). PCI, headquartered 16-Nov-16 Holding AG NA NA NA NA Services in Philadelphia, PA, in the US, offers its clients outsourced services across the (SWX:PGHN) entire pharmaceutical supply chain, including drug development and manufacturing, inVentiv Health, Inc., a leading, privately held, global CRO and Contract Commercial Advent International Organization, announced that Advent International, one of the largest and most 10-Nov-16 inVentiv Health Inc. 4,094.9 5,899.0 2.7x 19.3x Corporation experienced global private equity investors, has joined Thomas H. Lee Partners (THL) as an equal equity owner of inVentiv Health. A new early-phase contract development and manufacturing organisation (CDMO), 8-Nov-16 Crystallics PharmaVize NV Ardena, launched following the merging of Pharmavize and Crystallics. The two NA NA NA NA companies came together in 2016 with backing from investor Mentha Capital

Cinven to acquire pharmaceutical research firm Bioclinica, from two other buyout 20-Oct-16 BioClinica, Inc. Cinven Limited 1,400.0 1,400.0 NA NA firms, Water Street Healthcare Partners and JLL Partners,

Fountain Medical FMD K&L, a US-China clinical CRO, merged with iMEDGlobal, a US-India pre- 13-Oct-16 iMEDGlobal Corp NA NA NA NA Development Ltd clinical CRO.

TFS Trial Form TFS acquired SCIderm a dermatology specialist CRO to expand its German 11-Oct-16 SCIderm GmbH Support International NA NA NA NA operational capabilities AB

IMS Health Quintiles Transnational IMS Health Holdings, Inc. (NYSE:IMS) and Quintiles Transnational Holdings Inc. 3-Oct-16 Holdings, Inc. Holdings Inc. 13,549.4 13,171.4 4.3x 17.7x (NYSE:Q) merged into IQVIA (NYSE: IMS) (NYSE:Q) Charles River Charles River acquired Agilux Laboratories, a Worcester, Massachusetts-based Agilux Laboratories, Laboratories contract research organization (CRO), that provides a suite of integrated discovery 28-Sep-16 64.0 64.0 NA NA Inc. International, Inc. small and large molecule bioanalytical services, drug metabolism and (NYSE:CRL) pharmacokinetic (DMPK) services, and pharmacology services. Pharmaron entered into a non-binding Heads of Terms (HoTs) with Merck Sharpe & 26-Sep-16 Hoddesdon site Pharmaron, Inc. Dohme Limited (MSD) for the sale of the Hoddesdon UK site which includes MSD’s NA NA NA NA process development and research facility. Great Point Partners (“GPP”) announced a growth recapitalization of Alliance Alliance Biomedical Great Point Partners, Biomedical Research (“ABR” or the “Company”). ABR is a leading clinical trial 20-Sep-16 NA NA NA NA Research, LLC LLC research site business focused on Phase II – IV clinical trials with 11 locations throughout the Southeastern U.S ICON Public Limited ICON plc acquired Clinical Research Management Inc. (ClinicalRM), expanding its 19-Sep-16 ClinicalRM, Inc. Company access to government sponsored research and its capabilities in vaccines and NA NA NA NA (NasdaqGS:ICLR) infectious disease.

BTC Network, a fully integrated network of clinical research sites in the U.S., Lincoln Research, 6-Sep-16 BTC Network, LLC expanded its site operations with the recent acquisition of Lincoln Research, LLC, a NA NA NA NA LLC multi-specialty research practice located in Lincoln, Rhode Island. Pharmaceutical Product Development, LLC (PPD), a leading global contract Pharmaceutical research organization (CRO), acquired Evidera, a leading provider of evidence- 1-Sep-16 EVIDERA Product Development, NA NA NA NA based solutions to demonstrate the real-world effectiveness and value of LLC biopharmaceutical products. Key Intellectual Property and BioPharma Services BioPharma Services acquired key human resource assets along with a list of 16-Aug-16 NA NA NA NA Human Resource Inc. validated assays from Bioanalytical Laboratory Services (BLS). Assets, Brixey & Meyer Capital acquired Clinical Research Solutions (CRS) offers multi- Clinical Research therapeutic independent research facilities throughout Ohio and Tennessee. CRS 16-Aug-16 Brixey & Meyer Capital NA NA NA NA Solutions, LLC specializes in Phase II - IV clinical research studies by providing high-quality clinical research services for the pharmaceutical, nutritional and medical device industries. Velocity Fund Partners, a Pittsburgh private equity company, announced the InClinica, Inc. (f/k/a Velocity Fund 3-Aug-16 acquisition of the Philadelphia clinical contract research organization (CRO) NA NA NA NA Indipharm) Management Indipharm and is relaunching the CRO as InClinica.

Clintrax Global, a fast-growing pharmaceutical services startup based in Raleigh, Acorn Applications 1-Aug-16 Clintrax Global, Inc. acquired Acorn Applications, LLC, a developer of cloud-based analytic clinical NA NA NA NA LLC research solutions BTC Network, a fully integrated network of clinical research sites in the U.S., Novex Clinical strengthened its site operations with the recent acquisition of Novex Clinical 1-Aug-16 BTC Network, LLC NA NA NA NA Research Research, LLC, a multi-specialty research practice in New Bedford, Massachusetts.

Source: Annual reports; Lumos Research analysis; “Analysis of the CRO Market”, June 2017, Brocair Partners Public firms Latest transactions 4/6

Transaction Enterprise Close Date Target Acquirer Transaction Description EV/Revenue EV/EBITDA Value Value Cirtec Medical LLC, a Century Park Capital Partners, acquired Stellar Stellar Cirtec Medical Technologies, a Minnesota-based provider of precision machining, component 1-Aug-16 NA NA NA NA Technologies, Inc. Systems, LLC manufacturing, and assembly services for medical devices, including neuromodulation lead wire assemblies, mechanical assemblies, delivery systems, Bioclinica, a provider of specialized technology-enabled services supporting clinical Compass trials, acquired Compass Research, a leading U.S. clinical research site network 25-Jul-16 BioClinica, Inc. NA NA NA NA Research, LLC with direct access to a number of specialized populations with neurodegenerative disorders and other diseases found in aging demographics. China-focused CRO BioDuro merged with manufacturing company Formex in the 19-Jul-16 BioDuro, LLC The Bridgewest Group U.S. as part of an apparent reorganization under owner Bridgewest Group with all NA NA NA NA three companies located in San Diego

XIMEDICA, a leading full service medical technologies development firm acquired 14-Jul-16 Accel Biotech, Inc. Ximedica, LLC Accel Biotech, expanding into the In vitro Diagnostics, Life Science Laboratory NA NA NA NA Instruments and Disposables. Universal Display Corporation (Nasdaq: OLED) acquired Adesis, Inc. Adesis is a Universal Display privately held contract research organization (CRO) with 43 employees specializing 11-Jul-16 Adesis, Inc. Corp. (NasdaqGS: 36.0 36.0 NA NA in organic and organometallic synthetic research, development, and OLED) commercialization. Charles River Charles River Laboratories International, Inc. (NYSE: CRL) acquired Blue Stream Blue Stream 27-Jun-16 Laboratories (NYSE: Laboratories, an analytical contract research organization (CRO) supporting the NA NA NA NA Laboratories, Inc. CRL) development of complex biologics and biosimilars.

THERAMetrics 16-Jun-16 Accelovance, Inc. Therametrics holding sold its CRO business to Accelovance NA NA NA NA S.p.A

Czech Republic- and Slovakia-focused private equity firm Genesis Capital acquired Quinta-Analytica 8-Jun-16 Genesis Capital Ltd. a 75 percent stake in Czech Republic-based Quinta-Analytica, a commercial NA NA NA NA spol. s.r.o. services provider for the pharmaceutical, biotechnology and generic drug industries

JSS Medical Research Inc., an International Contract Research Organization Bonne Santé Sp. z JSS Medical Research 5-Jun-16 (CRO) announced the acquisition of Bonne Santé, a Polish CRO, to accelerate the NA NA NA NA o.o. Inc. expansion into Europe.

Pharmaceutical Synexus, a multinational company specializing in recruiting for and managing later- 4-Jun-16 Synexus Limited Product Development stage clinical trials at its centers across the globe, was purchased by Jaguar, a 257.8 257.8 3.7x 16.2x LLC holding company of Pharmaceutical Product Development (PPD).

