FCF Life Science Research 2nd Life Science IPO Report – Initial Public Offerings in Europe and the US Enterovirus
Part of FCF Life Science Research Series FCF Overview European and US Life Science IPOs C r o s s - border IPOs of European Issuers in the US Life Science IPO Outlook Appendix: European Cross - border Issuances in the US
2 FCF Overview
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Selected Transactions
3 FCF Facts & Figures
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5 FCF Overview European and US Life Science IPOs C r o s s - border IPOs of European Issuers in the US Life Science IPO Outlook Appendix: European Cross - border Issuances in the US
6 Historic Development of Life Science IPOs in Europe
European IPOs EURm # of Deals continued their 3.000 25 steady upward trend since 2013 in the Life 2.706 Science industry in terms of deal 2.500 volumes 20 2.183 2.083 After a significant 2.000 increase in 2014 and 2015, the number of 15 European Life 1.532 Science IPOs 1.500 decreased in 2016 with a renewed 10 uptrend in 2017 1.000 834 865 2017 has seen the 653 second highest 5 number of deals and 500 deal volumes in the 249 156 187 European Life 38 53 112 56 117 Science industry since 2000 -0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Average Deal 38 53 - - 50 131 69 193 56 - 39 59 37 37 67 77 160 156 Volume (in EURm) European Deal Volume European Deals
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research 7 Historic Development of Life Science IPOs in the US
After a period of a EURm # of Deals relatively low activity 6.000 90 between 2001 and 2012, US Life Science IPOs and 80 5.002 5.044 deal volumes 5.000 significantly 4.539 70 increased during 2013 and 2015, recording record-high 4.000 60 deal volumes tenfold as high as in the 50 previous years 2.960 3.000 40 Subsequently, 2.330 2.260 number and deal volumes of US Life 2.000 30 Science IPOs plummeted, however, 20 recovered again in 904 1.000 754 2017 708 567 499 497 467 10 170 359 54 45 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Average Deal 90 71 54 45 54 79 42 75 - 57 63 45 55 126 66 99 75 80 Volume (in EURm) US Deal Volume US Deals
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research 8 European Life Science IPOs – Overview L5Y
Fast Facts European IPOs - Performance Performance** and Issuance by Exchange 0 1 0 6,0% 156% ▪ 63 IPOs over the last 5 years 4,9% IPO 0 6 ▪ EUR 6,775m volume raised 3,3% 129% 2,4% IPOs 0 Brussels ▪ 83% of the IPOs (L5Y) priced within range* 1 90% 0 -1,2% IPO ▪ 2 US companies went public in Europe 1 0 81% (PureTech Health plc, Verseon Corporation) IPO IPO IPO IPO - CY - IPO 0 +1D +1M +3M YTD YTD 1 15% 0 Copenhagen IPO 3 9% IPOs IPOs by Size Segment 3 3% Stockholm IPOs EURm -19% 3 Volume IPOs IPOs
-25% 3 3 IPOs 3.512 1.261 7 -26% 3 IPOs Amsterdam
-32% 12 6,775m 968 14 63 IPOs 39 -42% 17 IPOs 1.035 Paris Primary / Secondary Split & Price Range
Primary Shares Micro Small Medium Large Secondary Shares 11% IPOs over Time 89% EURm Above Range 2500 Below Range 2000 number of IPOs in each country*** (HQ) 13% 1500 5% Within Range 1000 2.083 2.183 1.532 500 865 82% 112 3 13 20 13 14 0 2013 2014 2015 2016 2017
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, All European IPOs, * where data available, ** IPO – YTD 9 *** European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom Addressed Indication Areas Currently Listed European Life Science Companies*
Out of the total number of listed 75 European Life Oncology Science companies (301), the largest Other 45 areas of indication are 1) Oncology (25%), Neurology 36 2) Neurology (12%), 3) Inflammatory diseases (10%), Inflammatory diseases 31 accounting for almost 50% of total listed 30 European Biotech Metabolic diseases companies
Autoimmune diseases 27
Infections 23
Cardiovascular diseases 16
Respiratory diseases 12
CatDermatology 6
Source: Biocom AG 10 *Multiple indication areas possible Development of Life Science IPOs in Europe and the US L5Y
The US market EURm # of Deals slightly recovered 6.000 80 again from its sharp decrease in IPOs and deal volumes in 2016 5.002 5.044 70 5.000
European IPOs 4.539 60 continued their upward tendency I 4.000 IPO volumes in 2017, 50 while number of IPOs remained constant 2.960 3.000 40 US numbers and volumes of IPOs 2.260 used to be 2.183 2.083 30 significantly higher 2.000 from 2013 to 2015 1.532 than in Europe, 20 however converged towards each other in 1.000 865 2016 and 2017 10
112 0 0 2013 2014 2015 2016 2017
EU Deal Volume US Deal Volume EU Deals US Deals
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 11 US Life Sciences IPOs – Overview L5Y
Fast Facts IPOs - Performance Performance and Issuance by Exchange
IPO – YTD ▪ 229 IPOs over the last 5 years 1 82,5% 71,9% 74,3% 1 17 ▪ EUR 19,760m Volume raised 86% 1 IPOs ▪ 34% of the IPOs over the last five years 1 53,8% 1 priced within range* 207 55% 0 IPOs ▪ 37 companies are headquartered outside 0 the US 0 7,8% 5 -96% 0 IPOs 0 OTC IPO IPO IPO IPO - CY - IPOs by Size Segment +1D +1M +3M YTD YTD
EURm Volume IPOs
5 3.827 3.315 42 87 19,760m 229
5.868 6.750 95 Primary / Secondary Split & Price Range
Secondary Shares 1% Micro Small Medium Large Primary Shares
IPOs over Time 99% EURm 6000 5000 Above Range 4000 37** Within Range 3000 4.493 25% 5.002 5.044 2000 number of IPOs 2.960 in each state (HQ) 1000 2.260 41% 34% 35 76 51 30 37 0 Below Range 2013 2014 2015 2016 2017
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, All European IPOs, * where data available, ** 37 IPOs with HQ outside of the US 12 Note: Entellus Medical Inc., Juno Therapeutics Inc. and Enzymotec Ltd. were excluded due to delisting and missing and data European and US Life Science IPOs – Segment Analysis Number of IPOs and Deal Volumes by Size Segment (L5Y)
Most deal activity European lPOs - Number of Deals per Segment US IPOs - Number of Deals per Segment was seen in the ‘Micro IPO’ segment in Europe, whereas in 95 87 the US most IPOs were recorded in the 39 ‘Small IPO’ segment 42
14 7 In Europe, the ‘Large 3 5 IPO’ segment with the fewest IPOs Micro Small Medium Large Micro Small Medium Large accounts for the EUR EURm EURm EURm EUR EURm EURm EURm highest aggregated 20m – 50m 50m – 100m 100m – 250m > 250m 20m – 50m 50m – 100m 100m – 250m > 250m deal volumes, whereas in the US the ‘Small IPO’ European lPOs – Aggregated Deal Volumes per Segment US lPOs – Aggregated Deal Volumes per Segment segment with the EURm EURm most IPOs features the highest 6.750 aggregated deal 3.512 5.868 volumes 3.827 3.315 1.261 968 1.035
Micro Small Medium Large Micro Small Medium Large
EUR EURm EURm EURm EUR EURm EURm EURm 20m – 50m 50m – 100m 100m – 250m > 250m 20m – 50m 50m – 100m 100m – 250m > 250m
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 13 Categorization: Micro (EUR 20m - EUR 50m), Small (EUR 50m – EUR 100m), Medium (EUR 100m – EUR 250m), Large (>EUR 250m) Top 40 Institutional Investors Currently Invested in European Vintage IPOs (L5Y) – by Size Segment and Number of Investments
BlackRock leads the 29 league table with 29 2 holdings of shares in 7 22 1 21 21 21 European Life 2 1 4 3 18 18 4 Science companies, 2 4 1 1 16 16 15 15 15 9 2 3 1 1 14 14 14 6 2 3 2 2 13 13 13 followed by Morgan 8 4 1 2 3 1 1 12 12 6 9 3 4 2 1 6 4 2 2 1 5 2 2 1 Stanley (22) and 4 4 3 14 6 5 12 12 1 Aviva Investors (21) 11 11 3 10 9 9 8 9 2 9 9 9 7 7 7 6 4 4 3
12 12 12 12 12 1 1 2 2 11 11 11 11 11 11 3 2 1 2 2 1 1 10 10 10 10 10 10 10 10 3 3 2 2 1 2 2 2 2 2 1 1 9 2 4 1 3 3 2 2 4 4 5 2 6 3 5 4 2 2 9 8 8 8 2 7 8 2 6 5 6 6 6 6 3 3 4 4 4 3 4 3
Large Medium Small Micro
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 14 Top 40 Institutional Investors Currently Invested in European Vintage IPOs (L5Y) – by Holding Value
Analyzing the Top 40 EURm institutional investors 9 15 1 1 2 14 9 8 1 2 4 5 4 1 29 3 5 8 16 1 by total amount 1,724 invested, Novo Holdings, Fidelity 1,062 Investments, Invesco, 555 535 Woodford Investment 475 473 408 405 387 384 384 375 374 Management and 353 341 324 322 232 227 215 OrbiMed can be considered the three
most active investors
Capital
Avisors Förvaltning
Viking Global Tellort
Investors, Toftnäs Toftnäs Förvaltning and Baker Bros. Nordic Capital with less than three 2 1 8 9 4 1 1 6 1 7 10 1 2 1 21 3 1 1 6 3 holdings are founding, pre-IPO shareholders, not 212 212 211 211 207 171 171 168 153 153 147 144 139 137 134 133 130 129 126 active IPO/post-IPO 121
investors
GmbH
Beteiligungs MP MP Large Medium Small Micro > 20 Holdings > 15 Holdings > 10 Holdings < 10 Holdings
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 15 European and US Life Science IPOs – Bookbuilding L5Y
The distribution European lPOs US IPOs between primary and secondary shares in Secondary Shares Secondary Shares 1% US IPOs was one- sided with 99% on average in primary shares and 1% on 11% Primary Shares average in secondary shares only
In contrast, far more secondary shares were issued in Europe Primary Shares 99% (11%) 89%
Pricing in the US was Within Range much more volatile Above Range than in Europe, 59% of Above Range all IPOs priced within Below Range 13% or above the bookbuilding range, 5% 25% and 41% priced below their original price range
41% 34% In Europe, 95% of all Within Range IPOs priced within or above the original Below Range 82% price range, only 5% priced below
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 16 European and US Life Science IPOs – Stock Market Performance Performance since IPO (L5Y)
The Top listing place for European lPOs US IPOs Life Science IPOs in Europe is Paris in terms of number of IPOs (17), 1 156% 17 86% however, with the IPO IPOs lowest share price 6 207 performance on IPOs 129% IPOs 56% average Brussels 1 5 IPO 90% -96% IPOs Within Europe, OTC Deutsche Börse 1 81% recorded the best share IPO price performance with 1 its “B.R.A.I.N. AG” IPO IPO 15% Copenhagen
Euronext Brussels 3 IPOs 9% exchange showed the best performance 13 IPOs 3% across all Euronext Stockholm exchanges in Europe 3 -19% IPOs In the US, the New 3 York stock exchange -25% IPOs with only 17 IPOs showed a better share 3 -26% IPOs price performance than Amsterdam its competitor NASDAQ -32% 12 (207 IPOs); the less IPOs regulated NASDAQ -42% 17 OTC exchange IPOs Paris recorded a negative post IPO performance with 5 IPOs
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 17 European and US Life Science IPOs – Issuing Volume Average Issuance Volume per Stock Exchange (L5Y)
Average issuing European lPOs US IPOs volumes on the EURm EURm different European exchanges show a 3 676 17 very high divergence IPOs 285 IPOs
3 595 The markets with IPOs 207 72 „active“ issuances IPOs 1 302 show very small IPOs average issuing 2 5 IPOs 124 41 volumes, primarily Copenhagen OTC IPOs accounting for micro 13 58 IPOs (issuing Stockholm IPOs volumes below EUR 1 57 50m) IPOs
6 48 Brussels IPOs US IPOs on Nasdaq and NYSE are 1 IPOs 44 substantially larger on average than on 12 IPOs 41 most European Micro cap IPOs markets 17 38 Paris IPOs
On average, 3 IPOs 32 NASDAQ is a small Amsterdam cap market and 1 32 NYSE is a large cap IPOs market
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 18 Stock Exchange “IPO – YTD” Performances – Number of IPOs (I) L5Y
