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RECENT BIOPHARMA – MEDTECH DEAL HIGHLIGHTS

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OF NOTE FROM THE MARKET

- The market was relatively steady last week, with a positive end to the week, which ended a 3 week losing streak: S&P 500 +2.6%; Nasdaq 3.1% (S&) 500 finished at a 52 week high o Market performance shows that the economy is heating up as unemployment decreases, the promise of the discal stimulus bill starts to take effect and growth seen across the market, even in value stocks - Strength in market also seen from IPOs with already 302 IPOS in the year that have raised $102B, an increased of 763% from 2020 o 80% of these offerings are SPACs- for all of 2020 there were 457 IPOS and prior to that the record was 547 o Approximately 60% of SPACs that have acquired businesses between 2016-2020 have lagged the S&P 500

DEAL, FINANCING, AND CLINICAL SNAPSHOT

Indices % Change in Performance (1 Year) 130.0% NASDAQ NBI % Change 110.0% NASDAQ Composite % Change 90.0% DJSMDQ Composite % Change 70.0% 50.0% 30.0% 10.0% (10.0%) (30.0%)

3/16/2020 4/16/2020 5/16/2020 6/16/2020 7/16/2020 8/16/2020 9/16/2020 1/16/2021 2/16/2021 10/16/2020 11/16/2020 12/16/2020

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Indices % Change in Performance (1 Month) 120.0%

100.0%

80.0%

60.0%

40.0% NASDAQ NBI % Change

20.0% NASDAQ Composite % Change

0.0% DJSMDQ Composite % Change

3/2/2021 3/5/2021 3/8/2021 2/12/2021 2/15/2021 2/18/2021 2/21/2021 2/24/2021 2/27/2021 3/11/2021

BIOPHARMA-MEDTECH FINANCINGS OF NOTE

RECENT BIOPHARMA FINANCINGS Bookrunners / Lead + New Amount Company Description Deal Type Investors Raised ($M) Proceeds will be used to effect a business Frontier combination with one or more businesses in the SPAC , Berenberg $200 Acquisition biotech space. Frontier is sponsored by Falcon Financing Edge Capital

Proceeds will be used to advance PRA023, an anti- Prometheus SVB Leerink, Credit Suisse, TL1A antibody for Ulcerative Colitis and Crohn’s IPO $190 Biosciences , Guggenheim Securities disease and other pipeline assets around IBD

Proceeds will be used to effect a business Panacea combination with one or more businesses in the SPAC Cowen $150 Acquisition II biopharma space. Panacea is sponsored by EcoR1 Financing Capital Proceeds will be used to support the Cormorant Asset Management, commercialization of its orphan drug product , Neurelis Inc. Series D Decheng Capital, LYZZ Capital, $114 VALTOCO (diazepam nasal spray) and further HBM Healthcare Investments advance their neuroscience pipeline venBio Partners; Third Point Proceeds will be used to accelerate clinical LLC, RTW Investments, Janus Ventyx development of best-in-class immunology Equity Henderson, Wellington $114 Biosciences programs and advance preclinical programs against Financing Management, Orbimed novel drug targets Advisors, Surveyor Capital, Farallon Capital, Vivo Capital Proceeds will be used to advance its lead product, Jefferies, Cowen, Credit Suisse, Ikena Oncology IK-930, an oral small molecule TEAD inhibitor, IPO $100 William Blair which is applicable across a wide range of tumors Proceeds will be used to advance its lead protein- Monte Rosa degrading program into the clinic and bolster its Avoro Capital; Fidelity Series C $106 Therapeutics drug discovery and development platform for small Management, BlackRock molecule degraders