WCCT Global, an international specialized clinical research organization (CRO), 31-May-16 Medelis, Inc. WCCT Global, LLC and Medelis, Inc., a specialty oncology CRO, merged to offer US and international NA NA NA NA clients access to an expanded depth and breadth of clinical research offerings. Amulet Capital Partners, LP (“Amulet”), a middle-market private equity investment Amulet Capital firm acquired SynteractHCR Holdings Corporation (“SynteractHCR”), a leading 25-May-16 SynteractHCR NA NA NA NA Partners LP contract research organization (CRO) focused on Phase I‐IV clinical trials for emerging to mid-sized biopharma clients in the U.S., Europe and Asia. Recipharm acquired Cirrus Pharmaceuticals Inc., with operations in the US, with Cirrus Recipharm AB (publ) services including development of inhalation, liquid, semi-solid, solid and parenteral 23-May-16 Pharmaceuticals, NA NA NA NA (OM:RECI B) products with emphasis on early formulation work as well as development of Inc. analytical methods and testing. Sovereign Capital, the UK private equity Buy & Build specialist, completed the Sovereign Capital management buy-out of Xendo, a leading independent consultancy and project 20-May-16 Xendo B.V Partners LLP & Xendo NA NA NA NA management organisation in the fields of pharmaceutical products, medical devices Management and healthcare Precision for Medicine, part of the Precision Medicine Group, acquired Applied Applied Precision Medicine 3-May-16 Immunology, an established expert in the creation and delivery of custom cell-based NA NA NA NA Immunology, Inc. Group, Inc. and immunoassay solutions

Precision for Medicine, part of the Precision Medicine Group, acquired ACT Precision Medicine 3-May-16 ACT Oncology LLC Oncology, the leading contract research organization (CRO) specializing exclusively NA NA NA NA Group, Inc. in the field of oncology Spero Oncology, UK-based Clinical Research Organisation (CRO) specialising in Spero Oncology the provision of oncology drug development consultancy, feasibility studies and 2-May-16 Veristat, Inc. NA NA NA NA Ltd. early phase oncology trials primarily throughout Europe, but also in Australia and New Zealand, bought by Veristat International WuXi AppTec, a leading open-access R&D capability and technology platform WuXi PharmaTech company serving the pharmaceutical, biotechnology, and medical device industries, 15-Apr-16 Crelux GmbH NA NA NA NA (Cayman) Inc. acquired Crelux GmbH, a leading structure based drug discovery provider based in Munich, Germany The contract development and manufacturing organisation, Recipharm AB (publ) Nitin Lifesciences Recipharm AB (publ) 11-Apr-16 completed the acquisition of a majority stake in Nitin Lifesciences Limited (“Nitin”), 103.2 139.5 2.9x 12.4x Limited (OM:RECI B) an Indian sterile injectables CMO, previously owned by the Sobti family.

Charles River Charles River Laboratories International, Inc. (NYSE: CRL) acquired WIL WIL Research 4-Apr-16 Laboratories (NYSE: Research, a premier provider of safety assessment and contract development and 585.0 585.0 NA NA Company, Inc. CRL) manufacturing (CDMO) services

Eurofins Scientific (EUFI.PA), the world leader in biopharmaceutical products Advantar Eurofins Scientific SE 1-Apr-16 testing, acquired Advantar Laboratories,one of the leading independent GLP and NA NA NA NA Laboratories, Inc. (ENXTPA:ERF) cGMP contract analytical laboratories in the US west coast

Source: Annual reports; Lumos Research analysis; “Analysis of the CRO Market”, June 2017, Brocair Partners Public firms Latest transactions 5/6

Transaction Enterprise Close Date Target Acquirer Transaction Description EV/Revenue EV/EBITDA Value Value

PVR Technologies, Alten SA (ENXTPA: ALTEN Calsoft Labs, a global leader in enterprise IT and product engineering, 29-Mar-16 NA NA NA NA Inc. ATE) acquired US based CRO services company PVR Technologies and its subsidiaries.

Taizhou Jyton & Hangzhou Tigermed Techray Hangzhou Tigermed, a chinese CRO, acquired Jyton & Techray, a CRO focused on 25-Mar-16 Consulting Co., Ltd. 92.1 92.1 8.9x NA Pharmaceutical medical devices, to expand its clinical study capabilities in China. (SZSE:300347) Technology Co. LakePharma acquired Blue Sky BioServices. The combined is the largest dedicated Blue Sky Biotech, 22-Mar-16 LakePharma, Inc. biologics CRO in the United States, providing a broad range of protein and antibody- NA NA NA NA Inc. related development services to the pharmaceutical and biotechnology markets.

PRA Health Sciences, PRA Health Sciences acquires Nextrials, company that provides web-based 18-Mar-16 Nextrials, Inc. Inc. 7.7 7.7 NA NA software solutions for the clinical research industry (NasdaqGS:PRAH) WIRB-Copernicus Group (WCG), one of the world’s leading providers of solutions WIRB - Copernicus that measurably improve the quality and efficiency of clinical research, acquired 9-Mar-16 Clintrax Global, Inc. NA NA NA NA Group, Inc. Clintrax Global, provider of outsourced services for negotiating clinical trial-related contracts and budgets between biopharmaceutical companies Nordic Capital became the new controlling shareholder of the US-based company eResearchTechnol eResearchTechnology, Inc. ("ERT" or the "Company"), a leading provider of high- 8-Mar-16 Nordic Capital 1,800.0 1,800.0 6.0x NA ogy, Inc. (ERT) quality patient safety and efficacy endpoint data collection solutions for use in clinical drug development Crown Bioscience, a global drug discovery and development solutions company, Crown Bioscience, announced the acquisition of PreClinOmics, Inc., an in vivo preclinical company that 1-Mar-16 PreClinOmics, Inc. 6.5 6.5 NA NA Inc. (GTSM:6554) specializes in early research in cardiovascular and metabolic diseases (CVMD) as well as renal disease.

Research Across 1-Mar-16 Synexus Synexus has bought trial site network Research Across America (RAA) NA NA NA NA America Inc.

Molecular Invicro, LLC, and Molecular NeuroImaging, LLC, both leading providers of imaging 25-Feb-16 inviCRO, LLC NA NA NA NA NeuroImaging LLC service solutions and analysis software for research and drug development, merged

BioAgilytix Announced the Acquisition of European-Based IPM Biotech to Expand 22-Feb-16 IPM Biotech GmbH BioAgilytix Labs, LLC and Enhance the Global Reach and Breadth of Their Best-of-Breed Bioanalytical NA NA NA NA Capabilities

Telemedicine Technologies, a French software engineering company, acquired Telemedicine 10-Feb-16 Triacys SAS Triacys, a French independent Life Sciences technology and services company NA NA NA NA Technologies S.A.S. supporting clinical trials with innovative solutions. Pharmaron, a fully integrated contract research organization (CRO) offering Quotient laboratory and manufacturing services, acquired Quotient Bioresearch (Quotient). 4-Feb-16 Pharmaron, Inc. NA NA NA NA Bioresearch Limited Quotient, a UK-based CRO with more than 200 employees, focuses on integrating radiochemistry and metabolism Take Solutions acquired syneed medidata GmbH, a contract research organization syneed medidata Take Solutions Ltd. 1-Feb-16 that provides services for phase II to phase IV clinical trials and for observational NA NA NA NA GmbH (BSE: 532890) studies

Amatsigroup acquires Q-Biologicals and strengthens its offering for international 25-Jan-16 Q-Biologicals NV Amatsigroup pharmaceutical groups. Q-Biologicals, a leading-edge provider of process NA NA NA NA development and biomanufacturing services.

25-Jan-16 QLife, Inc. M3, Inc. (TSE:2413) M3 acquired Qlife, an operator of multiple healthcare media sites NA NA NA NA

Keyrus Société MedQualis, a Canadian Clinical Research Organization announced the Sale of its 20-Jan-16 MedQualis Inc. Anonyme (ENXTPA: Biomedical Research Activities to the Division Keyrus Biopharma, Member of the NA NA NA NA KEY) Keyrus Group. Bioclinica, a specialty clinical trials services and technology provider, acquired Clinverse, which automates and manages the entire financial lifecycle of global 19-Jan-16 Clinverse, Inc. BioClinica, Inc. NA NA NA NA clinical trials for contract research organizations (CROs) and pharmaceutical companies. Columbus Center Aventiv, an Ohio-based clinical trial and medical research service, acquired 31-Dec-15 for Women's Health Aventiv Research, Inc. NA NA NA NA Columbus Center for Women's Health Research, a provider of clinical studies. Research

Take Solutions Ltd. Chennai-based life sciences technology provider Take Solutions acquired Ecron 31-Dec-15 Ecron Acunova 17.4 17.4 NA NA (BSE:532890) Acunova, a clinical research organisation.

Sogo Rinsho EPS Holdings, Inc. Sogo Rinsho, a japanese site management and CRO, was acquired by EPS 28-Dec-15 Holdings Co., Ltd. 82.8 72.2 1.5x 10.3x (TSE:4282) Holdings (TSE:2399)

Bracket Global, LLC and Clintara merged. Bracket integrated the Clintara platform 17-Dec-15 Clintara, LLC Bracket Global, LLC of surveillance strategies developed for clinical trials within Bracket’s proprietary NA NA NA NA electronic platform for Clinical Outcome Assessments (eCOA).