The post IPO = 50% 1 IPO = 100% performance on the 1 IPO Copenhagen various exchanges 1 IPO shows great variance
7 The UK, French and IPOs = 100% = 35% Swedish as well as 1 IPO the US exchanges (NASDAQ) have a very negative track = 65% record for post IPO 13 IPOs 4 IPOs performances 1 IPO = 100% = 33%
= 67% 8 IPOs 4 IPOs = 67% 1 IPO = 33%
Brussels = 67% 2 = 33% 2 IPOs IPOs
4 2 IPOs IPOs = 67% = 31%
Stockholm 1 IPO = 33% = 69% 9 IPOs
Positive IPO – YTD Performance Negative IPO – YTD Performance
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 19 Stock Exchange “IPO – YTD” Performances – Number of IPOs (II) L5Y
The post IPO = 6% performance on the 1 IPO various exchanges Paris shows great variance = 94% 16 IPOs The UK, French and 0 = 0% Swedish as well as IPOs the US exchanges Amsterdam = 100% have a very negative 3 IPOs track record for post IPO performances
0 = 0% IPOs = 100% 1 IPO
0 = 0% IPOs
1 IPO = 100%
0 = 0% IPOs = 100% OTC 1 IPO
Positive IPO – YTD Performance Negative IPO – YTD Performance
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 20 European and US Life Sciences IPOs – Size Analysis Issuing Volume, First* and Current Market Caps by Size Segments
Comparing the ratio European and US lPOs by First Market Cap and Current Market Cap (in EURm) of current market cap to first market cap, Micro Small Medium Large European market 1.2x 1.8x 1.1x 2.2x 0.9x 1.6x 0.6x 2.6x caps recorded little 10,921 growth in the ‘Micro Current Market Cap / First Market Cap IPO’ to ‘Medium IPO’ 4.160 segments, even negative growth in 3.732 the ‘Large IPO’ segment
In contrast, market capitalization growth multiples appear to 2.267 be significantly larger in every IPO segment 1.693 in the US
1.065 The largest 1.171 differential between 808 765 Europe and the US 453 433 can be seen in the 362 264 249 278 ‘Large IPO’ segment 163 143 148 141 121 69 71 with a delta of 2x 32 38
EU US EU US EU US EU US
Issuing Volume First Market Cap Current Market Cap
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years); *First Market Cap is defined as the company’s market cap on the first trading day 21 Categorization: Micro (EUR 20m - EUR 50m), Small (EUR 50m – EUR 100m), Medium (EUR 100m – EUR 250m), Large (>EUR 250m)
264 121 163 143 European and US Life Science IPOs – Performance Average Performance by Periods Post IPO
In contrast to Europe, European lPOs US IPOs US IPOs yielded extremely high returns one day after 78,6% the IPO (67.9%) and 1 kept this performance 71,8% steady until YTD 1 1 67,9%
European IPOs recorded far lower 1 1 54,5% returns than their US peers, even a 1 1 negative IPO – YTD share price 0 performance of -1.2% 0
0 0
0 0
0 0 7,7% 4,9% 6,0% 0 3,3% 2,4% -1,2% 0
0
IPO IPO IPO IPO - CY - IPO IPO IPO IPO - CY - +1D +1M +3M YTD YTD +1D +1M +3M YTD YTD
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research 22 European and US Life Science IPOs – Valuation Analysis EV / Sales Multiples (L5Y) by Country of Exchange
Surprisingly, no EV/Sales – IPO Year significant valuation differences 9 IPOs (EV/Sales) exist 229 IPOs 63 IPOs 15 IPOs 3 IPOs 17 IPOs 1 IPO between Europe and 33,8x the US in the IPO 26,1x year as well as the 21,0x 20,6x 21,0x year thereafter 11,8x The Benelux 5,3x countries and France 13,2x 13,6x 13,4x 9,5x 37,2x 22,9x 4,7x significantly outperformed their US Europe United Kingdom Scandinavia Benelux France Germany European and US peers with significantly higher EV/Sales – IPO +1 Year EV/Sales multiples in the IPO year
Germany finds itself 27,1x far below average 21,3x 19,0x 20,4x sales multiples in 18,2x Europe, however, 11,1x featuring just one 5,3x IPO 10,2x 9,6x 9,9x 5,8x 20,9x 15,4x 4,7x
US Europe United Kingdom Scandinavia Benelux France Germany Mean US Median US Mean EU Median EU
Source: S&P Capital IQ as of 02.03.2018, Observation period: 2013 to 2017 (5 years) 23 Note: Companies with an EV/Sales multiple in excess of 100x have been excluded European and US Life Science IPOs – League Tables Lead Banks and Total Deal Volumes / Number (L5Y)
In Europe, only 50% of TOP 10 Lead Underwriters of European IPOs – by Deal Volume TOP 10 Lead Underwriters of US IPOs – by Deal Volume IPOs were managed EURm EURm by European underwriters in the Top 10, however, 3 3.366 46 7.185 IPOs IPOs three underwriters (Credit Suisse, UBS, 3 3.291 31 6.437 Deutsche Bank) from IPOs IPOs the DACH region lead the league table by far 2 3.210 57 6.367 IPOs IPOs In the US, the Top 10 lead underwriter 3 2.029 22 5.134 showed a large IPOs IPOs number of lead mandates and large 3 1.996 26 5.102 volumes between IPOs IPOs EUR 4bn and EUR 7.2bn, significantly 2 1.832 32 4.633 IPOs IPOs higher than their European peers 4 1.793 54 3.987 IPOs IPO Aside from the bulge bracket investment 2 1.754 28 3.863 banks, Jefferies (57), IPOs IPOs Cowen Group (54) and Leerink (49) are the 2 1.702 49 3.587 leading specialist IPOs IPOs investment banks in Life Sciences 1 1.664 17 3.574 IPO IPOs
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 24 Note: Every underwriter is accredited 100% of the IPO volume European and US Life Science IPOs – League Tables By Number of IPOs (L5Y)
Ranking the league TOP 10 Lead Underwriters of European IPOs – by Number of IPOs TOP 10 Lead Underwriters of US IPOs – by Number of IPOs tables by number of IPOs, more Average Average Deal Volume Deal Volume specialized 74 112 investment banks EURm 9 EURm 57 show greater activity than bulge bracket 36 7 74 54 banks EURm EURm
31 7 73 49 US lead underwriters EURm EURm recorded significantly higher average deal 60 6 156 46 volumes and number EURm EURm of IPOs than their 53 6 70 40 European peers EURm EURm
47 6 145 32 EURm EURm
49 5 208 31 EURm EURm
44 5 138 28 EURm EURm
448 4 196 26 EURm EURm
32 4 55 23 EURm EURm
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 25 Note: Every underwriter is accredited 100% of the IPO volume TOP 20 Life Science IPOs in the US – Performance Annualized Returns
65% of the Top 20 Country of Share Price Share Price Share Price Country of First Pricing Annualized Issuer Stock Industry Performance Performance Performance US IPOs were listed Headquarter Date Return Exchange IPO +1D IPO +6M IPO +1Y in 2016 and 2017 AnaptysBio, Inc. United States United States Biotechnology 26/01/2017 473% 17% 71% 572%
The Top 20 US IPOs Urogen Pharma Ltd. Israel United States Biotechnology 04/05/2017 238% 7% 129% nm annualized returns iRhythm Technologies, Inc. United States United States Healthcare Equipment 20/10/2016 125% 53% 104% 185% (since the respective AveXis, Inc. United States United States Biotechnology 11/02/2016 122% -11% 71% 207% IPO dates) range BeiGene, Ltd. Cayman Islands United States Biotechnology 03/02/2016 117% 24% 5% 54% from 50% to 477% CRISPR Therapeutics AG Switzerland United States Biotechnology 19/10/2016 116% 0% 46% 22%
Cross-border IPOs MyoKardia, Inc. United States United States Pharmaceuticals 29/10/2015 96% 3% 20% 64% (with headquarters Calyxt, Inc. United States United States Biotechnology 20/07/2017 91% 34% 159% nm Tactile Systems Technology, outside of the US) United States United States Healthcare Equipment 28/07/2016 80% 11% 65% 183% were among the top Inc. Health Care Tabula Rasa Healthcare, Inc. United States United States 29/09/2016 79% 19% 15% 101% performers Technology Akcea Therapeutics, Inc. United States United States Pharmaceuticals 14/07/2017 78% 18% 94% nm
Loxo Oncology, Inc. United States United States Biotechnology 01/08/2014 74% na 1% 54%
Sage Therapeutics, Inc. United States United States Biotechnology 21/07/2014 72% 54% 148% 414% Blueprint Medicines United States United States Biotechnology 30/04/2015 66% 2% 15% 3% Corporation Cue Biopharma, Inc. United States United States Biotechnology 02/01/2018 65% 68% nm nm Biohaven Pharmaceutical United States United States Biotechnology 04/05/2017 62% 5% 66% nm Holding Company Ltd. bluebird bio, Inc. United States United States Biotechnology 19/06/2013 62% 56% 15% 52%
Penumbra, Inc. United States United States Healthcare Equipment 18/09/2015 57% na 52% 136%
Inogen, Inc. United States United States Healthcare Equipment 14/02/2014 56% -5% 22% 125%
Audentes Therapeutics, Inc. United States United States Biotechnology 20/07/2016 51% 1% 24% 31%
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 26 Top 20 Life Science IPOs in Europe – Performance Annualized Returns
The Top 20 Country of Share Price Share Price Share Price Country of First Pricing Annualized Issuer Stock Industry Performance Performance Performance European IPOs yield Headquarter Date Return Exchange IPO +1D IPO +6M IPO +1Y significantly lower annualized returns argenx SE Netherlands Belgium Biotechnology 10/07/2014 75% -8% -9% 20% (between -7% up to B.R.A.I.N. Biotechnology Research and Information Germany Germany Specialty Chemicals 22/01/2016 55% 17% -6% 101% 75%) compared to Network AG their US peers Creo Medical Limited United Kingdom United Kingdom Healthcare Equipment 09/12/2016 26% 6% 5% -12%
Diurnal Group plc United Kingdom United Kingdom Biotechnology 24/12/2015 25% 6% -2% -35%
7 out of the Top 20 Mithra Pharmaceuticals S.A. Belgium Belgium Pharmaceuticals 30/06/2015 21% 0% -17% -26% European IPOs have 4D pharma plc United Kingdom United Kingdom Pharmaceuticals 18/02/2014 19% 77% 178% 480% a UK origin Life Sciences Tools Oxford BioDynamics Plc United Kingdom United Kingdom 06/12/2016 17% 1% -14% 24% and Services B.R.A.I.N. from Celyad SA Belgium Belgium Biotechnology 04/07/2013 14% 13% 53% 161% Life Sciences Tools Germany is the PureTech Health plc United States United Kingdom 19/06/2015 7% 11% 4% -24% and Services second best Theranexus société anonyme France France Pharmaceuticals 26/10/2017 3% 5% nm nm performing IPO with Life Sciences Tools Horizon Discovery Group plc United Kingdom United Kingdom 27/03/2014 2% 15% -5% 41% an annualized return and Services of 55% Biocartis Group NV Belgium Belgium Healthcare Equipment 27/04/2015 2% 10% 1% -9%
Convatec Group Plc United Kingdom United Kingdom Healthcare Supplies 26/10/2016 1% 24% 72% 16%
Galenica AG Switzerland Switzerland Pharmaceuticals 07/04/2017 1% 10% 10% nm
Molecular Partners AG Switzerland Switzerland Biotechnology 04/11/2014 -0% 4% 70% 78%
Benchmark Holdings plc United Kingdom United Kingdom Pharmaceuticals 18/12/2013 -0% 24% 46% 76%
Cassiopea S.p.A. Italy Switzerland Pharmaceuticals 01/07/2015 -2% 8% -10% -9%
Poxel SA France France Biotechnology 06/02/2015 -2% 8% 99% 25%
Advicenne S.A. France France Pharmaceuticals 06/12/2017 -6% 0% nm nm
Kiadis Pharma N.V. Netherlands Netherlands Biotechnology 02/07/2015 -6% -3% -2% -20%
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 27 FCF Overview European and US Life Science IPOs C r o s s - border IPOs of European Issuers in the US Life Science IPO Outlook Appendix: European Cross - border Issuances in the US
28 US Cross-border Life Science IPOs from Europe Overview (L5Y)
Fast Facts European IPOs - Performance Performance and Issuance by Exchange
▪ 22 IPOs over the last 5 years 9,8% IPO – YTD 20 2% 0 IPOs ▪ EUR 2,009m Volume raised 6,1% 0 5,7% 1 ▪ 27% of IPOs priced within range* 0 -11% 0 IPO 0 -1,0% -3,5% 1 0 -99% IPOs 0 OTC 0 IPO IPO IPO IPO - CY - +1D +1M +3M YTD YTD Performance and Issuance by Country