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Proceeds will be used to advance its lead program, Longboard LP352, a next-gen phase 1 clinical stage 5-HT2C , ISI, IPO $80 Pharmaceuticals agonist in developmental and epileptic Guggenheim Securities, Cantor encephalopathies Proceeds will be used to fund its lead program, an AgomAB HGF-memetic agonistic antibody, into the clinic as Redmile Group; Cormorant Series B $74 Therapeutics well as other pipeline agonsitic antibodies for Asset Management tissue regeneration Proceeds will be used to advance the development Gain of its GLB1 programs into the clinic for Morquio B IPO BTIG, Oppenheimer & Co $44 Therapeutics and GM1 Gangliosidosis as well as Gaucher and GBA1 Parkinson Diseases Proceeds will be used to spinoff Bicara, a company developing BCA101, a Phase 1/2 EGFR/TGFB-trap Bicara Series A Biocon $40 bispecific antibody for patients with advanced EGFR-driven solid tumors

RECENT MEDICAL TECHNOLOGY FINANCINGS Bookrunners / Lead + New Amount Company Description Deal Type Investors Raised ($M) Proceeds will be used to continue development of Matrix Capital Management; its next-gen startup engine which is a platform that ElevateBio Series C SoftBank Vision Fund 2, Fidelity $525 looks to enhance manufacturing capabilities in Management gene editing, iPSC, and viral and cell engineering Proceeds will be used to support continued discovery and development of its Opal Valo Health Computation Platform that leverages AI Series B Koch Disruptive Technologies $110 computation to accelerate the drug discovery process

Proceeds will be used to advance its telehealth General Catalyst Partners, Pear Ixlayer platform, which connects patients with diagnostic Series A $75 Ventures testing programs

RECENT BIOPHARMA and MEDICAL TECHNOLOGY STRATEGIC DEALS Deal Value Date Description Deal Type Acquirer Target ($M) Roche has entered into an agreement to acquire GenMark Diagnostics. This acquisition $1,850 (20% GenMark 03/15/21 gives Roche multiple single swab diagnostic Acquisition Roche premium, all Diagnostics tests alongside a platform that can detect DNA cash) from a wide range of pathogens Takeda has exercised its option to acquire $525 total Maverick Therapeutics for its bispecific T-cell Maverick 03/09/21 Acquisition Takeda Upfront: target immunotherapies alongside Maverick’s’ Therapeutics undisclosed T-Cell engager COBRA platform $210 Upfront: ANI Pharmaceuticals has entered into an $163.5 ($89.5 agreement to acquire Novitium Pharma, a niche Novitium 03/15/21 Acquisition ANI Pharma Cash, $74 generic maker, gaining access to their portfolio Pharma Equity) and CDMO business Milestones: $46.5 Eli Lilly and Biolojic Design have entered into a research collaboration and license agreement $121 Licensing/ 03/09/21 that will leverage Biolojic’s AI-based multibody Eli Lilly Biolojic Design Upfront: Collaboration platform to discover and develop antibodies for Undisclosed the treatment of diabetes $320 Grifols has acquired the remaining 56% stake in 03/09/21 Acquisition Grifols SA GigaGen Inc. Upfront: GigaGen, a biotherapeutics company $215

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specialized in early discovery development of Milestones: recombinant antibodies $105 Gilead and Merck have entered into an Financial agreement to co-develop and co-commercialize Terms long-acting HIV treatments that combine Undisclosed; lenacapavir and islatravir, both in Phase 1 into a Licensing/ 03/15/21 Gilead Merck 60/40% two-drug regimen. Gilead will lead Collaboration development commercialization in the US and Merck will lead costs it in the EU for Oral and vice versa for injectable (Gilead/Merck) products Hinge Health has entered into an agreement to acquire Enso, a medical device maker that has Financial developed a noninvasive device in double-blind 03/09/21 Acquisition Hinge Health Endo Terms clinical trials to solve chronic and acute pain, Undisclosed which will be added to Hinge Health’s digital platform that uses wearable sensors

*Shaded= Medical Technology Deals

CONNECT WITH ONE OF OUR INVESTMENT BANKING EXPERTS

Gregory Benning Managing Director, Head of Investment Banking

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