Source: Annual reports; Lumos Research analysis; “Analysis of the CRO Market”, June 2017, Brocair Partners Public firms Latest transactions 6/6

Transaction Enterprise Close Date Target Acquirer Transaction Description EV/Revenue EV/EBITDA Value Value Pharmaron, a fully integrated contract research organization (CRO) offering 16-Dec-15 Co-Formulate Ltd. Pharmaron, Inc. laboratory and manufacturing services,acquired Co-Formulate, a contract NA NA NA NA pharmaceutical product developer based in the U.K. Albany Molecular Research (AMRI), a global contract research and manufacturing Whitehouse Albany Molecular organization, acquired Whitehouse Laboratories, a leading provider of testing 15-Dec-15 Analytical Research, Inc. 57.0 56.0 5.6x 10.5x services that includes chemical and material analysis, method development and Laboratories (NasdaqGS:AMRI) validation and quality control verification services

ReproCELL, Inc. The Japanese regenerative medicine company ReproCELL Inc., announced the 15-Dec-15 Biopta Ltd 8.3 8.3 NA NA (JASDAQ:4978) acquisition of the Scottish life sciences company, Biopta.

The Chemistry Abzena Plc (AIM: Abzena, a British life sciences technology and services company, acquired The 11-Dec-15 Research Solution 15.0 15.0 3.3x NA ABAZA) Chemistry Research Solution, provider of chemical and bioconjugation solutions LLC Ally Bridge Group, The pharmaceutical research and development services provider WuXi WuXi PharmaTech Boyu Capital, Ping An PharmaTech (Cayman) Inc. has completed a US$3.3 billion go-private deal, in which 10-Dec-15 3,431.1 3,092.9 4.4x 21.6x (Cayman) Inc. Insurance, Temasek it has been acquired by a group of private equity investors and company Holdings, and Hillhouse management

Fluofarma, specialized in cell biology and high content analysis, Acquired By Porsolt 10-Dec-15 Fluofarma SA Porsolt SAS NA NA NA NA SAS

Flextronics Flextronics International Ltd. (NasdaqGS:FLEX) acquired Farm Design, Inc., 4-Dec-15 Farm Design, Inc. International Ltd. provider of development and regulatory services for medical, life sciences, and NA NA NA NA (NasdaqGS:FLEX) consumer health companies.

Accelovance, a global contract research organization (CRO) focusing in oncology, Clinquest Europe 2-Dec-15 Accelovance, Inc. vaccines, and general medicine clinical research; acquired Clinquest, Inc. (US) and NA NA NA NA BV Clinquest Services BV (the Netherlands) from Clinquest Group BV

GHO Capital, the European specialist healthcare investor, announced the Quotient Clinical GHO Capital Partners 2-Dec-15 acquisition of Quotient Clinical (Quotient or the Company), a provider of NA NA NA NA Limited LLP outsourced, early-stage drug development services to the pharmaceutical industry. Charles River Charles River Laboratories International, Inc. (NYSE: CRL) acquired Oncotest Laboratories 18-Nov-15 Oncotest GmbH GmbH, a Freiburg, Germany-based contract research organization (CRO) providing 38.3 38.3 NA NA International, Inc. discovery services for oncology (NYSE:CRL) BioDuro, LLC, a global CRO leader focused on preclinical chemistry, biology, and fully outsourced integrated drug development services for pharmaceutical partners, 11-Nov-15 Formex LLC BioDuro LLC NA NA NA NA announced the merger of its US operations with Formex, LLC, a leader in pharmaceutical API formulation, development and cGMP manufacturing. Seoul Clinical Biocore, a South Korea-based CRO providing research services, acquired the Laboratories 21-Oct-15 Biocore Co., Ltd Cytogenetic and Human Genome Division of South Korea-based Seoul Clinical 2.4 2.4 NA NA (Cytogenetic and Laboratories. Human Genome Venn Life Sciences (AIM: VENN), a growing Clinical Research Organisation Venn Life Sciences Kinesis Pharma providing clinical trial management and resourcing solutions to pharmaceutical, 16-Oct-15 Holdings plc 7.2 7.2 1.1x 10.7x B.V. biotechnology and medical device clients, announced the completion of the (AIM:VENN) acquisition of Kinesis Pharma BV. Yes Pharmaceutical PharmaLex and YES Pharma Services, two renowned service providers in Drug 14-Oct-15 Development PharmaLex GmbH NA NA NA NA Development, Regulatory Affairs, and Pharmacovigilance, merged Services GmbH

Mean 3.7x 14.4x Median 3.3x 12.5x Min 1.1x 10.2x Max 8.9x 21.6x

Source: Annual reports; Lumos Research analysis; “Analysis of the CRO Market”, June 2017, Brocair Partners Company Profiles IQVIA

Company Overview Snapshot • IQVIA is a leading global provider of information, innovative technology solutions and contract Danbury, CT and research services focused on using data and science to help healthcare clients find better Headquarter Durham, NC solutions for their patients. Formed through the merger of IMS Health and Quintiles, IQVIA offers a broad range of solutions that harness advances in healthcare information, technology, analytics and human ingenuity to drive healthcare forward. Canada, Latin Operating America, Europe, countries Middle est, Africa, Asia Pacific • IQVIA enables companies to rethink approaches to clinical development and commercialization, innovate with confidence as well as accelerate meaningful healthcare outcomes. IQVIA has Foundation 1982 (Quintiles) approximately 55,000 employees in more than 100 countries, all committed to making the potential of human data science a reality. IQVIA’s approach to human data science is powered by Clinical Development Expertise the IQVIA CORE™, driving unique actionable insights at the intersection of big data, and Biopharma transformative technology and analytics with extensive domain expertise.

Data/IT/Statistics, Medical • IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety Monitoring/Safety, of privacy-enhancing technologies and safeguards to protect individual privacy while generating Medical Writing, Clinical and analyzing the information that helps their customers drive human health outcomes forward. Project Management, Developmen IQVIA’s insights and execution capabilities help biotech, medical device, and pharmaceutical Protocol t Services companies, medical researchers, government agencies, payers and other healthcare Development, stakeholders tap into a deeper understanding of diseases, human behaviours and scientific Regulatory/Quality/Saf advances, in an effort to advance their path toward cures. ety, Site/Study/Investigator Financial Overview

Income Statements Bioavailability/Bioequi valence, Biomarkers, in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Phases Commercial Solutions NA 230 323 1,089 3,630 Phase I-IV, PK/PD, Research & Development Solutions NA 3,050 3,159 3,478 3,647 Specialized Studies Integrated Engagement Services NA 885 844 797 783 Reimbursed expenses 1,291 1,295 1,411 1,514 1,679 Website www.IQVIA.com Revenue 5,099 5,460 5,737 6,878 9,739 Gross profit 1,337 1,482 1,601 2,128 3,438 Key People Operating income 476 599 680 828 822 Income before taxes 323 502 539 479 331 Ari Bousbib Net income 227 356 387 115 1,309 Chairman and Chief Executive Officer

EPS Basic 1.8 2.8 3.2 0.8 6.0 EPS Diluted 1.8 2.7 3.1 0.8 5.9 Michael McDonnell

Balance Sheet Executive Vice President and Chief in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Financial Officer Cash and cash equivalents 778 867 977 1,198 959 Total current assets 1,946 2,146 2,412 3,337 3,450 Total non-current assets 1,121 1,160 1,514 17,871 19,292 W. Richard Staub III Total assets 3,067 3,306 3,926 212,018 22,742 President, Research & Development Total current liabilities 1,482 1,472 1,594 2,705 2,904 Solutions Total non-current liabilities 2,252 2,538 2,896 9,870 11,729 Total liabilities 3,734 4,010 4,491 12,575 14,633 Total stockholders' equity (677.0) (704.0) (564.0) 8,633 8,109 Therapeutic Expertise

Cash flow Statement • Neurology/MS in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Net cash provided by operating activities 397 432 476 860 970 Net cash used for investing activities (240) (173) (67) 1,731 (1,190) • Oncology Net cash provided by financing activities 71 (130) (249) (2,284) (72) Net change in cash 210 89 110 221 (239) • Diabetes Free cash flow 305 349 397 696 601

Other Stats • Immunology FY-13 FY-14 FY-15 FY-16 FY-17 N. of employees NA NA NA 50,000 55,000 • Rare Disease Company Profiles IQVIA

Multiples EV Revenue EV EBITDA 4.00x 25.00x 3.50x 20.00x 3.00x 2.50x 15.00x 2.00x 1.50x 10.00x 1.00x 5.00x 0.50x 0.00x 0.00x

EV EBIT PE 50.00x 100.00x

40.00x 80.00x

30.00x 60.00x

20.00x 40.00x

10.00x 20.00x

0.00x 0.00x

Share price EV/Revenue TTM EV EBITDA TTM EV EBIT TTM PE TTM Latest 99.93 3.1x 17.6x 36.6x 16.1x Low 87.57 3.0x 15.2x 35.3x 15.1x Average 98.91 3.3x 17.4x 39.4x 37.9x High 108.56 3.7x 19.0x 44.2x 91.8x