IPOs by Size Segment IPO – 2 77% YTD IPOs EURm 4 25% Volume IPOs IPOs 3 1 21% 278 287 IPOs 4 7 2 3% IPOs 2,009m 22 1 -11% 688 755 IPO 8 -34% 10 IPOs 2 -59% IPOs Micro Small Medium Large Primary / Secondary Split & Price Range
IPOs over Time Within Range
EURm Primary Shares Above Range 900 Jersey 800 700 600 23% 500 100% 27% 400 808 Headquarters of European Life 300 50% 470 Science Companies** 200 358 325 100 48 1 7 6 4 4 0 2013 2014 2015 2016 2017 Below Range
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, All European IPOs, * where data available 29 ** European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom US Cross-border Life Science IPOs from Europe – Performance (I)
3 3 238,8% 7 out of 22 IPOs 1 64,9% 2 showed a positive 1 2 performance YTD 0 Small IPO 1 60,6% while 15 IPOs Micro IPO IPO Year: 2014 19,0% 0 1 5,1% 1,1% showed a negative Δ Price1 = +5.5% 0,0% IPO Year: 2015 -18,3% -5,9% -9,6% 0 0 2 -33.3% Δ Volume = +24.7% IPO IPO IPO IPO - YTD CY - YTD Δ Price = IPO IPO IPO IPO - YTD CY - YTD performance -1 +1D +1M +3M Δ Volume = -20.7% 0 +1D +1M +3M 0 3 218,7% 1 Ascendis Pharma 80,7% 2 from Norway, 1 2 CRISPR 107,6% 1 1 57,6% 0 Therapeutics and Small IPO 52,0% Small IPO 19,2% 1 0 7,3% 0,9% InflaRx from the IPO Year: 2016 IPO Year: 2017 -15,5% -31,4% Δ Price = -12.5% 0 Δ Price = +0.0% 0 DACH region lead IPO IPO IPO IPO - YTD CY - YTD IPO IPO IPO IPO - YTD CY - YTD Δ Volume = -37.8% Δ Volume = -13.0% 0 the share price +1D +1M +3M +1D +1M +3M 0 performance of 1 73,1% 1 86,8% cross-border IPOs 1 1 43,0% 58,5% (YTD) 1 0 28,4% 26,1% 32,7% 0 Small IPO 0 Micro IPO 0 5,0% IPO Year: 2017 -0,5% IPO Year: 2013 -20,0% Δ Price = +0.0% 0 Δ Price = -14.3% 0 IPO IPO IPO IPO - YTD CY - YTD IPO IPO IPO IPO - YTD CY - YTD Δ Volume = +16.0% Δ Volume = -25.4% 0 0 +1D +1M +3M 1 +1D +1M +3M 10 42,5% 47,4% 1 71,9% 0 1 0 22,7% 32,3% 0 0 0 0 -21,5% -9,8% -45,5% -7,7% -15,3% Small IPO 0 Small IPO 0 IPO IPO IPO IPO - YTD CY - YTD IPO IPO IPO IPO - YTD CY - YTD IPO Year: 2014 0 IPO Year: 2016 0 +1D +1M +3M +1D +1M +3M Δ Price = +21.4% 0 Δ Price = -8.3% 0 Δ Volume = +22.4% Δ Volume = +32.0% -1
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 30 1) Δ Price = Delta of actual IPO price to the mid-point of the announced price range 2) Δ Volume = Actual IPO volume to announced IPO volume US Cross-border Life Science IPOs from Europe – Performance (II)
7 out of 22 IPOs 1 70,8% showed a positive 1 50,7% performance YTD 0 Small IPO 0 15,4% while 15 IPOs Micro IPO IPO Year: 2017 0 -26,2% 0 -16,3% 4,9% 3,6% showed a negative Δ Price = +0.0% -4,0% -10,7% -2,7% IPO Year: 2014 0 0 performance Δ Volume = -13.0% Δ Price = -46.7% IPO IPO IPO IPO - YTD CY - YTD Δ Volume = -46.7% IPO IPO IPO IPO - YTD CY - YTD 0 +1D +1M +3M 0 +1D +1M +3M 0 Ascendis Pharma 0 from Norway, CRISPR 0 Therapeutics and Medium IPO 0 3,7% 4,7% 4,2% Small IPO 8,5% -17,5% -10,8% -1,8% -21,9% -47,0% -3,5% InflaRx from the IPO Year: 2015 0 IPO Year: 2015 0 DACH region lead Δ Price = -20.0% IPO IPO IPO IPO - YTD CY - YTD Δ Price = -36.0% IPO IPO IPO IPO - YTD CY - YTD Δ Volume = -45.0% 0 +1D +1M +3M Δ Volume = +0.3% 0 +1D +1M +3M the share price performance of 0 0 cross-border IPOs -1 (YTD)
0 0 Medium IPO 15,7% Medium IPO 17,0% 0 0 2,0% IPO Year: 2016 -11,6% -2,2% -26,5% -11,4% IPO Year: 2015 -8,0% -9,1% -56,6% Δ Price = +11.1% 0 Δ Price = +6.3% 0 IPO IPO IPO IPO - YTD CY - YTD IPO IPO IPO IPO - YTD CY - YTD 0 0 Δ Volume = +26.1% +1D +1M +3M Δ Volume = +27.7% +1D +1M +3M 0 0 0 -11 1 42,8% 63,1% -1 0 1 0 -21,8% -5,4% -57,5% -16,9% -8,6% -23,2% -20,3% -67,3% Small IPO 0 Micro IPO 0 IPO IPO IPO IPO - YTD CY - YTD IPO IPO IPO IPO - YTD CY - YTD IPO Year: 2016 0 IPO Year: 2014 +1D +1M +3M +1D +1M +3M -1 Δ Price = +0.0% 0 Δ Price = -41.7% Δ Volume = +12.2% Δ Volume = -25.3% -1 -1 -1 Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 31 US Cross-border Life Science IPOs from Europe – Performance (III)
7 out of 22 IPOs showed a positive performance YTD Micro IPO while 15 IPOs IPO Year: 2014 Micro IPO 0 showed a negative Δ Price = -16.7% -18,3% -29,4% -20,7% -70,7% -18,0% IPO Year: 2014 0,1% 2,6% -22,6% -94,3% -47,8% Δ Volume = -53.7% 0 Δ Price = -45.5% 0 performance IPO IPO IPO IPO - YTD CY - YTD IPO IPO IPO IPO - YTD CY - YTD 0 Δ Volume = -34.6% 0 +1D +1M +3M 0 +1D +1M +3M 0 -1 Ascendis Pharma -1 -1 from Norway, -1 -1 51,3% CRISPR 1 0 26,6% Therapeutics and Small IPO Micro IPO 0 -2,7% -73,4% -0,3% -9,1% -23,5% -42,1% -99,1% -28,0% InflaRx from the IPO Year: 2014 0 IPO Year: 2014 0 DACH region lead Δ Price = +8.6% 0 IPO IPO IPO IPO - YTD CY - YTD Δ Price = -33.4% 0 IPO IPO IPO IPO - YTD CY - YTD +30.4% 0 +1D +1M +3M -31.2% +1D +1M +3M Δ Volume = Δ Volume = 0 the share price -1 -1 performance of -1 -1 cross-border IPOs -1 (YTD) -1
Medium IPO 0 9,0% 7,5% IPO Year: 2014 -9,8% -85,7% -23,5% Δ Price = -0.8% 0 0 IPO IPO IPO IPO - YTD CY - YTD Δ Volume = +9.4% 0 +1D +1M +3M -1 -11 -1 49,4% 1 18,9% -9,3% -90,6% -71,5% Large IPO 0 IPO Year: 2015 IPO IPO IPO IPO - YTD CY - YTD +1D +1M +3M Δ Price = +7.2% -1 Δ Volume = +82.6% -1
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 32 US Cross-border Life Science IPOs from Europe – League Table Lead Banks and Total Deal Volumes / Number (L5Y)
Almost all US IPOs of TOP 10 Life Science Lead Underwriters by Deal Volume TOP 10 Life Science Lead Underwriters by Number of Deals European issuers EURm were led by US Average Average Deal Volume Deal Volume banks 11 987 90 11 IPOs EURm Leerink and Jefferies are the leading lead 11 969 88 11 IPOs EURm underwriters by volume and number 3 625 121 4 of IPOs IPOs EURm
3 533 96 4 Evercore features the IPOs EURm highest average deal volume with EUR 4 482 208 3 208m IPOs EURm
2 478 178 3 The only European IPOs EURm lead underwriter Barclays ranks in the 4 384 97 3 lower third IPOs EURm
3 290 94 3 IPOs EURm
3 281 64 3 IPOs EURm
2 264 55 3 IPOs EURm
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 33 European IPOs and US Cross-border IPOs from Europe – Liquidity* Number od Deals by Liquidity and IPO Region (L5Y)
The majority of Number of Deals – by Liquidity and IPO Region Liquid / Semi-liquid vs. illiquid IPOs European IPOs are illiquid, whereas US cross-border IPOs 17 IPOs from Europe show 19 Liquid more liquidity (> 0.5%) 16 38% Comparing European Liquid and US cross-border + Semi-liquid IPOs from Europe together with the two 8 liquidity types, being Semi-liquid 62% (0.5% - 0.25%) more liquid / semi- 2 liquid increases the chance of a positive 28 IPOs share price performance (38%) 10 IPOs 35 Illiquid Illiquid (< 0.25%) + 26% 4
74%
29 IPOs
US Cross-border IPOs from Europe Positive IPO – YTD Performance European IPOs Negative IPO – YTD Performance
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 34 * Liquidity is measured by 1M Volume / Freefloat shares outstanding (liquid trading market is defined as more than 0.5% of the outstanding freefloat shares traded on a daily basis based on the average daily trading volume over one month) Performances of Cross-border Underwriters (I) L5Y
238,8% Investment banks 3 72,9% differ greatly in the 1 2 1 performance of their 1 48,6% 2 IPOs IPO-YTD IPO-YTD 1 0 1 + 60,6% + 0 0 1 19,0% 7 investment banks 5,1% 0 4,0% 0.0% -0,6% -1,5% (predominantly bulge 0 0 IPO IPO IPO IPO - CY - 0 IPO IPO IPO IPO - CY - bracket banks) show +1D +1M +3M YTD YTD +1D +1M +3M YTD YTD positive - - performances for their IPOs
1 98,6% 0 36,1% 11 banks (mixed 1 31,8% IPO-YTD 1 IPO-YTD 0 between speciality 1 40,0% and bulge bracket) 33,6% 33,0% 0 + 0 + 8,8% 0 show negative 0 4,0% -6,6% -3,7% performances for 0 0 IPO IPO IPO IPO - CY - IPO IPO IPO IPO - CY - their IPOs +1D +1M +3M YTD YTD 0 +1D +1M +3M YTD YTD - -
1 91,1%
1 1 44,9% IPO-YTD IPO-YTD 1 0 29,4% 38,8% 0 22,5% + 0 + 0 10,5% 0 0 4,9% 4,2% -4,0% -2,0% 0 0 IPO IPO IPO IPO - CY - IPO IPO IPO IPO - CY - 0 +1D +1M +3M YTD YTD +1D +1M +3M YTD YTD - -
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 35 Performances of Cross-border Underwriters (II) L5Y
Investment banks differ greatly in the IPO-YTD IPO-YTD 1 performance of their 42,8% 0 + 0 + IPOs 4,2% 3,7% 0 1,5% 0 -13,2% -7,5% -21,8% -5,4% -57,5% -16,9% 0 0 IPO IPO IPO IPO - CY - IPO IPO IPO IPO - CY - 7 investment banks 0 - +1D +1M +3M YTD YTD - 0 +1D +1M +3M YTD YTD (predominantly bulge 0 0 bracket banks) show 0 -1 positive performances for -1 their IPOs
0 29,6% 0 0 29,2% 11 banks (mixed IPO-YTD 0 20,6% IPO-YTD 0 17,9% between speciality 0 0 + 0 + and bulge bracket) 0 6,2% 0 0 show negative -1,6% -4,7% -5,2% -12,9% -18,7% 0 0 performances for 0 IPO IPO IPO IPO - CY - IPO IPO IPO IPO - CY - - - 0 +1D +1M +3M YTD YTD their IPOs +1D +1M +3M YTD YTD 0
0
0 15,1% IPO-YTD 0 IPO-YTD + 0 + 5,9% 0 3,4% 15,4% 0 0 4,9% 3,6% -6,7% -6,2% -16,3% -26,2% 0 0 IPO IPO IPO IPO - CY - 0 IPO IPO IPO IPO - CY - - 0 +1D +1M +3M YTD YTD - +1D +1M +3M YTD YTD 0 0 0
Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 36 Performances of Cross-border Underwriters (III) L5Y
Investment banks differ greatly in the IPO-YTD IPO-YTD 0 28,0% performance of their 0 15,4% 0 + IPOs + 0 0 4,9% 3,6% 4,5% 0 0,5% 2,0% -16,3% -26,2% -42,1% 0 0 IPO IPO IPO IPO - CY - 7 investment banks 0 IPO IPO IPO IPO - CY - - 0 +1D +1M +3M YTD YTD - +1D +1M +3M YTD YTD (predominantly bulge 0 bracket banks) show 0 0 0 positive 0 -1 performances for their IPOs
IPO-YTD IPO-YTD
11 banks (mixed + 0 18,9% + 0 0 3,6% 8,4% between speciality 1,6% 0 0 -4,0% -22,9% -34,5% -17,9% -51,0% -27,9% and bulge bracket) 0 0 0 IPO IPO IPO IPO - CY - 0 IPO IPO IPO IPO - CY - show negative - 0 +1D +1M +3M YTD YTD - 0 +1D +1M +3M YTD YTD 0 performances for 0 0 0 0 their IPOs 0 -1 0 -1 0
IPO-YTD IPO-YTD + + 0 16,0% 0 6,7% 6,8% 0 8,7% 0 -10,4% -37,6% -17,2% -7,9% -74,4% -32,8% 0 0 0 0 IPO IPO IPO IPO - CY - 0 IPO IPO IPO IPO - CY - - 0 - +1D +1M +3M YTD YTD 0 +1D +1M +3M YTD YTD 0 0 0 0 -1 0 -1 Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 37 FCF Overview European and US Life Science IPOs C r o s s - border IPOs of European Issuers in the US Life Sciences IPO Outlook Appendix: European Cross - border Issuances in the US
38 Global announced Life Science IPOs – Pipeline All Countries and Exchanges
Expected Company Industry Indication Country City Exchange Price Range Volume Status Listing
Q1 Biotechnology Oncology Branford, CT EUR 8.9 - EUR 10.5 EUR 45m - EUR 53m Terms Added
Q1 Biotechnology Oncology Hayward, CA EUR 10.5 - EUR 12.2 EUR 75m - EUR 87m Filed
Infectious Diseases, Q1 Biotechnology Petach Tikwa TBD TBD Filed Inflammatory, Oncology
Q1 Biotechnology Rare Diseases Bedford, MA TBD TBD Filed
Medical Updated Q1 - Irvine, CA EUR 4.9 - EUR 6.5 EUR 8m - EUR 12m Technology Prospectus
Medical Q1 - Salt Lake City, UT EUR 5.7 - EUR 6.5 TBD Filed Technology
Q1 Biotechnology Otology Jerusalem EUR 8.1 - EUR 9.7 EUR 45m Postponed
TBD Biotechnology Oncology Cambridge, MA TBD TBD Filed
TBD China SXT Pharmaceuticals, Inc. Pharmaceuticals - Taizhou EUR 3.2 EUR 8m - EUR 12m Filed
Diseases of the TBD Biotechnology Framingham, MA TBD TBD Filed nervous system
Source: Mergermarket, IPO Boutique and IPOScoop as of 05.03.2018, Biotechgate, FCF Equity Research 39 FCF Overview European and US Life Science IPOs C r o s s - border IPOs of European Issuers in the US Life Science IPO Outlook Appendix: European Cross - border Issuances in the US*
40 *Profiles of European IPOs and/or US IPOs available upon request InflaRx N.V.