Estimates vs Actual Evolution of Share Price

Estimate Actual Difference Surprise % SALES (in millions) Share Price Quarter Ending Mar-18 2,448 2,563 115 4.70 110 108 Quarter Ending Dec-17 2,138 2,161 23 1.07 106 104 Quarter Ending Sep-17 2,015 2,019 4 0.21 102 100 Quarter Ending Jun-17 1,961 1,969 8 0.42 98 96 Quarter Ending Mar-17 1,910 1,911 1 0.05 94 Earnings (per share) 92 90 Quarter Ending Mar-18 1.27 1.34 0.07 5.46 88 86 Quarter Ending Dec-17 1.34 1.40 0.06 4.15 84 82 Quarter Ending Sep-17 1.14 1.19 0.05 4.72 80

Quarter Ending Jun-17 1.05 1.09 0.04 3.90

Quarter Ending Mar-17 0.95 1.01 0.06 5.83 Company Profiles LabCorp

Company Overview Snapshot • Laboratory Corporation of America Holdings (LabCorp) is a leading global life sciences company Burlington, North that is deeply integrated in guiding patient care. Through its two business segments, LabCorp Headquarter Carolina Diagnostics (LCD) and Covance Drug Development (CDD), the Company provides comprehensive clinical laboratory and end-to-end drug development services. Canada, Latin Operating America, Europe, • Employing nearly 60,000 people worldwide, the Company’s mission is to improve health and countries Middle Est, Africa, improve lives by delivering world-class diagnostic solutions, bringing innovative medicines to Asia Pacific, Australia patients faster, and using technology to improve the delivery of care. Foundation 1971 • The Company, headquartered in Burlington, North Carolina, is a Delaware corporation and was Bioanalytical, Clinical, incorporated in 1971. Through a combination of organic growth and disciplined acquisitions, Expertise Diagnostics and including the 2015 acquisition of Covance Inc. (Covance) and the 2017 acquisition of Chiltern Toxicology International Group Limited (Chiltern), a specialty contract research organization (CRO), the Company has continually expanded and diversified its business offerings, technological expertise, geographic reach, revenue base, and financial growth opportunities. Clinical Training, Data/IT/Statistics, Medical • Today the Company participates in drug discovery from early development to new drug approval Monitoring/Safety, and commercialization, offers a growing portfolio of high-value, high-quality clinical laboratory Medical Writing, tests, and increasingly provides guidance to patients and care providers about how to integrate Clinical Project Management, drugs and diagnostics into optimal patient care Developmen Protocol t Services Development, Regulatory/Quality/Sa Financial Overview fety, Site/Study/Investigato Income Statements r in USDm FY-13 FY-14 FY-15 FY-16 FY-17 LabCorp Diagnostics (LCD) 5,669 5,838 6,199 6,593 7,170 Covance Drug Development (CDD) 139 173 2,306 2,844 3,037 Bioavailability/Bioequi CDD - reimbursable out-of-pocket expenses - - 175 203 234 valence, Dose Revenue 5,808 6,011 8,680 9,640 10,441 Phases Ranging, Phase I-IV, Gross profit 2,223 2,203 2,903 3,181 3,464 PK/PD, Specialized Operating income 1,013 928 1,117 1,371 1,435 Studies Income before taxes 916 827 732 1,106 1,135 Net income 574 511 437 732 1,268 Website www.labcorp.com

EPS Basic 6.4 6.0 4.4 7.1 12.4 Key People EPS Diluted 6.3 5.9 4.3 7.0 12.2 Alicia Carter

Balance Sheet Medical Director, LabCorp in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Cash and cash equivalents 404 580 716 434 317 Total current assets 1,432 1,693 2,663 2,479 2,683 Arthur Zebelman Total non-current assets 5,534 5,609 11,559 11,768 13,885 Associate Vice President Total assets 6,966 7,302 14,222 14,247 16,568 Total current liabilities 736 976 1,702 1,828 2,046 Total non-current liabilities 3,739 3,505 7,576 6,914 7,692 Dorothy M. Adcock Total liabilities 4,475 4,481 9,277 8,741 9,738 Total stockholders' equity 2,491 2,821 4,944 5,506 6,830 Chief Medical Officer

Cash flow Statement Therapeutic Expertise in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Net cash provided by operating activities 819 739 982 1,176 1,459 • Allergy Net cash used for investing activities (360) (350) (3,995) (796) (2,229) • Diagnostic genetics Net cash provided by financing activities (518) (201) 3,185 (650) 632 • Cardiovascular disease Net change in cash (63) 176 136 (283) (117) • Infectious disease Free cash flow 617 536 727 897 1,144 • Endocrinology • Oncology Other Stats • Coagulation FY-13 FY-14 FY-15 FY-16 FY-17 • Pharmacogenetics N. of employees 34,000 48,000 50,000 50,000 60,000 • Toxicology • Medical drug monitoring Company Profiles LabCorp

Multiples EV Revenue EV EBITDA 2.50x 14.00x 2.40x 13.50x 2.30x 13.00x 2.20x 12.50x 2.10x 12.00x 2.00x 11.50x 1.90x 11.00x

EV EBIT PE 19.00x 25.00x

18.00x 20.00x

17.00x 15.00x

16.00x 10.00x

15.00x 5.00x

14.00x 0.00x

Share price EV/Revenue TTM EV EBITDA TTM EV EBIT TTM PE TTM Latest 179.87 2.3x 13.2x 17.5x 14.8x Low 147.99 2.1x 12.1x 15.7x 13.2x Average 164.18 2.3x 12.8x 16.6x 17.9x High 189.41 2.4x 13.7x 18.2x 22.8x

Estimates vs Actual Evolution of Share Price

Estimate Actual Difference Surprise % SALES (in millions) Share Price Quarter Ending Mar-18 2,772 2,848 76 2.75 195 190 Quarter Ending Dec-17 2,695 2,702 7 0.25 185 180 175 Quarter Ending Sep-17 2,550 2,598 48 1.86 170 165 Quarter Ending Jun-17 2,467 2,498 31 1.27 160 155 150 Quarter Ending Mar-17 2,409 2,408 1 0.05 145 140 Earnings (per share) 135 Quarter Ending Mar-18 2.63 2.78 0.15 5.78 130 125 120 Quarter Ending Dec-17 2.38 2.45 0.07 3.04 115 110 Quarter Ending Sep-17 2.39 2.46 0.07 3.08 105 100

Quarter Ending Jun-17 2.40 2.47 0.07 2.87

Quarter Ending Mar-17 2.20 2.22 0.02 1.10 Company Profiles PRA Health Sciences Inc

Company Overview Snapshot • PRA Health Sciences is a global contract research organization that provides drug development Raleigh, North and clinical testing services to pharmaceutical and biotechnology companies. Its services run Headquarter Carolina from early- to late-stage clinical trial outsourcing with varying levels of support, including one-off specialized staffing services to strategic partnerships where PRA handles nearly all aspects of the trial. USA, Western Europe, Japan, the Operating Pacific Basin, South countries America, the Middle East, India, South Africa • PRA Health Sciences, providing innovative solutions for their clients is what they do. Side by side with their clients, they strive to move drug discovery forward, helping them to develop life-saving and life-improving drugs. With their unique blend of expertise, they provide comprehensive clinical Foundation 1976 development services across all phases. From full service clinical development to the pioneering Expertise Bioanalytical, Clinical Embedded Solutions model, PRA provides a broad spectrum of solutions that meet the demands of a diverse marketplace. Clinical Training, Data/IT/Statistics, Medical Monitoring/Safety, Medical Writing, • As a top five CRO, they have worked on 100+ marketed drugs across several therapeutic areas Clinical Project Management, and conducted the pivotal or supportive trials that led to FDA and/or international regulatory Developmen Protocol approval of 75+ such drugs. t Services Development, Regulatory/Quality/Sa Financial Overview fety, Site/Study/Investigato Income Statements r in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Revenue 1,390 1,460 1,614 1,812 2,259 Gross profit 383 407 489 547 665 Bioavailability/Bioequi Operating income 13 57 165 163 177 valence, Income before taxes (83) (42) 115 94 75 Phases Pharmacology/Toxicol Net income (62) (36) 82 68 87 ogy, Phase I-IV, PK/PD, EPS Basic (1.6) (0.8) 1.4 1.1 1.4 EPS Diluted (1.6) (0.8) 1.3 1.1 1.3 Website www.prahs.com

Balance Sheet Key People in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Colin Shannon Cash and cash equivalents 72 85 121 145 192 Total current assets 458 489 574 625 877 President and CEO Total non-current assets 1,937 1,750 1,655 1,566 2,481 Total assets 2,395 2,239 2,229 2,190 3,358 Total current liabilities 469 466 530 564 972 Mike Bonello Total non-current liabilities 1,458 1,095 996 897 1,456 CFO and Vice President Total liabilities 1,927 1,562 1,526 1,461 2,427 Total stockholders' equity 467 677 703 729 931 Samir Shah Cash flow Statement in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Chief Operating Officer Net cash provided by operating activities (24) 23 154 160 220 Net cash used for investing activities (1,019) (12) (72) (35) (687) Therapeutic Expertise Net cash provided by financing activities 1,115 8 (42) (102) 507 Net change in cash 72 13 36 23 44 • Biosimilars Free cash flow (29) (5) 121 127 159 • Cardio-Metabolic • Immunology Other Stats • Infectious Diseases FY-13 FY-14 FY-15 FY-16 FY-17 • Neuroscience & Pain N. of employees NA 10,000 11,000 13,000 15,800 • Oncology & Haematology • Paediatrics Clinical Trials • Rare Diseases • Respiratory • Vaccine Solutions Company Profiles PRA Health Sciences Inc