Company Description IPO Facts Sector: Biotechnology Ticker NasdaqGS:IFRX Financial Advisors InflaRx N.V., a clinical-stage biopharmaceutical company, focuses on discovering and developing Exchange Nasdaq BMO Capital Markets Corp. Initial Filing Date 13-Oct-17 inhibitors using C5a technology in the United States. Its C5a is an inflammatory mediator involved in J.P. Morgan Securities LLC Announced Date 13-Oct-17 the enhancement of a variety of autoimmune and other inflammatory diseases. The company is Leerink Partners LLC # Days Announced to Offer 26 involved in developing IFX-1, a novel intravenously delivered first-in-class anti-C5a monoclonal antibody Offer Date 08-Nov-17 for the treatment of hidradenitis suppurativa, a rare and chronic debilitating systemic inflammatory skin disease; ANCA-associated vasculitis, a rare and life-threatening autoimmune disease; and other chronic/autoimmune diseases, as well as IFX-2 for the treatment of chronic inflammation and IPO Price (EUR) 12.95 autoimmune diseases. It has co-development agreement with Beijing Defengrei Biotechnology Co. Filing Price Range (EUR) 12.08 - 13.81 Ltd. The company was formerly known as Fireman B.V. and changed its name to InflaRx N.V. in Final Price Range (EUR) 12.08 - 13.81 2017. InflaRx N.V. was founded in 2007 and is headquartered in Jena, Germany. Legal Counsel Shares Offered (incl. Greenshoe) 6.7m Greenshoe 0.0% Goodwin Procter LLP Filing Volume (EUR) 74.4m Loyens & Loeff N.V. Final Volume (EUR) 2 86.3m Filing-to-Final Change 16.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 RA Capital Management, LLC 12.3% KPMG AG Wirtschaftsprüfungsgesellschaft bm-t beteiligungsmanagement thüringen gmbh 8.3% Primary 100% Bain Capital Private Equity, LP 8.0% Secondary 0% Guo, Renfeng 6.8% BlackRock, Inc. 6.3% Key Financials Free Float 58.2% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue n/a 0.1 0.1 0.1 (18.4%) IPO +1D IPO +3M IPO +6M since IPO Growth (33.3%) 0.0% 2 Buy InflaRx N.V. (0.1%) 46.5% n/a 73.1% EBITDA (13.7) (25.9) (46.0) n/a n/a 2 Outperform Dow Jones 0.0% 5.9% n/a 5.8% Margin n/m n/m n/m n/a 0 Hold 225 EBIT (13.7) (23.9) (32.2) (40.8) 30.8% 0 Underperform 200 Margin n/m n/m n/m n/m 0 Sell 175 Net Income (16.9) (22.9) (30.9) (38.7) 30.0% 150 Margin n/m n/m n/m n/m 125
Rebased(in %) 100 (EURm) Valuation FY 2018 FY 2019 FY 2020 75 Enterprise Value 558.7 EV/Sales 7448.7x 11173.1x 11173.1x Prices 50 Net Debt 35.3 EV/EBITDA nm nm n/a 25 Minority Interest 0.0 EV/EBIT nm nm nm Nov-17 Feb-18 Preferred Equity 0.0 P/E -22.9x -17.0x -13.6x InflaRx N.V. Dow Jones U.S. Biotechnology Index Market Cap 524.7 P/B 59.1x 8.5x n/a
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 41 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe NuCana plc
Company Description IPO Facts Sector: Biotechnology Ticker NasdaqGS:NCNA Financial Advisors NuCana plc, a biopharmaceutical company, engages in the development of products for the treatment Exchange Nasdaq Citigroup Global Markets Inc. Initial Filing Date 01-Sep-17 of cancer. The company is developing Acelarin that is in Phase I clinical trials for the treatment of Cowen and Company, LLC Announced Date 01-Sep-17 advanced metastatic solid tumors; that is in Phase Ib clinical trials for the treatment of recurrent Jefferies LLC # Days Announced to Offer 26 ovarian cancer; in Phase II clinical trials for the treatment of patients with platinum-resistant ovarian Offer Date 27-Sep-17 cancer; and in Phase Ib clinical trials for the treatment of patients with biliary cancer. The company is also developing NUC-3373, which is in Phase I clinical trials for the treatment of patients with advanced solid tumors, as well as for the treatment of colorectal and breast cancer; and NUC-7738, a IPO Price (EUR) 12.77 nucleoside analog that is in preclinical studies for the treatment of solid tumors and hematology. It Filing Price Range (EUR) 11.92 - 13.62 has a research, collaboration, and license agreement with Cardiff University and University College Final Price Range (EUR) 11.92 - 13.62 Cardiff Consultants Ltd; and an assignment, license, and collaboration agreement with Cardiff Legal Counsel ProTides Ltd. The company was formerly known as NuCana BioMed Limited and changed its name Shares Offered (incl. Greenshoe) 7.6m to NuCana plc in August 2017. The company was incorporated in 1997 and is headquartered in Greenshoe 13.9% Cooley LLP Edinburgh, the United Kingdom. Filing Volume (EUR) 97.9m Final Volume (EUR) 2 85.1m Filing-to-Final Change (13.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Sofinnova Ventures, Inc. 27.7% Ernst & Young LLP Sofinnova Partners 25.9% Primary 100% The Morningside Group Limited 9.3% Secondary 0% Capital Research and Management Company 7.7% Scottish Enterprise 7.2% Key Financials Free Float 22.3% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue n/a n/a n/a 34.1 n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 4 Buy NuCana plc 7.3% (31.4%) n/a 19.2% EBITDA (9.7) n/a n/a n/a n/a 0 Outperform Dow Jones 0.6% (2.7%) n/a 1.2% Margin n/m n/a n/a n/a 0 Hold 200 EBIT (9.9) (26.6) (50.7) (34.0) 13.0% 0 Underperform 175 Margin n/m n/m n/m n/m 0 Sell (8.3) (21.9) (40.7) (25.8) 8.5% 150 Net Income Margin n/m n/m n/m n/m 125 100
Rebased(in %) (EURm) Valuation FY 2018 FY 2019 FY 2020 75 Enterprise Value 459.7 EV/Sales n/a n/a 13.5x Prices 50 Net Debt (18.1) EV/EBITDA n/a n/a n/a 25 Minority Interest 0.0 EV/EBIT nm nm nm Sep-17 Dec-17 Preferred Equity 0.0 P/E -21.7x -11.7x -18.5x NuCana plc Dow Jones U.S. Biotechnology Index Market Cap 476.5 P/B 6.9x 6.0x n/a
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 42 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Nightstar Therapeutics plc
Company Description IPO Facts Sector: Biotechnology Ticker NasdaqGS:NITE Financial Advisors Nightstar Therapeutics plc, a clinical-stage gene therapy company, focuses on developing and Exchange Nasdaq BMO Capital Markets Corp. Initial Filing Date 31-Aug-17 commercializing novel one-time treatments for patients suffering from rare inherited retinal diseases in Jefferies LLC Announced Date 31-Aug-17 the United Kingdom. The company’s lead product candidate includes NSR-REP1, a candidate that Leerink Partners LLC # Days Announced to Offer 27 has completed Phase 1/2 clinical trial for the treatment of patients with choroideremia. It is also Offer Date 27-Sep-17 developing NSR-RPGR, a candidate that is in Phase 1/2 clinical trial for the treatment of patients with X-linked retinitis pigmentosa, an inherited X-linked recessive retinal disease; and NSR-BEST1, a candidate that is in preclinical development stage for the treatment of best vitelliform macular IPO Price (EUR) 11.92 dystrophy. The company was founded in 2013 and is headquartered in London, the United Kingdom. Filing Price Range (EUR) 11.07 - 12.77 Final Price Range (EUR) 11.07 - 12.77
Legal Counsel Shares Offered (incl. Greenshoe) 6.2m Greenshoe 15.0% Covington & Burling LLP Filing Volume (EUR) 73.4m Final Volume (EUR) 2 63.9m Filing-to-Final Change (13.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Syncona Limited 42.2% Ernst & Young UK New Enterprise Associates 21.3% Primary 100% Wellington Management Group LLP 17.3% Secondary 0% Redmile Group, LLC 6.1% Partner Fund Management, L.P. 3.4% Key Financials Free Float 9.7% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue n/a n/a n/a 0.8 n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 5 Buy Nightstar Therapeutics plc 70.8% (4.0%) n/a (10.7%) EBITDA (12.1) n/a n/a n/a n/a 1 Outperform Dow Jones 0.6% (2.7%) n/a 1.2% Margin n/m n/a n/a n/a 0 Hold 200 EBIT (12.3) (35.5) (43.7) (53.1) 22.3% 0 Underperform 175 Margin n/m n/m n/m n/m 0 Sell (12.3) (34.2) (40.8) (55.0) 26.9% 150 Net Income Margin n/m n/m n/m n/m 125 100
Rebased(in %) (EURm) Valuation FY 2018 FY 2019 FY 2020 75 Enterprise Value 251.0 EV/Sales n/a n/a 326.1x Prices 50 Net Debt (61.0) EV/EBITDA n/a n/a n/a 25 Minority Interest 0.0 EV/EBIT nm nm nm Sep-17 Dec-17 Preferred Equity 0.0 P/E -9.0x -7.5x -5.6x Nightstar Therapeutics plc Dow Jones U.S. Biotechnology Index Market Cap 307.5 P/B n/a n/a n/a
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 43 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe ObsEva SA
Company Description IPO Facts Sector: Pharmaceuticals Ticker NasdaqGS:OBSV Financial Advisors ObsEva SA, a clinical-stage biopharmaceutical company, focuses on the development and Exchange Nasdaq Credit Suisse Securities (USA) LLC Initial Filing Date 30-Dec-16 commercialization of novel therapeutics for women suffering from reproductive health and pregnancy Jefferies LLC Announced Date 30-Dec-16 disorders. The company intends to develop products for treating endometriosis, uterine fibroids, and Leerink Partners LLC # Days Announced to Offer 26 preterm labor, as well as for enhancing clinical pregnancy and live birth rates in women undergoing Offer Date 25-Jan-17 IVF. It is developing OBE2109, an oral gonadotropin-releasing hormone receptor antagonist for the treatment of pain associated with endometriosis and heavy menstrual bleeding associated with uterine fibroids in pre-menopausal women; Nolasiban, an oral oxytocin receptor antagonist to improve IPO Price (EUR) 13.97 clinical pregnancy and live birth rates in women undergoing IVF; and OBE022, an oral and selective Filing Price Range (EUR) 13.04 - 14.91 prostaglandin F2a receptor antagonist, as a once daily treatment for preterm labor in weeks 24 to 34 Final Price Range (EUR) 13.04 - 14.91 of pregnancy. The company was founded in 2012 and is headquartered in Plan-les-Ouates, Legal Counsel Switzerland. Shares Offered (incl. Greenshoe) 6.5m Greenshoe 0.0% Latham & Watkins LLP Filing Volume (EUR) 80.4m Final Volume (EUR) 2 90.1m Filing-to-Final Change 12.2% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Sofinnova Ventures, Inc. 12.8% PricewaterhouseCoopers SA New Enterprise Associates 12.4% Primary 100% Sofinnova Partners 11.5% Secondary 0% Loumaye, Ernest 8.4% OrbiMed Advisors, L.L.C. 7.0% Key Financials Free Float 47.9% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue 0.0 0.0 n/a 0.0 123.5% IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 1 Buy ObsEva SA (21.8%) (57.5%) (51.7%) (16.9%) EBITDA (56.1) (64.3) (100.9) n/a n/a 4 Outperform Dow Jones (0.6%) 7.0% 17.9% 26.4% Margin n/m n/m n/m n/a 0 Hold 150 EBIT (56.2) (64.0) (86.6) (92.4) 20.1% 0 Underperform Margin n/m n/m n/m n/m 0 Sell 125 Net Income (55.7) (62.3) (86.4) (92.1) 21.6% Margin n/m n/m n/m n/m 100
Rebased(in %) 75 (EURm) Valuation FY 2018 FY 2019 FY 2020 nm 50 Enterprise Value 375.7 EV/Sales ###### n/a 13878.6x Prices Net Debt (92.3) EV/EBITDA nm nm n/a 25 Minority Interest 0.0 EV/EBIT nm nm nm Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Preferred Equity 0.0 P/E -6.9x -5.0x -4.7x ObsEva SA Dow Jones U.S. Biotechnology Index Market Cap 431.2 P/B 4.7x n/a n/a
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 44 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Myovant Sciences Ltd.