Multiples EV Revenue EV EBITDA 4.00x 35.00x 3.50x 30.00x 3.00x 25.00x 2.50x 20.00x 2.00x 15.00x 1.50x 10.00x 1.00x 0.50x 5.00x 0.00x 0.00x

EV EBIT PE 45.00x 80.00x 40.00x 70.00x 35.00x 60.00x 30.00x 50.00x 25.00x 40.00x 20.00x 15.00x 30.00x 10.00x 20.00x 5.00x 10.00x 0.00x 0.00x

Share price EV/Revenue TTM EV EBITDA TTM EV EBIT TTM PE TTM Latest 93.96 3.0x 25.7x 37.3x 61.4x Low 73.81 2.6x 20.4x 26.9x 42.9x Average 83.56 3.0x 24.1x 33.4x 55.1x High 96.22 3.5x 29.0x 41.7x 71.6x

Estimates vs Actual Evolution of Share Price

Estimate Actual Difference Surprise % SALES (in millions) Share Price Quarter Ending Mar-18 695 702 7 1.03 101 98 Quarter Ending Dec-17 544 569 25 4.65 95 92 Quarter Ending Sep-17 484 495 10 2.13 89 86 83 Quarter Ending Jun-17 448 458 10 2.23 80 77 Quarter Ending Mar-17 420 488 68 16.27 74 Earnings (per share) 71 68 Quarter Ending Mar-18 0.84 0.85 0.01 1.32 65 62 Quarter Ending Dec-17 1.02 1.04 0.02 1.48 59 56 Quarter Ending Sep-17 0.85 0.88 0.03 4.06 53 50

Quarter Ending Jun-17 0.74 0.79 0.05 6.53

Quarter Ending Mar-17 0.60 0.62 0.02 3.11 Company Profiles ICON plc

Company Overview Snapshot • ICON is a global provider of outsourced development services to the pharmaceutical, Headquarter Dublin, Ireland biotechnology and medical device industries. They specialise in the strategic development, management and analysis of programmes that support Clinical Development - from compound Canada, Latin selection to Phase I-IV clinical studies. America, Europe, Operating Middle est, Africa, countries Asia Pacific, Australia • They have the operational flexibility to provide development services on a stand-alone basis or as part of an integrated “full service” solution. They are also an 'end-to-end'​ Pharmacovigilance Foundation 1990 service provider and this includes Post Marketing Surveillance activities too. CRO, Clinical Expertise Research

• Their services span the entire lifecycle of product development and commercialisation, and can Clinical Training, be adapted to suit small local trials or large global programs. Data/IT/Statistics, Medical Monitoring/Safety, Medical Writing, Clinical Project Management, • ICON have extensive experience in a broad range of therapeutic areas. Managing studies in all Development Protocol major geographies, they have established solid working relationships with the world’s leading Services investigators. Development, Regulatory/Quality/S afety, Financial Overview Site/Study/Investigat or Income Statements in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Bioavailability/Bioequ Revenue 1,336 1,503 1,575 1,666 1,758 ivalence, Biomarkers, Gross profit 491 600 666 705 731 Dose Ranging, Operating income 130 211 282 320 346 Phases Pharmacology/Toxic Income before taxes 121 203 279 300 328 ology, Phase I-IV, Net income 103 172 240 262 281 PK/PD, Specialized Studies EPS Basic 1.7 2.8 4.1 4.8 5.2 EPS Diluted 1.7 2.7 4.0 4.7 5.1 Website www.iconplc.com

Balance Sheet Key People in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Dr. Steve Cutler Cash and cash equivalents 183 119 104 193 283 Total current assets 853 820 864 958 1,101 Chief Executive Officer Total non-current assets 589 709 854 868 1,046 Total assets 1,442 1,529 1,719 1,826 2,147 Total current liabilities 501 538 572 494 566 Mr. Brendan Brennan Total non-current liabilities 31 40 384 386 390 Chief Financial Officer Total liabilities 532 579 956 881 956 Total stockholders' equity 911 950 763 945 1,191 Mr. Diarmaid Cunningham Cash flow Statement in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Chief Administrative Officer Net cash provided by operating activities 221 170 280 259 383 Net cash used for investing activities (184) (112) (205) (75) (178) Therapeutic Expertise Net cash provided by financing activities 29 (116) (81) (94) (119) Net change in cash 68 (64) (15) 89 90 • Oncology Free cash flow 192 137 230 217 338 • Central Nervous System • Infectious Diseases and Vaccines Other Stats • Women’s health therapeutics FY-13 FY-14 FY-15 FY-16 FY-17 • Cardiovascular N. of employees 10,300 10,600 11,900 12,500 13,250 • Endocrine and metabolic disorders • Gastrointestinal • NASH • Ophtalmology • Rare and orphan diseases • Respiratory Company Profiles ICON plc

Multiples EV Revenue EV EBITDA 5.00x 20.00x

4.00x 15.00x 3.00x 10.00x 2.00x 5.00x 1.00x

0.00x 0.00x

EV EBIT PE 25.00x 30.00x

20.00x 25.00x 20.00x 15.00x 15.00x 10.00x 10.00x 5.00x 5.00x 0.00x 0.00x

Share price EV/Revenue TTM EV EBITDA TTM EV EBIT TTM PE TTM Latest 131.70 3.7x 17.7x 20.5x 25.2x Low 96.48 3.1x 13.8x 16.0x 19.4x Average 115.52 3.6x 16.0x 18.5x 22.5x High 137.03 3.9x 18.4x 21.3x 26.2x

Estimates vs Actual Evolution of Share Price

Estimate Actual Difference Surprise % SALES (in millions) Share Price Quarter Ending Mar-18 623 620 3 0.53 145 140 Quarter Ending Dec-17 455 455 1 0.13 135 130 Quarter Ending Sep-17 436 440 4 0.90 125 120 Quarter Ending Jun-17 431 431 0 0.04 115 110 Quarter Ending Mar-17 432 432 0 0.06 105 Earnings (per share) 100 95 Quarter Ending Mar-18 1.42 1.42 0.00 0.04 90 85 Quarter Ending Dec-17 1.42 1.43 0.01 1.05 80 75 Quarter Ending Sep-17 1.32 1.35 0.03 2.38 70

Quarter Ending Jun-17 1.30 1.31 0.01 0.96

Quarter Ending Mar-17 1.27 1.29 0.02 1.22 Company Profiles Syneos Health

Company Overview Snapshot • Syneos Health is leading global biopharmaceutical services organization providing product Headquart Raleigh, North Caroline, development and commercial solutions through our clinical end-to-end contract research er USA organization (“CRO”) and contract commercial organization (“CCO”).

Canada, South Operating America, Europe, • It offers both standalone and integrated biopharmaceutical solutions ranging from Early Phase countries Middle Est, Africa, Asia (Phase I) clinical trials to the full commercialization of biopharmaceutical products. Pacific

Foundatio 2017 • Created in 2017, through the merger of two industry-leading companies – INC Research and n inVentiv Health – its brings together more than 21,000 clinical and commercial minds with the ability to support customers in more than 110 countries. Clinical Development, Functional Service Expertise Provider, Commercialization and Consulting • Its customers include large and small to mid-sized companies in the biopharmaceutical, biotechnology, and medical device industries. Clinical Training, Data/IT/Statistics, Medical Clinical Monitoring/Safety, Developm Medical Writing, Project Financial Overview ent Management, Protocol Services Development, Income Statements Regulatory/Quality/Safe in USDm FY-13 FY-14 FY-15 FY-16 FY-17 ty, Revenue (Clinical and Commercial Solutions) 652 809 914 1,030 1,852 Site/Study/Investigator Reimbursable out-of-pocket expenses 343 369 485 580 820 Revenue 995 1,178 1,399 1,610 2,672 Bioavailability/Bioequiv Gross profit 220 295 372 404 621 alence, Biomarkers, Operating income 44 95 160 172 158 Dose Ranging, Phases Income before taxes (31) (28) 131 134 (112) Pharmacology/Toxicolo Net income (42) (23) 117 113 (138) gy, Phase I-IV, PK/PD, Specialized Studies EPS Basic (0.1) (0.5) 2.0 2.1 (1.9) EPS Diluted (0.1) (0.5) 2.0 2.0 (1.9) Website www.iconplc.com

Balance Sheet in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Key People Cash and cash equivalents 97 126 85 102 321 Alistair Macdonald Total current assets 376 427 422 523 1,422 Chief Executive Officer Total non-current assets 857 818 789 766 5,864 Total assets 1,233 1,245 1,211 1,289 7,286 Jason Meggs Total current liabilities 318 380 475 467 1,160 Chief Financial Officer Total non-current liabilities 639 473 519 520 3,104 Total liabilities 957 853 994 987 4,263 Mark Dmytruk Total stockholders' equity 276 392 217 301 3,023 Executive Vice President