Company Description IPO Facts Sector: Biotechnology Ticker NYSE:MYOV Financial Advisors Myovant Sciences Ltd., a clinical-stage biopharmaceutical company, focuses on developing and Exchange New York Stock Exchange Barclays Capital Inc. Initial Filing Date 30-Sep-16 commercializing therapies for women’s health and endocrine diseases. The company’s lead product Citigroup Global Markets Inc. Announced Date 30-Sep-16 is relugolix, an oral, once-daily, small molecule that acts as a gonadotropin-releasing hormone Cowen and Company, LLC # Days Announced to Offer 26 receptor antagonist, for the treatment of heavy menstrual bleeding related with uterine fibroids, Evercore Group L.L.C. Offer Date 26-Oct-16 endometriosis-associated pain, and advanced prostate cancer. It is also developing MVT-602, an JMP Securities LLC oligopeptide kisspeptin agonist, for the treatment of female infertility as part of the hormonal preparation used in assisted reproduction. The company was formerly known as Roivant IPO Price (EUR) 13.74 Endocrinology Ltd. and changed its name to Myovant Sciences Ltd. in May 2016. The company was Filing Price Range (EUR) 11.00 - 13.74 founded in 2016 and is based in London, the United Kingdom. Myovant Sciences Ltd. is a subsidiary Final Price Range (EUR) 11.00 - 13.74 of Roivant Sciences Ltd. Legal Counsel Shares Offered (incl. Greenshoe) 14.5m Greenshoe 0.0% Latham & Watkins LLP Filing Volume (EUR) 158.1m Final Volume (EUR) 2 199.3m Filing-to-Final Change 26.1% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Roivant Sciences Ltd. 61.0% Ernst & Young LLP Takeda Pharmaceutical Company Limited 12.2% Primary 100% Bellevue Asset Management AG 5.8% Secondary 0% RA Capital Management, LLC 4.6% Seely, Lynn 2.8% Key Financials Free Float 13.6% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue n/a n/a 23.0 8.1 n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a (64.7%) 4 Buy Myovant Sciences Ltd. (11.6%) (26.5%) (14.0%) (11.4%) EBITDA (97.0) n/a n/a n/a n/a 2 Outperform Dow Jones 1.0% 2.5% 9.6% 29.6% Margin n/m n/a n/a n/a 0 Hold 150 EBIT (97.2) (113.5) (80.3) (134.4) 8.8% 0 Underperform Margin n/m n/m n/m n/m 0 Sell 125 Net Income (97.2) (114.7) (112.1) (134.4) 8.3% Margin n/m n/m n/m n/m 100
Rebased(in %) 75 (EURm) Valuation FY 2018 FY 2019 FY 2020
50 Enterprise Value 661.5 EV/Sales n/a 28.7x 81.5x Prices Net Debt (83.5) EV/EBITDA n/a n/a n/a 25 Minority Interest 0.0 EV/EBIT nm nm nm Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Preferred Equity 0.0 P/E -6.5x -6.6x -5.5x Myovant Sciences Ltd. Dow Jones U.S. Biotechnology Index Market Cap 742.9 P/B n/a n/a n/a
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 45 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe CRISPR Therapeutics AG
Company Description IPO Facts Sector: Biotechnology Ticker NasdaqGM:CRSP Financial Advisors CRISPR Therapeutics AG, a gene editing company, focuses on developing transformative gene-based Exchange Nasdaq Barclays Capital Inc. Initial Filing Date 09-Sep-16 medicines for the treatment of serious human diseases using its proprietary clustered, regularly Citigroup Global Markets Inc. Announced Date 09-Sep-16 interspaced short palindromic repeats associated protein-9 (CRISPR/Cas9)gene-editing platform in Piper Jaffray & Co. # Days Announced to Offer 39 Switzerland. The CRISPR/Cas9 technology allows for changes to genomic DNA. It has a Offer Date 18-Oct-16 collaboration agreement with Vertex Pharmaceuticals, Incorporated to develop, manufacture, commercialize, sell, and use therapeutics; a license agreement with Anagenesis Biotechnologies SAS; and a service agreement with MaSTherCell SA to develop and manufacture allogeneic CAR-T IPO Price (EUR) 12.74 therapies. The company also has research collaboration agreements with Neon Therapeutics and Filing Price Range (EUR) 13.66 - 15.48 Massachusetts General Hospital Cancer Center to develop novel T cell therapies for cancer. CRISPR Final Price Range (EUR) 13.66 - 15.48 Therapeutics AG is headquartered in Basel, Switzerland. Legal Counsel Shares Offered (incl. Greenshoe) 4.4m Greenshoe 10.7% Ropes & Gray LLP Filing Volume (EUR) 81.9m Final Volume (EUR) 2 51.0m Filing-to-Final Change (37.8%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Bayer Aktiengesellschaft 12.2% Ernst & Young AG Versant Venture Management, LLC 9.8% Primary 100% S.R. One, Limited 7.0% Secondary 0% New Enterprise Associates 6.8% Vertex Pharmaceuticals Incorporated 6.8% Key Financials Free Float 57.5% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue 34.1 15.2 15.5 51.4 83.7% IPO +1D IPO +3M IPO +6M since IPO Growth 1.7% 231.8% 2 Buy CRISPR Therapeutics AG 0.9% 57.6% 46.3% 218.7% EBITDA (51.3) n/a n/a n/a n/a 3 Outperform Dow Jones (0.5%) 2.3% 6.9% 28.4% Margin n/m n/a n/a n/a 2 Hold 350 EBIT (53.8) (98.7) (119.0) (159.2) 27.0% 0 Underperform 325 300 Margin n/m n/m n/m n/m 0 Sell 275 Net Income (56.9) (99.2) (119.7) (162.3) 27.9% 250 225 Margin n/m n/m n/m n/m 200 175
Rebased(in %) 150 (EURm) Valuation FY 2018 FY 2019 FY 2020 125 100 Enterprise Value 1,658.3 EV/Sales 109.0x 107.1x 32.3x Prices 75 50 Net Debt (199.7) EV/EBITDA n/a n/a n/a 25 Minority Interest 0.0 EV/EBIT nm nm nm Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Preferred Equity 0.0 P/E -18.8x -15.6x -11.5x CRISPR Therapeutics AG Dow Jones U.S. Biotechnology Index Market Cap 1,864.1 P/B n/a n/a n/a
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 46 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe AC Immune SA
Company Description IPO Facts Sector: Biotechnology Ticker NasdaqGM:ACIU Financial Advisors AC Immune SA, a clinical stage biopharmaceutical company, discovers, designs, and develops Exchange Nasdaq n/a Initial Filing Date 31-May-16 therapeutic and diagnostic products for prevention, diagnosis, and treatment of neurodegenerative Announced Date 31-May-16 diseases associated with protein misfolding. Its SupraAntigen and Morphomer platforms generates # Days Announced to Offer 114 antibodies and small molecules that selectively bind to misfolded proteins to address Offer Date 22-Sep-16 neurodegenerative indications, such as Alzheimer’s (AD), Parkinson’s, down syndrome, and glaucoma diseases. The company’s lead product candidate is crenezumab, a humanized, monoclonal, and conformation-specific anti-Abeta antibody, which is in Phase 3 clinical studies. It IPO Price (EUR) 9.79 also engages in developing ACI-24, a vaccine candidate that is in a combined Phase 1/2a clinical Filing Price Range (EUR) 9.79 - 11.57 study for AD; and ACI-35, a vaccine candidate against phosphorylated pathological tau and is Final Price Range (EUR) 9.79 - 11.57 currently in Phase 1b clinical testing in patients with mild to moderate AD. It has license agreements Legal Counsel and collaborations with Genentech, Inc.; Janssen Pharmaceuticals, Inc.; Piramal Imaging; and Shares Offered (incl. Greenshoe) 6.9m Biogen International GmbH. AC Immune SA was founded in 2003 and is headquartered in Lausanne, Greenshoe 15.0% Goodwin Procter LLP Switzerland. Filing Volume (EUR) 44.5m Final Volume (EUR) 2 58.7m Filing-to-Final Change 32.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 dievini Hopp BioTech holding GmbH & Co. KG 31.7% Ernst & Young AG Varuma AG 20.0% Primary 100% FMR LLC 9.6% Secondary 0% Pfeifer, Andrea 4.6% Duquesne Family Office LLC 4.2% Key Financials Free Float 29.9% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue 17.3 21.5 12.6 n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth (41.3%) n/a 1 Buy AC Immune SA 42.5% 22.7% 8.5% (7.7%) EBITDA (18.8) (29.4) (30.3) n/a n/a 1 Outperform Dow Jones (0.6%) (8.7%) (2.5%) 16.9% Margin n/m n/m n/m n/a 0 Hold 200 EBIT (19.3) (28.9) (49.1) n/a n/a 0 Underperform Margin n/m n/m n/m n/a 0 Sell 150 Net Income (22.6) (30.9) (51.3) n/a n/a Margin n/m n/m n/m n/a 100
Rebased (in %) (EURm) Valuation FY 2018 FY 2019 FY 2020 50 Enterprise Value 416.1 EV/Sales 19.4x 33.0x n/a Prices Net Debt (105.9) EV/EBITDA nm nm n/a 0 Minority Interest 0.0 EV/EBIT nm nm n/a Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Preferred Equity 0.0 P/E -16.7x -10.0x n/a Market Cap 514.0 P/B 7.7x n/a n/a AC Immune SA Dow Jones U.S. Biotechnology Index .
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 47 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Merus N.V.
Company Description IPO Facts Sector: Biotechnology Ticker NasdaqGM:MRUS Financial Advisors Merus N.V., a clinical-stage immuno-oncology company, engages in developing bispecific antibody Exchange Nasdaq Citigroup Global Markets Inc. Initial Filing Date 19-Oct-15 therapeutics. Its lead bispecific antibody candidate is MCLA-128, which is in Phase I/II clinical trials Guggenheim Securities, LLC Announced Date 19-Oct-15 in Europe for the treatment of various solid tumors, including breast, gastric, and ovarian cancers. The Jefferies LLC # Days Announced to Offer 212 company also develops MCLA-117, a bispecific antibody candidate that is expected to commence a Offer Date 18-May-16 Phase I/II clinical trial for the treatment of patients with acute myeloid leukemia, as well as for the treatment of myelodysplastic syndrome in pre-clinical studies, as well as developing MCLA-158, a bispecific antibody candidate, which is designed to bind to cancer stem cells for the potential IPO Price (EUR) 8.86 treatment of colorectal cancer. Its pre-clinical bispecific antibody candidates include MCLA-134 and Filing Price Range (EUR) 12.41 - 14.18 MCLA-145, as well as other early research projects. The company has a strategic collaboration with Final Price Range (EUR) 12.41 - 14.18 Incyte and ONO Pharmaceutical Co., Ltd. to develop bispecific antibody candidates based on Legal Counsel Biclonics technology platform; and collaboration agreement with Ono Pharmaceutical Co., Ltd. for the Shares Offered (incl. Greenshoe) 6.1m development of human bispecific antibodies. Merus N.V. was founded in 2003 and is headquartered in Greenshoe 11.6% Cooley LLP Utrecht, the Netherlands. Filing Volume (EUR) 53.2m Van Doorne Final Volume (EUR) 2 48.8m Filing-to-Final Change (8.3%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Incyte Corporation 16.5% KPMG Accountants N.V. BVF Partners LP 12.5% Primary 100% Bay City Capital LLC 10.8% Secondary 0% Sofinnova Ventures, Inc. 9.0% Novo Holdings A/S 7.3% Key Financials Free Float 44.0% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue 9.4 9.5 9.7 20.3 46.6% IPO +1D IPO +3M IPO +6M since IPO Growth 2.1% 110.5% 3 Buy Merus N.V. 1.1% (5.9%) 78.5% 64.9% EBITDA (42.6) n/a n/a n/a n/a 0 Outperform Dow Jones (1.4%) 9.3% 6.3% 29.2% Margin n/m n/a n/a n/a 2 Hold 375 EBIT (42.9) (60.6) (82.4) (94.1) 24.6% 0 Underperform 350 325 Margin n/m n/m n/m n/m 0 Sell 300 (90.8) (58.7) (82.3) (94.2) 26.7% 275 Net Income 250 Margin n/m n/m n/m n/m 225 200 175 Rebased(in %) 150 (EURm) Valuation FY 2018 FY 2019 FY 2020 125 100 Enterprise Value 89.4 EV/Sales 9.5x 9.3x 4.4x Prices 75 (202.4) 50 Net Debt EV/EBITDA n/a n/a n/a 25 Minority Interest 0.0 EV/EBIT nm nm nm May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 Preferred Equity 0.0 P/E -4.8x -3.4x -3.0x Merus N.V. Dow Jones U.S. Biotechnology Index Market Cap 283.7 P/B n/a n/a n/a
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 48 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe NovoCure Limited
Company Description IPO Facts Sector: Healthcare Equipment Ticker NasdaqGS:NVCR Financial Advisors NovoCure Limited engages in the development, manufacture, and commercialization of Tumor Exchange Nasdaq Deutsche Bank Securities Inc. Initial Filing Date 31-Aug-15 Treating Fields for the treatment of solid tumors. The company offers Optune, a Tumor Treating Fields Evercore Group L.L.C. Announced Date 31-Aug-15 delivery system for use as a monotherapy treatment for adult patients with glioblastoma. It is also J.P. Morgan Securities LLC # Days Announced to Offer 31 involved in conducting clinical trials for the use of Tumor Treating Fields in brain metastases, non- Offer Date 01-Oct-15 small cell lung cancer, pancreatic cancer, ovarian cancer, and mesothelioma. The company markets its products in the United States, Europe, the Middle East and Africa, and Japan. NovoCure Limited was founded in 2000 and is based in Saint Helier, Jersey. IPO Price (EUR) 19.66 Filing Price Range (EUR) 23.23 - 25.91 Final Price Range (EUR) 23.23 - 25.91
Legal Counsel Shares Offered (incl. Greenshoe) 7.9m Greenshoe 5.0% Davis Polk & Wardwell LLP Filing Volume (EUR) 268.1m Final Volume (EUR) 2 147.4m Filing-to-Final Change (45.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Wyss, Hansjoerg 12.0% Kost Forer Gabbay & Kasierer FMR LLC 9.0% Primary 100% Perlhagen, Gert Lennart 8.2% Secondary 0% Pomona Capital 5.2% The Vanguard Group, Inc. 5.1% Key Financials Free Float 60.5% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue 147.4 205.2 288.8 340.3 28.8% IPO +1D IPO +3M IPO +6M since IPO Growth 40.7% 17.9% 3 Buy NovoCure Limited (17.5%) 4.7% (40.0%) (10.8%) EBITDA (26.4) (3.2) 78.6 94.9 nm 2 Outperform Dow Jones 2.3% 9.6% (8.9%) 19.8% Margin n/m n/m 27.2% 27.9% 1 Hold 150 EBIT (32.8) (4.0) 61.0 95.5 nm 0 Underperform Margin n/m n/m 21.1% 28.1% 0 Sell 125 Net Income (51.4) (32.4) 22.5 66.1 nm Margin n/m n/m 7.8% 19.4% 100
Rebased(in %) 75 (EURm) Valuation FY 2018 FY 2019 FY 2020
50 Enterprise Value 1,506.8 EV/Sales 7.3x 5.2x 4.4x Prices Net Debt (71.6) EV/EBITDA nm 19.2x 15.9x 25 Minority Interest 0.0 EV/EBIT nm 24.7x 15.8x Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Preferred Equity 0.0 P/E -48.7x 69.9x 23.8x NovoCure Limited Dow Jones U.S. Biotechnology Index Market Cap 1,576.7 P/B 18.2x n/a n/a
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 49 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Nabriva Therapeutics plc
Company Description IPO Facts Sector: Pharmaceuticals Ticker NasdaqGS:NBRV Financial Advisors Nabriva Therapeutics plc, a clinical stage biopharmaceutical company, engages in the research and Exchange Nasdaq Leerink Partners LLC Initial Filing Date 18-Jun-15 development of anti-infective agents to treat infections in humans. The company focuses on the RBC Capital Markets LLC Announced Date 18-Jun-15 pleuromutilin class of antibiotics. Its lead product candidate is lefamulin, which has completed a # Days Announced to Offer 91 Phase II clinical trial for acute bacterial skin and skin structure infections. The company is developing Offer Date 17-Sep-15 intravenous and oral formulations of lefamulin that is in Phase III clinical trials for the treatment of community-acquired bacterial pneumonia; and intends to develop lefamulin for additional indications other than pneumonia. It is also developing BC-7013, a topical pleuromutilin product candidate, which IPO Price (EUR) 9.07 has completed a Phase 1 clinical trial. The company was formerly known as Nabriva Therapeutics Filing Price Range (EUR) 13.26 - 15.74 Forschungs GmbH and changed its name to Nabriva Therapeutics plc in 2007. Nabriva Therapeutics Final Price Range (EUR) 13.27 - 15.04 plc was incorporated in 2005 and is headquartered in Vienna, Austria. Legal Counsel Shares Offered (incl. Greenshoe) 10.4m Greenshoe 15.0% Covington & Burling LLP Filing Volume (EUR) 81.4m Schönherr Rechtsanwälte Gmbh Final Volume (EUR) 2 81.6m Filing-to-Final Change 0.3% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Vivo Capital, LLC 11.1% PwC Wirtschaftsprüfung GmbH OrbiMed Advisors, L.L.C. 10.7% Primary 100% Novo Holdings A/S 8.0% Secondary 0% HBM Partners Ltd. 6.4% venBio LLC 5.8% Key Financials Free Float 58.1% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations 3 Share Price Performance Revenue 4.4 4.4 14.4 47.4 227.3% IPO +1D IPO +3M IPO +6M since IPO Growth 226.5% 228.1% 5 Buy Nabriva Therapeutics plc 8.5% (21.9%) (43.6%) (47.0%) EBITDA (61.1) (62.0) (65.2) (23.6) (38.3%) 3 Outperform Dow Jones (0.1%) 9.1% 5.0% 9.4% Margin n/m n/m n/m n/m 0 Hold 120 EBIT (61.4) (67.7) (76.3) (59.5) (6.3%) 0 Underperform Margin n/m n/m n/m n/m 0 Sell 100 Net Income (61.9) (69.4) (79.4) (57.4) (9.0%) 80 Margin n/m n/m n/m n/m 60
Rebased (in %) (EURm) Valuation FY 2018 FY 2019 FY 2020 40 Enterprise Value 85.1 EV/Sales 19.2x 5.9x 1.8x Prices 20 Net Debt (72.2) EV/EBITDA nm nm nm 0 Minority Interest 0.0 EV/EBIT nm nm nm Jun-17 Sep-17 Dec-17 Preferred Equity 0.0 P/E -2.5x -2.2x -3.1x Market Cap 176.4 P/B 3.4x 2.5x n/a Nabriva Therapeutics plc Dow Jones U.S. Biotechnology Index .
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 50 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe 3 Active trading started from 19.06.2017 Axovant Sciences Ltd.
Company Description IPO Facts Sector: Biotechnology Ticker NasdaqGS:AXON Financial Advisors Axovant Sciences Ltd., a clinical-stage biopharmaceutical company, engages in developing and Exchange Nasdaq Evercore Group L.L.C. Initial Filing Date 11-May-15 commercializing medicines for the treatment of dementia and related neurological disorders in the Jefferies LLC Announced Date 11-May-15 United States and Europe. Its lead product candidate, intepirdine, a selective 5-HT6 receptor JMP Securities LLC # Days Announced to Offer 30 antagonist, which is in Phase III clinical trial for the treatment of Alzheimer’s disease; in Phase IIb RBC Capital Markets LLC Offer Date 10-Jun-15 clinical trial for treating dementia with Lewy bodies (DLB); and in Phase II clinical trial for treating cait and balance in Alzheimer's disease, DLB, and Parkinson's disease dementia. The company is also developing nelotanserin, a selective 5-HT2A receptor inverse agonist, which is in Phase II clinical trial IPO Price (EUR) 13.25 for the treatment of visual hallucinations in patients with Lewy body dementia (LBD) and REM Filing Price Range (EUR) 11.48 - 13.25 behavior disorder in patients with LBD. The company was formerly known as Roivant Neurosciences Final Price Range (EUR) 11.48 - 13.25 Ltd. and changed its name to Axovant Sciences Ltd. in March 2015. The company was founded in Legal Counsel 2014 and is based in London, the United Kingdom. Axovant Sciences Ltd. is a subsidiary of Roivant Shares Offered (incl. Greenshoe) 24.2m Sciences Ltd. Greenshoe 15.0% Latham & Watkins LLP Filing Volume (EUR) 152.4m Final Volume (EUR) 2 278.3m Filing-to-Final Change 82.6% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Roivant Sciences Ltd. 69.6% PricewaterhouseCoopers LLP BlackRock, Inc. 2.7% Primary 100% Great Point Partners, LLC 2.6% Secondary 0% PRIMECAP Management Company 2.4% T. Rowe Price Group, Inc. 2.3% Key Financials Free Float 20.4% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue n/a n/a 4.9 37.8 n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a 668.7% 0 Buy Axovant Sciences Ltd. 49.4% (9.3%) 29.9% (90.6%) EBITDA (199.9) n/a n/a n/a n/a 2 Outperform Dow Jones (1.3%) (5.5%) (10.8%) 1.3% Margin n/m n/a n/a n/a 5 Hold 200 EBIT (201.8) (187.5) (164.9) (142.0) (13.0%) 0 Underperform Margin n/m n/m n/m n/m 0 Sell 150 Net Income (207.4) (191.1) (159.2) (127.2) (18.4%) Margin n/m n/m n/m n/m 100
Rebased (in %) (EURm) Valuation FY 2018 FY 2019 FY 2020 50 Enterprise Value 24.5 EV/Sales n/a 5.0x 0.6x Prices Net Debt (113.1) EV/EBITDA n/a n/a n/a 0 Minority Interest 0.0 EV/EBIT nm nm nm Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Preferred Equity 0.0 P/E -0.7x -0.8x -1.1x Market Cap 134.8 P/B n/a n/a n/a Axovant Sciences Ltd. Dow Jones U.S. Biotechnology Index .
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 51 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Adaptimmune Therapeutics plc
Company Description IPO Facts Sector: Biotechnology Ticker NasdaqGS:ADAP Financial Advisors Adaptimmune Therapeutics plc, a clinical-stage biopharmaceutical company, focuses on the Exchange Nasdaq Cowen and Company, LLC Initial Filing Date 06-Apr-15 provision of cancer immunotherapy products based on its proprietary SPEAR T-cell platform. Its Guggenheim Securities, LLC Announced Date 06-Apr-15 platform enables to identify cancer targets; find and genetically engineer T-cell receptors (TCR); and Leerink Partners LLC # Days Announced to Offer 30 produce TCR therapeutic candidates for administration to patients. The company’s lead program Merrill Lynch, Pierce, Fenner & Smith Incorporated Offer Date 06-May-15 includes NY-ESO-1 and LAGE-1a cancer antigens, which are in Phase I/II clinical trials for patients with solid tumors, as well as hematological cancer types, including synovial sarcoma, multiple myeloma, non-small cell lung cancer (NSCLC), and ovarian cancer; and pilot trial for myxoid round IPO Price (EUR) 14.99 cell liposarcoma. It is also developing MAGE A-10 peptide that is in Phase I/II clinical trials to treat Filing Price Range (EUR) 13.23 - 14.99 urothelial (bladder), melanoma, and head and neck cancers, as well as NSCLC; AFP SPEAR T-cell Final Price Range (EUR) 13.23 - 14.99 therapeutic candidate that has completed preclinical testing for targeting a peptide associated with Legal Counsel hepatocellular carcinoma; and MAGE-A4 to treat urothelial (bladder), melanoma, head and neck, Shares Offered (incl. Greenshoe) 11.3m esophageal and gastric, and ovarian cancer, as well as NSCLC. Greenshoe 0.0% Wilmer Cutler Pickering Hale and Dorr LLP Filing Volume (EUR) 132.1m Final Volume (EUR) 2 168.7m Filing-to-Final Change 27.7% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Matrix Capital Management Company, LLC 13.0% KPMG LLP (United Kingdom) New Enterprise Associates 12.8% Primary 100% Capital Research and Management Company 7.3% Secondary 0% OrbiMed Advisors, L.L.C. 6.6% Cross, Nicholas John 5.2% Key Financials Free Float 55.1% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue 31.5 42.6 13.4 34.4 (10.1%) IPO +1D IPO +3M IPO +6M since IPO Growth (68.7%) 157.5% 5 Buy Adaptimmune Therapeutics plc 2.0% (9.1%) (32.3%) (56.6%) EBITDA (62.7) (39.4) n/a n/a n/a 1 Outperform Dow Jones 0.7% 11.7% 1.0% 8.0% Margin n/m n/m n/a n/a 1 Hold 140 EBIT (67.2) (86.1) (123.2) (125.1) 20.6% 1 Underperform 120 Margin n/m n/m n/m n/m 0 Sell (58.4) (80.1) (100.8) (104.9) 14.5% 100 Net Income Margin n/m n/m n/m n/m 80 60
Rebased (in %) (EURm) Valuation FY 2018 FY 2019 FY 2020 40 Enterprise Value 421.9 EV/Sales 9.9x 31.6x 12.3x Prices 20 Net Debt (173.4) EV/EBITDA nm n/a n/a 0 Minority Interest 0.0 EV/EBIT nm nm nm May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 Preferred Equity 0.0 P/E -7.6x -6.1x -5.8x Market Cap 610.2 P/B n/a n/a n/a Adaptimmune Therapeutics plc Dow Jones U.S. Biotechnology Index .
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 52 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Ascendis Pharma A/S
Company Description IPO Facts Sector: Biotechnology Ticker NasdaqGS:ASND Financial Advisors Ascendis Pharma A/S, a clinical stage biopharmaceutical company, develops various prodrug Exchange Nasdaq Leerink Partners LLC Initial Filing Date 18-Dec-14 therapies to treat unmet medical needs. It is developing TransCon human growth hormone, which is Merrill Lynch, Pierce, Fenner & Smith Incorporated Announced Date 18-Dec-14 in Phase III clinical study in children to treat growth hormone deficiency; and TransCon Treprostinil Wells Fargo Securities, LLC # Days Announced to Offer 40 that is in Phase I clinical trial for the treatment of pulmonary arterial hypertension, a life-threatening Offer Date 27-Jan-15 disease characterized by elevated blood pressure in the pulmonary arteries. The company is also developing TransCon Peptides for the treatment of diabetes; TransCon ranibizumab, a compound to support injection of ranibizumab in ophthalmology; TransCon parathyroid hormone for treating IPO Price (EUR) 15.82 hypoparathyroidism; and TransCon C-type natriuretic peptide for the treatment of achondroplasia. It Filing Price Range (EUR) 14.06 - 15.82 has strategic collaborations with Sanofi and Genentech. Ascendis Pharma A/S was founded in 2006 Final Price Range (EUR) 14.11 - 15.88 and is headquartered in Hellerup, Denmark. Legal Counsel Shares Offered (incl. Greenshoe) 6.9m Greenshoe 15.0% Cooley LLP Filing Volume (EUR) 76.1m Kromann Reumert Final Volume (EUR) 2 94.9m Filing-to-Final Change 24.7% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 RA Capital Management, LLC 13.4% Deloitte Statsautoriseret Revisionsaktieselskab OrbiMed Advisors, L.L.C. 11.0% Primary 100% FMR LLC 8.7% Secondary 0% Baker Bros. Advisors LP 6.3% Sofinnova Ventures, Inc. 5.4% Key Financials Free Float 55.1% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue 2.3 2.1 1.7 34.8 311.5% IPO +1D IPO +3M IPO +6M since IPO Growth (16.2%) 1919.5% 3 Buy Ascendis Pharma A/S 19.0% 5.1% 13.6% 238.8% EBITDA (101.2) (107.3) (133.8) n/a n/a 2 Outperform Dow Jones (2.3%) 1.7% 6.4% 8.0% Margin n/m n/m n/m n/a 1 Hold 350 EBIT (101.9) (120.7) (152.4) (157.2) 14.1% 0 Underperform 325 300 Margin n/m n/m n/m n/m 0 Sell 275 Net Income (106.2) (119.7) (152.9) (157.2) 14.6% 250 225 Margin n/m n/m n/m n/m 200 175
Rebased(in %) 150 (EURm) Valuation FY 2018 FY 2019 FY 2020 125 100 Enterprise Value 2,027.3 EV/Sales 985.9x 1175.9x 58.2x Prices 75 50 Net Debt (206.3) EV/EBITDA nm nm n/a 25 Minority Interest 0.0 EV/EBIT nm nm nm Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Preferred Equity 0.0 P/E -18.6x -14.6x -14.2x Ascendis Pharma A/S Dow Jones U.S. Biotechnology Index Market Cap 2,225.3 P/B 25.2x n/a n/a
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 53 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe ProQR Therapeutics N.V.