Cash flow Statement in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Therapeutic Expertise Net cash provided by operating activities 37 131 205 109 198 • Early Phase Net cash used for investing activities (18) (28) (21) (31) (1,723) Net cash provided by financing activities (7) (68) (211) (53) 1,734 • Solid Tumors Net change in cash 16 29 (41) 17 219 Free cash flow 20 106 184 78 154 • Hermatology Other Stats • Oncology FY-13 FY-14 FY-15 FY-16 FY-17 N. of employees NA 5,600 6,400 6,800 21,000 • Non Malignant Hermatology Company Profiles Syneos Health

Multiples EV Revenue EV EBITDA 5.00x 100.00x

4.00x 80.00x

3.00x 60.00x

2.00x 40.00x

1.00x 20.00x

0.00x 0.00x

EV EBIT PE 60.00x 40.00x 50.00x 35.00x 30.00x 40.00x 25.00x 30.00x 20.00x 20.00x 15.00x 10.00x 10.00x 5.00x 0.00x 0.00x

Share price EV/Revenue TTM EV EBITDA TTM EV EBIT TTM PE TTM Latest 47.50 2.3x 50.9x 45.2x 0.0x Low 31.70 1.9x 17.6x 19.9x 0.0x Average 45.77 2.5x 46.5x 37.7x 8.5x High 59.05 3.9x 80.0x 52.0x 36.6x

Estimates vs Actual Evolution of Share Price

Estimate Actual Difference Surprise % SALES (in millions) Share Price Quarter Ending Mar-18 1,040 1,061 21 2.05 65

60 Quarter Ending Dec-17 760 750 10 1.30 55 Quarter Ending Sep-17 605 767 162 26.72 50

Quarter Ending Jun-17 257 258 1 0.52 45 40 Quarter Ending Mar-17 251 252 2 0.63 35 Earnings (per share) 30 Quarter Ending Mar-18 0.51 0.55 0.04 7.84 25

20 Quarter Ending Dec-17 0.56 0.70 0.14 24.56 15 Quarter Ending Sep-17 0.62 0.54 0.08 12.73 10

Quarter Ending Jun-17 0.64 0.64 0.00 0.14

Quarter Ending Mar-17 0.59 0.60 0.01 0.89 Company Profiles Evotec AG

Company Overview Snapshot • Evotec is a drug discovery alliance and development partnership company focused on rapidly Headquarte progressing innovative product approaches with leading pharmaceutical and biotechnology Hamburg, Germany r companies, academics, patient advocacy groups and venture capitalists. Drug discovery solutions are provided in form of fee-for-service work, integrated drug discovery alliances, development partnerships, licensing of innovative drug candidates and consulting arrangements. The Company operates worldwide and has leading scientific experts, state-of-the-art technologies as well as key Operating Italy, Switzerland, UK, therapeutic expertise in the areas of neuroscience, pain, metabolic diseases, oncology, countries USA, France respiratory diseases, fibrosis, inflammation and infectious diseases. By leveraging this expertise, Evotec intends to develop best-in-class and first-in-class differentiated therapeutics on its systematic, unbiased and comprehensive infrastructure. Foundation 1993 • Evotec has long-term discovery alliances with partners including Bayer, Boehringer Ingelheim, CHDI, Genentech, Janssen Pharmaceuticals, MedImmune/AstraZeneca, Roche and UCB. In Clinical Development, addition, the Company has existing development partnerships and product candidates both in Functional Service clinical and pre-clinical development. These include partnerships with Boehringer Ingelheim and Expertise Provider, MedImmune in the field of diabetes, with Janssen Pharmaceuticals in the field of depression and Commercialization and with Roche in the field of Alzheimer’s disease. Consulting

• Evotec is built on integrated drug discovery know-how of over 20 years and is a leading player in the drug discovery field. The Company’s headquarters are located in Hamburg, Germany. Additional major operating sites exist in Abingdon and Manchester, UK; Göttingen and Munich, Discovery and Pre Germany; Princeton, Watertown & Branford, USA; Verona, Italy; Basel, Switzerland as well as Clinical clinical, Drug Toulouse, France. Evotec has approx. 2000 employees worldwide. Developme substances and nt Services reagents, Formulation, Financial Overview Pharmacokinetics Income Statements in EURm FY-13 FY-14 FY-15 FY-16 FY-17 Revenue 86 89 128 165 258 Bioavailability/Bioequiv Gross profit 31 29 38 59 83 alence, Biomarkers, Operating income 4 2 (3) 37 39 Dose Ranging, Phases Income before taxes (24) (5) 12 33 26 Pharmacology/Toxicolo Net income (25) (7) 17 27 24 gy, Phase I-IV, PK/PD, Specialized Studies EPS Basic (0.2) (0.1) 0.1 0.2 0.2 EPS Diluted (0.2) (0.1) o.12 0.2 0.2 Website www.evotec.com/

Balance Sheet Key People in EURm FY-13 FY-14 FY-15 FY-16 FY-17 Dr Werner Lanthaler Cash and cash equivalents 46 49 44 84 67 Total current assets 123 125 167 169 180 Chief Executive Officer Total non-current assets 105 99 122 182 487 Total assets 227 225 289 351 667 Total current liabilities 39 33 56 73 246 Dr Mario Polywka Total non-current liabilities 29 33 47 65 91 Chief Operating Officer Total liabilities 68 66 103 138 337 Total stockholders' equity - - - - - Enno Spillner Cash flow Statement in EURm FY-13 FY-14 FY-15 FY-16 FY-17 Chief Financial Officer Net cash provided by operating activities 7 (4) 16 67 11 Net cash used for investing activities (32) 3 (23) (6) (269) Therapeutic Expertise Net cash provided by financing activities 32 3 2 (20) 241 Net change in cash 7 3 (4) 39 (17) • Anti-infectives Free cash flow 1 (9) 4 57 (7) • Immunology & Inflammation Other Stats FY-13 FY-14 FY-15 FY-16 FY-17 • Metabolic diseases and N. of employees 610 717 1,000 1,200 2,100 complications

• Neurosciences

• Oncology Company Profiles Evotec AG

Multiples EV Revenue EV EBITDA 20.00x 160.00x

15.00x 120.00x

10.00x 80.00x

5.00x 40.00x

0.00x 0.00x

EV EBIT PE 100.00x 200.00x

80.00x 150.00x 60.00x 100.00x 40.00x

20.00x 50.00x

0.00x 0.00x

Share price EV/Revenue TTM EV EBITDA TTM EV EBIT TTM PE TTM Latest 14.75 7.9x 98.2x 61.0x 108.4x Low 11.66 6.7x 44.3x 36.3x 70.2x Average 15.17 10.0x 87.4x 59.3x 108.0x High 22.40 15.6x 135.7x 85.6x 175.8x

Estimates vs Actual Evolution of Share Price

Estimate Actual Difference Surprise % SALES (in millions) Share Price Quarter Ending Mar-18 79 79 0 0.40 25

Quarter Ending Sep-17 59 67 8 14.37

21 Quarter Ending Jun-17 47 53 6 13.82

Quarter Ending Mar-17 46 50 4 8.86 17

Quarter Ending Dec-16 39 44 5 11.65

Earnings (per share) 13

Quarter Ending Mar-18 0.02 0.02 0.00 14.16

9 Quarter Ending Sep-17 0.04 0.02 0.02 53.81

Quarter Ending Jun-17 0.04 0.02 0.02 42.86 5

Quarter Ending Mar-17 0.04 0.05 0.01 25.00

Quarter Ending Dec-16 (0.02) 0.12 0.14 (700.00) Company Profiles Charles River

Company Overview Snapshot • Charles River provides essential products and services to help pharmaceutical and biotechnology companies, government agencies and leading academic institutions around the globe accelerate Headquarter Wilmington, USA their research and drug development efforts. • Charles River dedicated employees are focused on providing clients with exactly what they need China, Canada, to improve and expedite the discovery, early-stage development and safe manufacture of new Australia, Finland, therapies for the patients who need them. France, Germany, Operating Hungary, India, • With 80 sites around the globe, they are strategically positioned to coordinate worldwide countries resources and apply multidisciplinary perspectives in resolving your product’s unique challenges. Ireland, Italy, Japan, Their focus on timeliness and accuracy in every stage of development means you can count on South Korea, Spain reliable, reproducible results, every step of the way. UK, USA • In October 2003, Charles River Laboratories merged with Inveresk, a UK-owned research Foundation 1947 company. The company was known then as Charles River Laboratories. Inveresk specialised in Pharmaceutical, clinical research and pre-clinical testing, and their main facilities are in Edinburgh, Scotland. In Expertise late 2009, Charles River sold its Clinical Services Division in Edinburgh to Quotient Bioresearch. Biotechnology • In 2010 Charles River Laboratories attempted to acquire WuXi PharmaTech, a China-based Data/IT/Statistics, contract research organization, but the offer was withdrawn when the deal faced opposition from Medical several large Charles River investors, including Relational Investors, JANA Partners and Monitoring/Safety Neuberger Berman. Clinical Medical Writing • In January 2018, the company announced it would acquire KWS BioTest for up to £18 million Development Project Management ($24.4 million). In February of the same year Charles River announced it would acquire MPI Services Protocol Research for $800 million. Development Regulatory/Quality/S afety, Site Financial Overview Bioavailability/Bioequ Income Statements ivalence, Biomarkers in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Pharmacology/Toxic RMS 511 507 473 494 494 ology, Phase 1, Phases DSA 432 538 612 837 980 PK/PD, Manufacturing 221.8 252 278 351 384 Safety/Tolerability Revenue 1,166 1,298 1,363 1,681 1,858 Specialized Studies, Gross profit 399 473 531 647 702 Drug Interactions Operating income 156 178 206 237 287 Website www.criver.com Income before taxes 138 178 195 223 297 Net income 103 127 149 155 123