Company Description IPO Facts Sector: Biotechnology Ticker NasdaqGM:PRQR Financial Advisors ProQR Therapeutics N.V., a biopharmaceutical company, engages in the discovery and development Exchange Nasdaq Deutsche Bank Securities Inc. Initial Filing Date 14-Aug-14 of RNA-based therapeutics for the treatment of genetic disorders. Its lead product candidate includes Leerink Partners LLC Announced Date 14-Aug-14 QR-010, a RNA-based oligonucleotide used for the treatment of cystic fibrosis; QR-110, an # Days Announced to Offer 35 oligonucleotide that is designed to treat Leber's congenital amaurosis; and QR-313, a single-stranded Offer Date 18-Sep-14 oligonucleotide used for the treatment of epidermolysis bullosa. The company has a research collaboration agreement with Galapagos N.V. to discover Axiomer Editing Oligonucleotides against fibrosis targets. ProQR Therapeutics N.V. has a partnership agreement with Foundation Fighting IPO Price (EUR) 10.07 Blindness to develop QR-421a for usher syndrome 2A caused by an exon 13 mutation of the Filing Price Range (EUR) 8.52 - 12.37 causative USH2A gene. The company was founded in 2012 and is headquartered in Leiden, the Final Price Range (EUR) 8.50 - 10.04 Netherlands. Legal Counsel Shares Offered (incl. Greenshoe) 8.6m Greenshoe 15.0% Stibbe N.V. Filing Volume (EUR) 57.9m Wilmer Cutler Pickering Hale and Dorr LLP Final Volume (EUR) 2 75.5m Filing-to-Final Change 30.4% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Sofinnova Partners 11.4% Deloitte Accountants B.V. JDG B.V 8.3% Primary 100% Jennison Associates LLC 8.3% Secondary 0% The Invus Group, LLC 6.0% Artal 6.0% Key Financials Free Float 60.1% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue 0.9 1.7 1.8 n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth 6.6% n/a 1 Buy ProQR Therapeutics N.V. 46.3% 44.6% 127.1% (73.4%) EBITDA (39.4) n/a n/a n/a n/a 2 Outperform Dow Jones 1.0% 9.6% 17.8% 22.7% Margin n/m n/a n/a n/a 0 Hold 180 EBIT (40.5) (45.4) (55.1) n/a n/a 0 Underperform 160 Margin n/m n/m n/m n/a 0 Sell 140 Net Income (43.6) (45.4) (55.1) n/a n/a 120 Margin n/m n/m n/m n/a 100 80
Rebased (in %) (EURm) Valuation FY 2018 FY 2019 FY 2020 60
40 Enterprise Value 45.5 EV/Sales 26.6x 24.9x n/a Prices 20 Net Debt (40.9) EV/EBITDA n/a n/a n/a 0 Minority Interest (0.0) EV/EBIT nm nm n/a Preferred Equity 0.0 P/E -1.9x -1.5x n/a Market Cap 85.4 P/B n/a n/a n/a ProQR Therapeutics N.V. Dow Jones U.S. Biotechnology Index .
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 54 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Forward Pharma A/S
Company Description IPO Facts Sector: Biotechnology Ticker NasdaqGS:FWP Financial Advisors Forward Pharma A/S operates as a biopharmaceutical company. The company focuses on Exchange Nasdaq Jefferies LLC Initial Filing Date 08-Aug-14 developing FP187, a proprietary formulation of dimethyl fumarate, which has been completed Phase II Leerink Partners LLC Announced Date 08-Aug-14 clinical trials used for the treatment of various inflammatory and neurological indications, including RBC Capital Markets LLC # Days Announced to Offer 68 multiple sclerosis and other immune disorders, such as psoriasis. Forward Pharma A/S was founded Offer Date 15-Oct-14 in 2005 and is headquartered in Copenhagen, Denmark.
IPO Price (EUR) 16.45 Filing Price Range (EUR) 15.67 - 17.24 Final Price Range (EUR) 15.79 - 17.37
Legal Counsel Shares Offered (incl. Greenshoe) 11.2m Greenshoe 6.7% K&L Gates LLP Filing Volume (EUR) 157.9m Final Volume (EUR) 2 172.8m Filing-to-Final Change 9.4% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 NB Capital ApS 54.7% Ernst & Young Europe ApS Rosetta Capital Limited 18.6% Primary 100% BVF Partners LP 11.3% Secondary 0% The Baupost Group, LLC 6.0% BlueMountain Capital Management LLC 3.0% Key Financials Free Float 6.3% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue n/a n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Forward Pharma A/S (9.8%) 7.5% 82.5% (85.7%) EBITDA (54.6) n/a n/a n/a n/a 0 Outperform Dow Jones 0.3% 18.1% 25.6% 31.4% Margin n/m n/a n/a n/a 1 Hold 250 EBIT (54.6) n/a n/a n/a n/a 0 Underperform Margin n/m n/a n/a n/a 0 Sell 200 Net Income 823.8 n/a n/a n/a n/a Margin n/a n/a n/a n/a 150
Rebased (in %) 100 (EURm) Valuation FY 2018 FY 2019 FY 2020
50 Enterprise Value (1,059.0) EV/Sales n/a n/a n/a Prices Net Debt (1,262.5) EV/EBITDA n/a n/a n/a 0 Minority Interest 0.0 EV/EBIT n/a n/a n/a Preferred Equity 0.0 P/E n/a n/a n/a Market Cap 110.7 P/B n/a n/a n/a Forward Pharma A/S Dow Jones U.S. Biotechnology Index .
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 55 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Affimed N.V.
Company Description IPO Facts Sector: Biotechnology Ticker NasdaqGM:AFMD Financial Advisors Affimed N.V., a clinical-stage biopharmaceutical company, focuses on discovering and developing Exchange Nasdaq BMO Capital Markets Corp. Initial Filing Date 27-Jun-14 cancer immunotherapies in Germany and internationally. Its lead candidate is AFM13, a natural killer Jefferies LLC Announced Date 27-Jun-14 cell (NK-cell) TandAb designed for the treatment of CD30-positive (CD30+) B- and T-cell Leerink Partners LLC # Days Announced to Offer 77 malignancies, including Hodgkin lymphoma. The company’s product candidates include AFM24, a Offer Date 12-Sep-14 NK-cell that treats epidermal growth factor receptor expressing solid tumors, such as lung, head, neck, and colon cancers; AFM26, which binds to B-cell maturation antigen (BCMA) for the treatment of multiple myeloma; and Trispecific Abs for the treatment of multiple myeloma. Its product IPO Price (EUR) 5.41 candidates also comprise AFM11, a T-cell TandAb, which is in Phase I clinical trial for the treatment Filing Price Range (EUR) 8.49 - 15.94 of various CD19+ B-cell malignancies, including non-Hodgkin Lymphoma and acute lymphocytic Final Price Range (EUR) 8.50 - 10.04 leukemia; and AMV564, a CD33/CD3-specific T-cell TandAb for the treatment of acute myeloid Legal Counsel leukemia and other hematologic malignancies. Shares Offered (incl. Greenshoe) 8.0m Greenshoe 0.0% Covington & Burling LLP Filing Volume (EUR) 57.9m NautaDutilh N.V. Final Volume (EUR) 2 43.3m Filing-to-Final Change (25.3%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Aeris Holding AG 14.7% KPMG AG Wirtschaftsprüfungsgesellschaft Wellington Management Group LLP 8.8% Primary 100% New Enterprise Associates 8.5% Secondary 0% Bain Capital Public Equity, LP 5.3% Millennium Management LLC 4.9% Key Financials Free Float 57.8% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue 2.2 7.4 9.3 24.9 83.6% IPO +1D IPO +3M IPO +6M since IPO Growth 26.1% 167.2% 2 Buy Affimed N.V. 5.4% (14.6%) 8.4% (67.3%) EBITDA (26.9) n/a n/a n/a n/a 2 Outperform Dow Jones (1.2%) 12.4% 13.1% 22.8% Margin n/m n/a n/a n/a 1 Hold 400 EBIT (27.3) (35.1) (43.7) (41.0) 8.0% 0 Underperform 350 Margin n/m n/m n/m n/m 0 Sell 300 Net Income (30.2) (35.4) (40.6) (39.7) 5.9% 250 Margin n/m n/m n/m n/m 200
Rebased (in %) 150 (EURm) Valuation FY 2018 FY 2019 FY 2020 100 Enterprise Value 73.9 EV/Sales 10.0x 7.9x 3.0x Prices 50 Net Debt (32.7) EV/EBITDA n/a n/a n/a 0 Minority Interest 0.0 EV/EBIT nm nm nm Preferred Equity 0.0 P/E -3.0x -2.6x -2.7x Market Cap 107.2 P/B n/a n/a n/a Affimed N.V. Dow Jones U.S. Biotechnology Index .
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 56 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Auris Medical Holding AG
Company Description IPO Facts Sector: Pharmaceuticals Ticker NasdaqCM:EARS Financial Advisors Auris Medical Holding AG, a clinical-stage biopharmaceutical company, focuses on the development Exchange Nasdaq Jefferies LLC Initial Filing Date 27-Jun-14 of novel products for the treatment of inner ear disorders. Its product candidates include AM-101, Leerink Partners LLC Announced Date 27-Jun-14 which is in phase III clinical development for the treatment of acute inner ear tinnitus; and AM-111 # Days Announced to Offer 39 that is in phase III clinical development for the treatment of acute inner ear hearing loss. The company Offer Date 05-Aug-14 is also developing AM-125 for the treatment of vestibular disorders; and other pre-clinical stage products comprising AM-102 and AM-123. It has a collaboration and license agreement with Xigen S.A. to develop, manufacture, and commercialize pharmaceutical products, as well as drug delivery IPO Price (EUR) 4.49 devices and formulations for local administration of therapeutic substances to the inner ear for the Filing Price Range (EUR) 7.48 - 8.98 treatment of ear disorders. The company was formerly known as Auris Medical AG and changed its Final Price Range (EUR) 7.48 - 8.98 name to Auris Medical Holding AG in April 2014. Auris Medical Holding AG was founded in 1998 and Legal Counsel is headquartered in Zug, Switzerland. Shares Offered (incl. Greenshoe) 10.1m Greenshoe 7.6% Latham & Watkins LLP Filing Volume (EUR) 64.5m Final Volume (EUR) 2 42.2m Filing-to-Final Change (34.6%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Sofinnova Ventures, Inc. 12.8% Deloitte AG Meyer, Thomas 11.8% Primary 100% Sofinnova Partners 8.8% Secondary 0% Empery Asset Management, LP 7.8% Sabby Management, LLC 6.5% Key Financials Free Float 52.3% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue n/a n/a 14.7 27.0 n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a 83.5% 0 Buy Auris Medical Holding AG 901.5% 673.8% 718.1% (42.8%) EBITDA (20.7) n/a n/a n/a n/a 0 Outperform Dow Jones (0.0%) 18.4% 22.5% 33.9% Margin n/m n/a n/a n/a 0 Hold 1,800 EBIT (20.8) (23.4) (28.5) (20.2) (7.1%) 0 Underperform 1,600 Margin n/m n/m n/m n/m 0 Sell 1,400 Net Income (20.9) (23.4) (28.5) (20.2) (7.1%) 1,200 Margin n/m n/m n/m n/m 1,000 800
Rebased (in %) (EURm) Valuation FY 2018 FY 2019 FY 2020 600
400 Enterprise Value 8.0 EV/Sales n/a 0.5x 0.3x Prices 200 Net Debt (4.1) EV/EBITDA n/a n/a n/a 0 Minority Interest 0.0 EV/EBIT nm nm nm Preferred Equity 0.0 P/E -0.7x -0.6x -0.8x Market Cap 15.7 P/B n/a n/a n/a Auris Medical Holding AG Dow Jones U.S. Biotechnology Index .
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 57 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Presbia PLC
Company Description IPO Facts Sector: Healthcare Equipment Ticker NasdaqCM:LENS Financial Advisors Presbia PLC, an ophthalmic device company, develops and markets optical lens implants for treating Exchange Nasdaq Jefferies LLC Initial Filing Date 20-Mar-14 presbyopia. The company provides the refractive lens for patient surgeries, as well as accessories for Announced Date 20-Mar-14 procedures. It primarily operates in South Korea, Australia, the Netherlands, Ireland, and Canada. # Days Announced to Offer 314 The company was founded in 2014 and is headquartered in Dublin, Ireland. Offer Date 28-Jan-15
IPO Price (EUR) 8.82 Filing Price Range (EUR) 9.70 - 11.47 Final Price Range (EUR) 9.70 - 11.47
Legal Counsel Shares Offered (incl. Greenshoe) 4.2m Greenshoe 0.0% Covington & Burling LLP Filing Volume (EUR) 79.4m A&L Goodbody Final Volume (EUR) 2 36.8m Filing-to-Final Change (53.7%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Orchard Investments LLC 29.4% Deloitte & Touche LLP Ressler, Richard S. 24.9% Primary 100% FMR LLC 15.0% Secondary 0% Feingold, Vladimir 8.1% Orchard Capital Corporation 6.9% Key Financials Free Float 15.7% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue 0.0 0.3 4.1 15.8 586.3% IPO +1D IPO +3M IPO +6M since IPO Growth 1131.9% 282.4% 1 Buy Presbia PLC (18.3%) (20.7%) (38.3%) (70.7%) EBITDA (14.5) n/a n/a n/a n/a 1 Outperform Dow Jones 1.3% 3.8% 11.7% 10.5% Margin n/m n/a n/a n/a 0 Hold 140 EBIT (14.8) (16.0) (24.3) (19.9) 11.6% 0 Underperform 120 Margin n/m n/m n/m n/m 0 Sell (15.0) (16.0) (24.6) (19.9) 11.6% 100 Net Income Margin n/m n/m n/m n/m 80 60 Rebased (in %) (EURm) Valuation FY 2018 FY 2019 FY 2020 40
Enterprise Value 39.3 EV/Sales 116.8x 9.5x 2.5x Prices 20 Net Debt (5.2) EV/EBITDA n/a n/a n/a 0 Minority Interest 0.0 EV/EBIT nm nm nm Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Preferred Equity 0.0 P/E -2.8x -1.8x -2.2x Market Cap 44.2 P/B n/a n/a n/a Presbia PLC Dow Jones U.S. Biotechnology Index .
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 58 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Lombard Medical, Inc.
Company Description IPO Facts Sector: Healthcare Equipment Ticker OTCPK:EVAR.F Financial Advisors Lombard Medical, Inc., a medical technology company, develops, manufactures, and markets Exchange OTC - NASD (USA) Barclays Capital Inc. Initial Filing Date 10-Mar-14 endovascular stent-grafts for the repair of aortic aneurysms in the United States, the United Kingdom, Jefferies LLC Announced Date 10-Mar-14 Germany, Japan, and internationally. The company’s principal product is Aorfix, which is an # Days Announced to Offer 45 endovascular stent-graft for the treatment of abdominal aortic aneurysms (AAAs) with angulation at Offer Date 24-Apr-14 the neck of the aneurysm of up to 90 degrees. Its products also include Altura endovascular stent graft system for the treatment of standard AAA anatomies; Aorflex delivery system for accurate placement of Aorfix in the abdominal aorta; and IntelliFlex LP delivery system that enhances the IPO Price (EUR) 7.95 precision and control of Aorfix deployment and placement. Lombard Medical, Inc. sells its products Filing Price Range (EUR) 10.84 - 13.72 directly through its direct sales force and distributors to state-or-government-owned hospitals. The Final Price Range (EUR) 10.85 - 13.02 company was founded in 2000 and is headquartered in Didcot, the United Kingdom. Legal Counsel Shares Offered (incl. Greenshoe) 5.0m Greenshoe 0.0% Latham & Watkins (London) LLP Filing Volume (EUR) 57.9m Final Volume (EUR) 2 39.8m Filing-to-Final Change (31.2%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 MicroPort Scientific Corporation 17.3% PricewaterhouseCoopers LLP Abingworth LLP 12.4% Primary 100% Maxwell Maxcare Science Foundation Limited 5.8% Secondary 0% Friends Life Limited, Asset Management Arm 2.0% Shipbuilding Industries Pension Scheme 0.8% Key Financials Free Float 62.5% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue 11.5 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Lombard Medical, Inc. (9.1%) (42.1%) (36.9%) (99.1%) EBITDA (22.9) n/a n/a n/a n/a 0 Outperform Dow Jones (1.8%) 13.2% 24.9% 51.8% Margin n/m n/a n/a n/a 0 Hold 180 EBIT (24.2) n/a n/a n/a n/a 0 Underperform 160 Margin n/m n/a n/a n/a 0 Sell 140 Net Income (29.4) n/a n/a n/a n/a 120 Margin n/m n/a n/a n/a 100 80
Rebased (in %) (EURm) Valuation FY 2018 FY 2019 FY 2020 60
40 Enterprise Value 13.1 EV/Sales n/a n/a n/a Prices 20 Net Debt 13.0 EV/EBITDA n/a n/a n/a 0 Minority Interest 0.0 EV/EBIT n/a n/a n/a Preferred Equity 0.0 P/E n/a n/a n/a Market Cap 1.9 P/B n/a n/a n/a Lombard Medical, Inc. Dow Jones U.S. Biotechnology Index .
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 59 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Quotient Limited
Company Description IPO Facts Sector: Healthcare Supplies Ticker NasdaqGM:QTNT Financial Advisors Quotient Limited, a commercial-stage diagnostics company, develops, manufactures, and Exchange Nasdaq Cowen and Company, LLC Initial Filing Date 06-Mar-14 commercializes conventional reagent products used for blood grouping in the transfusion diagnostics Robert W. Baird & Co. Incorporated Announced Date 06-Mar-14 market worldwide. The company is developing MosaiQ, a proprietary technology platform, which UBS Securities LLC # Days Announced to Offer 49 provides tests for blood grouping and serological disease screening. It also develops, manufactures, Offer Date 24-Apr-14 and commercializes conventional reagent products for blood grouping, including antisera products that are used to identify blood-group antigens; reagent red blood cells, which enable the identification of blood-group antibodies; whole blood control products for use as daily quality assurance tests; and IPO Price (EUR) 5.79 ancillary products that are used to support blood grouping. The company sells its products to donor Filing Price Range (EUR) 10.12 - 11.57 collection agencies and testing laboratories, hospitals, independent patient testing laboratories, Final Price Range (EUR) 10.12 - 11.57 reference laboratories, blood banking operations, and other diagnostic companies, as well as to Legal Counsel original equipment manufacturers. Quotient Limited was founded in 2007 and is based in Penicuik, Shares Offered (incl. Greenshoe) 14.0m the United Kingdom. Greenshoe 0.0% Gibson, Dunn & Crutcher LLP Filing Volume (EUR) 54.2m Final Volume (EUR) 2 28.9m Filing-to-Final Change (46.7%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Galen Partners 15.2% Ernst & Young UK Perceptive Advisors LLC 13.2% Primary 100% Polar Capital Holdings plc 9.9% Secondary 0% Cormorant Asset Management, LLC 9.8% Cowan, D. J. Paul E. 7.1% Key Financials Free Float 44.8% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue 20.1 19.7 25.1 62.6 78.3% IPO +1D IPO +3M IPO +6M since IPO Growth 27.2% 149.9% 3 Buy Quotient Limited (16.3%) 15.4% 82.9% (26.2%) EBITDA (49.7) (45.1) (37.0) (1.8) (80.1%) 0 Outperform Dow Jones 2.0% 18.1% 27.9% 45.4% Margin n/m n/m n/m n/m 0 Hold 300 EBIT (58.1) (57.0) (48.3) (37.3) (19.1%) 0 Underperform Margin n/m n/m n/m n/m 0 Sell 250 Net Income (68.7) (68.0) (60.8) (30.2) (33.4%) 200 Margin n/m n/m n/m n/m 150
Rebased (in %) (EURm) Valuation FY 2018 FY 2019 FY 2020 100 Enterprise Value 252.9 EV/Sales 12.8x 10.1x 4.0x Prices 50 Net Debt 59.6 EV/EBITDA nm nm nm 0 Minority Interest 0.0 EV/EBIT nm nm nm Preferred Equity 0.0 P/E -2.9x -3.2x -6.5x Market Cap 194.7 P/B n/a n/a n/a Quotient Limited Dow Jones U.S. Biotechnology Index .
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 60 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe uniQure N.V.
Company Description IPO Facts Sector: Biotechnology Ticker NasdaqGS:QURE Financial Advisors uniQure N.V., a biopharmaceutical company, engages in the discovery, development, and Exchange Nasdaq Jefferies LLC Initial Filing Date 02-Jan-14 commercialization of gene therapies in the Netherlands. The company’s principle programs include Leerink Partners LLC Announced Date 02-Jan-14 AMT-060, a gene therapy that has completed Phase I/II clinical trial for the treatment of hemophilia B; Piper Jaffray & Co. # Days Announced to Offer 34 S100A1, a preclinical product candidate for the treatment of congestive heart failure; and AMT-130 for Offer Date 05-Feb-14 the treatment of huntington's disease. It also provides Glybera, a gene therapy product that has approved for the treatment of patients with lipoprotein lipase deficiency. The company has collaboration and license agreements with Bristol-Myers Squibb Company, 4D Molecular IPO Price (EUR) 12.56 Therapeutics, Synpromics, and Chiesi Farmaceutici S.p.A. uniQure N.V. was founded in 1998 and is Filing Price Range (EUR) 9.60 - 11.58 headquartered in Amsterdam, the Netherlands. Final Price Range (EUR) 9.61 - 11.08 Legal Counsel Shares Offered (incl. Greenshoe) 5.4m Greenshoe 0.0% Covington & Burling LLP Filing Volume (EUR) 55.4m NautaDutilh N.V. Final Volume (EUR) 2 67.8m Filing-to-Final Change 22.4% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Forbion Capital Partners 11.0% Pricewaterhousecoopers Accountants N.V. FMR LLC 10.0% Primary 100% Bristol-Myers Squibb Company 7.8% Secondary 0% Coller Capital Ltd. 6.9% Nantahala Capital Management, LLC 6.1% Key Financials Free Float 58.2% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue 10.9 11.6 10.4 7.2 (21.0%) IPO +1D IPO +3M IPO +6M since IPO Growth (9.8%) (30.8%) 5 Buy uniQure N.V. (14.1%) (44.6%) (41.4%) 71.9% EBITDA (57.9) (62.1) (72.2) (81.3) 14.4% 1 Outperform Dow Jones (1.9%) (4.4%) 7.5% 43.6% Margin n/m n/m n/m n/m 0 Hold 350 EBIT (64.1) (70.4) (87.3) (96.7) 17.2% 0 Underperform 300 Margin n/m n/m n/m n/m 0 Sell (66.0) (70.5) (87.3) (96.7) 17.2% 250 Net Income Margin n/m n/m n/m n/m 200 150 Rebased (in %) (EURm) Valuation FY 2018 FY 2019 FY 2020 100
Enterprise Value 607.9 EV/Sales 52.5x 58.3x 84.2x Prices 50 Net Debt (115.4) EV/EBITDA nm nm nm 0 Minority Interest 0.0 EV/EBIT nm nm nm Preferred Equity 0.0 P/E -9.4x -7.6x -6.9x Market Cap 663.4 P/B 7.6x 6.0x 12.2x uniQure N.V. Dow Jones U.S. Biotechnology Index .
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 61 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Oxford Immunotec Global PLC
Company Description IPO Facts Sector: Healthcare Equipment Ticker NasdaqGM:OXFD Financial Advisors Oxford Immunotec Global PLC, a diagnostics company, focuses on developing and commercializing Exchange Nasdaq J.P. Morgan Securities LLC Initial Filing Date 15-Oct-13 proprietary tests for underserved immune-regulated conditions. Its development activities principally Piper Jaffray & Co. Announced Date 15-Oct-13 focus on the areas of infectious diseases, transplantation, autoimmune and inflammatory disease, # Days Announced to Offer 38 and immune-oncology. The company develops its products using its T-SPOT technology platform, Offer Date 22-Nov-13 which enables the measurement of responses of specific immune cells to inform the diagnosis, prognosis, and monitoring of patients with immune-regulated conditions. It develops and markets T- SPOT.TB test used to test for tuberculosis. The company is also developing a range of assays for IPO Price (EUR) 8.87 tick-borne diseases, such as lyme disease, as well as for use in screening blood for the parasite Filing Price Range (EUR) 9.60 - 11.68 babesia microti that causes babesiosis; and T-SPOT.CMV test that measures the strength of a Final Price Range (EUR) 9.61 - 11.08 patient’s cellular response to CMV infection. Oxford Immunotec Global PLC markets its T-SPOT.TB Legal Counsel test through a direct sales force in the United States, certain European countries, and Japan, as well Shares Offered (incl. Greenshoe) 6.2m as through distributors in other parts of the world. Oxford Immunotec Global PLC was founded in 2002 Greenshoe 15.0% Davis Polk & Wardwell LLP and is headquartered in Abingdon, the United Kingdom. Filing Volume (EUR) 63.7m Final Volume (EUR) 2 47.5m Filing-to-Final Change (25.4%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Invesco Ltd. 11.9% Ernst & Young UK Polar Capital Holdings plc 9.5% Primary 100% Redmile Group, LLC 9.0% Secondary 0% Alyeska Investment Group, L.P. 5.4% Deerfield Management Company, L.P. 5.1% Key Financials Free Float 59.1% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations Share Price Performance Revenue 85.8 91.7 103.8 117.8 13.4% IPO +1D IPO +3M IPO +6M since IPO Growth 13.2% 13.6% 3 Buy Oxford Immunotec Global PLC 28.3% 97.5% 46.2% 5.0% EBITDA (20.2) (11.7) (6.3) (1.0) (70.6%) 2 Outperform Dow Jones 3.3% 17.9% 7.2% 57.5% Margin n/m n/m n/m n/m 0 Hold 180 EBIT (23.8) (18.2) (14.3) (7.7) (34.8%) 0 Underperform 160 Margin n/m n/m n/m n/m 0 Sell 140 Net Income (27.4) (19.8) (14.7) (6.1) (44.3%) 120 Margin n/m n/m n/m n/m 100 80
Rebased (in %) (EURm) Valuation FY 2018 FY 2019 FY 2020 60
40 Enterprise Value 192.0 EV/Sales 2.1x 1.9x 1.6x Prices 20 Net Debt (50.2) EV/EBITDA nm nm nm 0 Minority Interest 0.0 EV/EBIT nm nm nm Preferred Equity 0.0 P/E -12.2x -16.3x -39.2x Market Cap 241.0 P/B 4.2x 4.9x 4.8x Oxford Immunotec Global PLC Dow Jones U.S. Biotechnology Index .
Source: S&P Capital IQ as of 02.03.2018, Implied Free Float 62 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Contact Details & Disclaimer
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63 THE FINANCING SPECIALIST