EPS Basic 2.2 2.7 3.2 3.3 2.6 Key People EPS Diluted 2,12 2.7 3.1 3.2 2.5 James C. Foster

Balance Sheet Chairman & Chief Executive Officer in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Cash and cash equivalents 156 160 118 118 164 Total current assets 553 607 559 657 827 William D. Barbo Total non-current assets 1,092 1,278 1,509 2,055 2,103 CCO Total assets 1,645 1,885 2,068 2,712 2,930 Total current liabilities 247 296 312 430 464 Total non-current liabilities 757 917 1,024 1,445 1,421 Davide Molho, D.V.M. Total liabilities 1,004 1,213 1,335 1,875 1,885 Total stockholders' equity 641 672 733 837 1,045 COO

Cash flow Statement Therapeutic Expertise in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Net cash provided by operating activities 207 251 286 298 316 • Cardiovascular Disease Net cash used for investing activities (74) (298) (320) (686) (73) • Infectious Disease Net cash provided by financing activities (84) 61 5 391 (208) • Inflammation Net change in cash 46 4 (42) 0 46 • Metabolic Disease Free cash flow 168 194 223 243 234 • Microbiome Research • Musculoskeletal Disease Other Stats • Neuroscience FY-13 FY-14 FY-15 FY-16 FY-17 • Oncology N. of employees 7,700 7,900 8,600 11,000 11,800 • Ophthalmology • Rare Disease • Respiratory Disease Company Profiles Charles River

Multiples EV Revenue EV EBITDA 4.00x 16.00x

3.50x 14.00x

3.00x 12.00x

2.50x 10.00x

EV EBIT PE 24.00x 60.00x

22.00x 40.00x

20.00x 20.00x

18.00x 0.00x

Share price EV/Revenue TTM EV EBITDA TTM EV EBIT TTM PE TTM Latest 113.54 3.4x 14.6x 22.8x 43.1x Low 96.72 3.1x 12.7x 20.0x 24.4x Average 106.96 3.3x 13.9x 21.6x 34.4x High 118.09 3.6x 15.0x 23.5x 45.9x

Estimates vs Actual Evolution of Share Price

Estimate Actual Difference Surprise % SALES (in millions) Share Price Quarter Ending Mar-18 480 494 14 2.84 120

Quarter Ending Dec-17 475 478 4 0.82 112 Quarter Ending Sep-17 459 464 6 1.20

Quarter Ending Jun-17 458 469 11 2.42 104

Quarter Ending Mar-17 437 446 9 1.99 96 Earnings (per share)

Quarter Ending Mar-18 1.26 1.38 0.12 9.30 88 Quarter Ending Dec-17 1.25 1.40 0.15 11.70

Quarter Ending Sep-17 1.22 1.30 0.08 6.57 80

Quarter Ending Jun-17 1.22 1.29 0.07 5.83

Quarter Ending Mar-17 1.14 1.29 0.15 13.43 Company Profiles Medpace Holdings

Company Overview Snapshot • Medpace Holdings, Inc., a clinical research organization, provides clinical development services for pharmaceutical and biotechnology industries. It specializes in phase I-IV core development Headquarter Ohio, USA services for drug, biologic, and device programs.

• Medpace is the only global CRO with a fully integrated Clinical Research Campus. Europe, South Operating America, India, • With the CRO headquartered beside critical supporting services, they are able to build greater countries Australia, China, collaboration, efficiency, and streamlined execution – which drives better results. Also located on Japan, South Africa the research campus are these wholly-owned subsidiaries: Foundation 1992 1. Central Laboratories Diagnostics 2. Clinical Pharmacology Unit Expertise Medical Device Pharma/Biotech 3. Bioanalytical Laboratory

4. Core Laboratories

• In February 2014, Medpace was sold to private equity firm Cinven by CCMP Capital for around Data/IT/Statistics, $900 million. Medical Writing Clinical Project Management • On August 11, 2016 Medpace (MEDP) went public with an IPO consisting of 8,050,000 Development Regulatory/Quality/S shares. Services afety, Site/Study/Investigat or Financial Overview

Income Statements in USDm FY-15 FY-16 FY-17 Bioavailability/Bioequ Revenue 359 422 436 ivalence, Imaging - Scintography & MRI Gross profit 156 172 175 Phases Phase 1 Operating income 30 52 65 Phase 4 Income before taxes -8 22 57 Safety/Tolerability Net income -9 13 39 Specialized Studies

EPS Basic Website www.medpace.com EPS Diluted

Balance Sheet Key People in USDm FY-15 FY-16 FY-17 August Troendle, MD Cash and cash equivalents 15 37 26 Total current assets 95 133 130 President and CEO Total non-current assets 889 846 821 Total assets 984 979 951 Jesse Geiger, CPA, BBA Total current liabilities 134 169 193 COO of Laboratory Operations and Total non-current liabilities 437 200 254 Total liabilities 571 268 447 CFO of Medpace Total stockholders' equity 413 611 504

Susan Burwig, MA, BSN Cash flow Statement in USDm FY-15 FY-16 FY-17 Executive Vice President, Operations Net cash provided by operating activities 84 92 97 Net cash used for investing activities (6) (13) (12) Therapeutic Expertise Net cash provided by financing activities (116) (58) (98) Net change in cash (39) 20 (11) • Cancer Free cash flow 78 78 85 • Cardiovascular Other Stats FY-15 FY-16 FY-17 • CNS N. of employees NA 2,000 2,500 • Endocrine/Metabolism

• Genitourinary

• Infectious Diseases Company Profiles Medpace Holdings

Multiples EV Revenue EV EBITDA 5.00x 20.00x 4.00x 16.00x 3.00x 12.00x 2.00x 8.00x 1.00x 4.00x 0.00x 0.00x

EV EBIT PE 30.00x 75.00x 25.00x 60.00x 20.00x 45.00x 15.00x 30.00x 10.00x 5.00x 15.00x 0.00x 0.00x

Share price EV/Revenue TTM EV EBITDA TTM EV EBIT TTM PE TTM Latest 43.61 3.5x 15.3x 26.5x 34.1x Low 27.27 2.8x 11.3x 21.2x 26.6x Average 35.76 3.4x 13.6x 24.6x 42.5x High 45.46 3.8x 15.9x 27.5x 58.9x

Estimates vs Actual Evolution of Share Price

Estimate Actual Difference Surprise % SALES (in millions) Share Price Quarter Ending Mar-18 100 163 63 63.33 50

Quarter Ending Dec-17 97 99 2 2.15 45

Quarter Ending Sep-17 95 99 4 3.72 40

Quarter Ending Jun-17 93 95 2 1.99 35

Quarter Ending Mar-17 94 94 0 0.28 30 Earnings (per share)

Quarter Ending Mar-18 0.44 0.55 0.11 26.23 25

Quarter Ending Dec-17 0.38 0.39 0.01 1.46 20

Quarter Ending Sep-17 0.36 0.40 0.04 12.01 15

Quarter Ending Jun-17 0.30 0.38 0.08 27.30

Quarter Ending Mar-17 0.37 0.34 0.03 7.23 Company Profiles Syngene International

Company Overview Snapshot • Syngene International is one of the leading global CROs offering a suite of integrated, end-to-end discovery, development and manufacturing services for novel molecular entities across industrial Headquarter Bangalore, India sectors including pharmaceutical, biotechnology, agrochemicals, consumer health, animal health, cosmetic and nutrition companies. Operating Europe, Asia and countries Japan

Foundation 1994 • Syngene has state-of-the-art research facilities certified with ISO 9001:2008, ISO 14001:2004, and OHSAS 18001:2007. Their animal facilities are GLP certified by the Indian authorities and Heart CRO, Clinical AAALAC accredited. Over the last 20+ years, thet have successfully offered these services to Monitoring Development more than 310 clients including start-up companies, large pharma/ biotech, agrochemical, Clinical Services, CMO, chemical, nutrition and animal health companies in the USA, Europe and the Asia Pacific Research Chemistry, Biology including Japan. Health and Biologics, Management Bioinformatics

Data/IT/Statistics, Medical • Their integrated discovery and development platforms help organisations conduct discovery (from Monitoring/Safety, hit to candidate selection), development (including pre-clinical and clinical studies, analytical and Clinical Medical Writing, bio-analytical evaluation, formulation development and stability studies) and pilot manufacturing Development Project Management, (scale-up, pre-clinical and clinical supplies) with a distinctive economic advantage. Services Regulatory/Quality/S afety, Site/Study/Investigat or Financial Overview Bioavailability/Bioequ Income Statements ivalence, in INRm FY-14 FY-15 FY-16 FY-17 Pharmacology/Toxic Phases Contract research and manufacturing 6,995 8,599 11,070 12,009 ology, Phase 1, Revenue 6,995 8,599 11,070 12,009 Phase 2, PK/PD, Gross profit 5,081 6,209 7,966 8,791 Specialized Studies Operating income 1,485 2,015 2,606 2,704 Income before taxes 1,557 2,035 2,582 3,465 www.syngeneintl.co Website Net income 1,339 1,750 2,212 2,873 m

EPS Basic 7.2 9.2 11.4 14.7 EPS Diluted 6.9 8.9 11.1 14.6 Key People Balance Sheet Jonathan Hunt in INRm FY-14 FY-15 FY-16 FY-17 Cash and cash equivalents 916 1,157 7,199 5,273 Chief Executive Officer Total current assets 6,340 5,858 13,484 15,231 Total non-current assets 5,569 8,357 10,411 12,507 Manoj Nerurkar, Ph.D. Total assets 11,909 14,215 23,895 27,738 Chief Operating Officer Total current liabilities 4,624 4,752 5,360 5,993 Total non-current liabilities 692 1,014 8,007 7,614 Total liabilities 5,316 5,766 13,367 13,607 M. B. Chinappa Total stockholders' equity 6,593 8,449 10,528 14,131 President (Finance) & Chief Financial Officer Cash flow Statement in INRm FY-14 FY-15 FY-16 FY-17 Net cash provided by operating activities 2,995 185 3,124 3,997 Therapeutic Expertise Net cash used for investing activities (3,472) 120 (7,488) (4,691) Net cash provided by financing activities 1,554 (101) 7,094 (808) • Cancer Net change in cash 798 239 2,716 (1,528) Free cash flow 1,997 (1,854) 204 913 • CNS • Dermatology Other Stats FY-14 FY-15 FY-16 FY-17 • Endocrine/Metabolism N. of employees 2,167 2,967 3,492 4,138 • Infectious Diseases • Inflammation/Immune • Orthopaedics Company Profiles Syngene International

Multiples EV Revenue EV EBITDA 12.00x 30.00x

8.00x 20.00x

4.00x 10.00x

0.00x 0.00x

EV EBIT PE 40.00x 60.00x

30.00x 45.00x

20.00x 30.00x

10.00x 15.00x

0.00x 0.00x

Share price EV/Revenue TTM EV EBITDA TTM EV EBIT TTM PE TTM Latest 603.40 8.1x 22.3x 32.5x 39.3x Low 437.80 6.7x 18.4x 24.9x 29.9x Average 547.88 8.1x 21.7x 30.0x 36.6x High 679.20 9.9x 26.2x 36.8x 44.3x

Estimates vs Actual Evolution of Share Price

Estimate Actual Difference Surprise % SALES (in millions) Share Price Quarter Ending Mar-18 3,925 4,091 166 4.24 800

Quarter Ending Dec-17 3,629 3,877 248 6.82

Quarter Ending Sep-17 3,095 3,352 257 8.29 650

Quarter Ending Jun-17 2,953 2,911 42 1.42

500 Quarter Ending Mar-17 3,718 2,913 805 21.64

Earnings (per share)

Quarter Ending Mar-18 4.54 4.25 0.29 6.39 350

Quarter Ending Dec-17 4.20 4.13 0.07 1.67

Quarter Ending Sep-17 3.50 3.87 0.37 10.57 200

Quarter Ending Jun-17 3.80 3.13 0.67 17.63

Quarter Ending Mar-17 4.00 3.95 0.05 1.25 Company Profiles BioTelemetry

Company Overview Snapshot • BioTelemetry, Inc. provides monitoring services and digital population health management for healthcare providers, medical device manufacturing and centralized core laboratory services for Headquarter Malvern, USA clinical research. Since we became focused on cardiac monitoring in 1999, we have developed a proprietary integrated patient management platform that incorporates a wireless data transmission network, U.S. Food and Drug Administration (“FDA”) cleared algorithms, medical devices and 24-hour monitoring service centers. Operating UK, Japan countries • BioTelemetry operates under three reportable segments:

• The Healthcare segment, which generated 81% of our revenue in 2017, is focused on the Foundation 2013 diagnosis and monitoring of cardiac arrhythmias or heart rhythm disorders. They offer cardiologists and electrophysiologists, neurologists and primary care physicians a full spectrum of Heart solutions which provides them with a single source of cardiac monitoring services. These services Monitoring Heart Monitoring, range from the differentiated mobile cardiac telemetry service (“MCT”), to event, traditional Holter, Clinical Clinical Research, extended-wear Holter, Pacemaker and International Normalized Ratio (“INR”) monitoring. Research Health Management Health • The Research segment, which generated 14% of our revenue in 2017, is engaged in central Management core laboratory services providing cardiac monitoring, imaging services, scientific consulting and data management services for drug and medical device trials.

• The Technology segment, which generated 5% of our revenue in 2017, focuses on the development, manufacturing, testing and marketing of cardiovascular and blood glucose Remote Monitoring Clinical monitoring devices to medical companies, clinics and hospitals Solutions e Clinical Development Research- cardiac, Services Financial Overview imaging

Income Statements in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Healthcare 100 133 146 166 234 Research 20 20 22 33 39 Phases I, II, III, IV Technology 9 14 11 10 14 Revenue 130 167 179 208 287 Gross profit 79 93 107 129 172 Operating income 1 (4) 10 18 30 Website www.gobio.com Income before taxes (7) (12) 8 16 (10) Net income (7) (10) 7 53 (17)

EPS Basic (0.3) (0.4) 0.3 1.9 (0.5) Key People EPS Diluted 0.3 0.4 0.3 1.8 0.5 Joseph H. Capper President and Chief Executive Officer Balance Sheet in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Cash and cash equivalents 22 20 19 23 36 Heather Getz, CPA Total current assets 44 49 47 60 90 Executive Vice President and Chief Total non-current assets 43 75 77 139 434 Financial Officer Total assets 88 125 124 199 525 Total current liabilities 19 35 24 32 51 Total non-current liabilities 2 26 24 29 223 Peter Ferola Total liabilities 21 61 48 60 274 General Counsel and Senior Vice Total stockholders' equity 67 64 76 139 251 President

Cash flow Statement Therapeutic Expertise in USDm FY-13 FY-14 FY-15 FY-16 FY-17 Net cash provided by operating activities 11 9 14 39 24 • Cardiac Safety Net cash used for investing activities (8) (27) (14) (36) (177) Net cash provided by financing activities 1 16 (2) 1 166 Net change in cash 4 (2) (1) 4 13 Free cash flow 3 (4) 1 28 10 • Cardiac Outpatient Telemetry Other Stats FY-13 FY-14 FY-15 FY-16 FY-17 N. of employees 622 922 938 1,087 1,600 • Oncology Company Profiles BioTelemetry

Multiples EV Revenue EV EBITDA 6.00x 60.00x

4.00x 40.00x

2.00x 20.00x

0.00x 0.00x

EV EBIT PE 200.00x 30.00x 160.00x 20.00x 120.00x 80.00x 10.00x 40.00x 0.00x 0.00x

Share price EV/Revenue TTM EV EBITDA TTM EV EBIT TTM PE TTM Latest 46.45 5.5x 47.0x 44.7x 0.0x Low 24.15 3.8x 32.4x 30.8x 0.0x Average 34.27 4.6x 41.4x 70.6x 11.4x High 46.55 5.6x 50.4x 152.4x 26.9x

Estimates vs Actual Evolution of Share Price

Estimate Actual Difference Surprise % SALES (in millions) Share Price Quarter Ending Mar-18 91.58 94.50 2.92 3.19 50

Quarter Ending Dec-17 88.30 91.74 3.44 3.90 45

Quarter Ending Sep-17 82.07 81.02 1.05 1.28 40

Quarter Ending Jun-17 58.39 58.13 0.26 0.45 35

Quarter Ending Mar-17 55.57 55.88 0.31 0.56 30 Earnings (per share)

Quarter Ending Mar-18 0.23 0.39 0.16 67.24 25

Quarter Ending Dec-17 0.24 0.32 0.08 34.96 20

Quarter Ending Sep-17 0.25 0.16 0.09 34.88 15

Quarter Ending Jun-17 0.21 0.23 0.02 8.24

Quarter Ending Mar-17 0.16 0.16 0.00 0.00