Successful Biotech boards RSA Talent Equity®

Introduction

Why? To focus on best practice and to learn more about how to improve the performance of boards and the companies they lead.

Like you, we believe that a board should be more than the sum of its parts. We looked at the experience, backgrounds, terms-of-office etc. of the non-executives from the ten top performers in the UK (UK) and Mainland European Biotech (MEU). We then compared their companies against the ‘benchmark’ BIOG Index (http://goo.gl/9tO3Pm).

Our goal was to tease out some data that Chairs, Nominations Committees and Investors can use in data driven decision support when building, assessing or refreshing their boards.

Some of what we found supports received wisdom, some surprised us – and may surprise you.

Nick Stephens, Executive Chairman. We hope that what follows will be both interesting and, Welcome to this, our latest Talent more importantly, actionable by you so that together we can build better companies, contribute to the Equity® Report. success of our sector and change patients’ lives.

We thought it was time to analyse what ‘makes’ successful biotech boards. We did this by looking forensically at correlations between company performance and board composition. Here we draw out some lessons that can be learned from the different approaches to board constitution and regulation in the UK and the rest of MEU and draw also on comparators from USA.

2 RSA Talent Equity®

Overview

When comparing the trailing total Success factors return (TTR) of biotech companies We posit that there are six key factors influencing success. Each of them can be shaped (at least to over the last three and five year some extent) by the Chair and all can be managed to periods, the UK company ‘bounce give the company its best chance of success. One will need concerted action/lobbying to bring about change back’ has been more impressive than in the UK. They are: MEU companies but they started • Share ownership • 0ver commitment from a much lower base, as is • Succession planning demonstrated in the graph below. • Composition • Gender diversity • Remuneration Trailing total return (TTR) as of December 2015 Share ownership The UK Corporate Code recommends against share- 70% based remuneration for non-executive board members. Many NEDs do hold stock though, either as a result 60% of pre-IPO holdings or because they choose to buy shares in the public markets. Our data indicates that 50% companies where NEDs own more stock outperform those where their interests are less aligned. 40% For the top 10 companies in the UK and MEU the 30% data was: UK non-executive directors and Chairs held 20% a combined average stake worth GBP 5.87 million versus GBP 4.05 million by MEU NEDs. These figures 10% are dramatically skewed by large shareholdings in a small number of companies, especially in the UK. 0% We believe that the UK biotech industry should lobby TTR 3-yearTTR 5-year government for a change to the Corporate Code to allow share-based remuneration for NEDs - especially Surveyed EU Companies for pre-commercial operations. Surveyed UK Companies BIOG Over commitment EU 600 Healthcare By ‘over commitment’ we mean boards whose NEDs sit on an unusually large number of boards. In general, over these periods, UK companies have performed less well than their MEU competitors. The The data indicates that up-to four boards/NED delivers top performers for the three-year period were Genfit, better CAGR than more-than four boards/NED. This which generated 152.73% (TTR), and Genmab with will not come as a surprise to anyone who has 52.77% of five-year (TTR). served on public board iin the USA, or to anyone who understands the demands that active participation on a board makes on one’s time.

3 RSA Talent Equity®

Succession planning UK & EU biotech industry It is clear that Chairs need to performance refresh their boards to reflect the progression of the company and Trailing total return (TTR) changes in its strategy/market as of December 2015 place. MEU companies show a greater degree of ‘refreshment’ of 70% the board and this may help drive their superior performance. 60%

It is also worthy of note that companies whose founder 50% remains on the board tend to deliver more value. 40% Age does not correlate with performance – but the age profile of boards gives rise to concern that ‘the 30% next generation’ of board members is not getting the opportunity to learn ‘on the job’. 20%

10% Composition The UK and MEU non-executive boards are similar in 0% composition. UK companies have five directors on TTR 3-yearTTR 5-year average, with a range from two to eight directors. MEU companies have six directors on average, with a range Surveyed EU Companies from two to nine directors. The functional background Surveyed UK Companies for the two groups appears to be homogeneous, with BIOG boards having similar percentages of directors with EU 600 Healthcare specific backgrounds.

It appears that companies who appoint clinical To indicate an individual board performance among the development professionals to their boards early MEU and the UK companies, we benchmarked their in their evolution do better than those who do not three-year and five-year (TTR) stock performance data and that a ‘big pharma’ background is useful as relative to biotech growth trust performance for the companies mature. same period.

Gender diversity During a three-year period, BIOG gained 35.21% and 34.99% for the five-year period. Five of the ten UK Every study conducted has demonstrated that companies surveyed outperformed the fund during the companies with women on their boards are more shorter period. Whereas only one UK company beat successful than all male boards. Only seven of the the five-year benchmark. Eight out of ten MEU stocks fifteen UK companies surveyed have women on their beat the benchmark for the three-year period; versus boards, versus 80% of MEU boards. four for the longer period.

Remuneration The top performers for the three-year period were The short version is ‘you get what you pay for’. Better Genfit, which generated 152.73% (TTR), and Genmab remunerated NEDs produce better companies. with 52.77% of 5-year (TTR).

4 RSA Talent Equity®

MEU top 10 companies

MEU Companies TTR BIOG TTR Success Score Company 3 year 5 year 3 year 5 year 3 year 5 year GENFIT 153% 50% 35% 35% 118% 15% Cosmo Pharmac 118% 59% 82% 24% Genmab 101% 53% 66% 18% DBV Technologies 96% n/a 61% n/a SOBI 55% 29% 20% -6% 54% 26% 19% -9% 54% 46% 19% 11% Basilea Pharmaceutica 41% 16% 6% -19% Morphosys 30% 29% -6% -6% Galapagos 1% 7% -35% -28%

UK top 10 companies

MEU Companies TTR BIOG TTR Success Score Company 3 year 5 year 3 year 5 year 3 year 5 year GW Pharmaceuticals Plc 94% 33% 35% 35% 59% -2% Tiziana Life Sciences Plc 82% -12% 47% -47% Oxford Pharmascience Group 61% 24% 26% -11% Vernalis Plc 43% 13% 8% -22% Oxford BioMedica Plc 39% -7% 4% -42% IP Group Plc 29% 50% -6% 15% BTG Plc 19% 22% -16% -13% Abcam Plc 17% 13% -18% -22% ReNeuron Group Plc 12% -13% -23% -48% Plc 1% -15% -34% -50%

5 RSA Talent Equity®

Ideal Board Profile MEU/UK

We performed statistical analysis Board strength/weakness factors to identify an ideal board member Negative Impact Positive Impact profile for both the UK and the MEU groups. Our results identified board Female Members characteristics that impact positively or negatively on companies’ market performance (TTR) for the periods of Overcommitment three and five years. The goal was to identify trends and not statistical significance. Commercial

Clinical

Other*

Equity Ownership

Size of Board

Service Length

3 Year Period 5 Year Period

* ‘Other’ category indicates board members who have other than commercial, clinical or finance background. For our sample group, the majority of directors in this category are investor representatives.

6 RSA Talent Equity®

Director Demographics

Median length of service of non-executive Median length of service of non-executive directors and Chairs MEU directors and Chairs UK

14 8

12 7 6 10 5 8 4 6 3 4 2

2 1

0 0 B A D EXT CIR AP IPO DBV SOBI ATLN MOR GWP BTG OXB VER SLN OXP HZD TILS GNFT GLPG ALKS BSLN COPN OMG ABC RENE DDD AD

Backgrounds of non-executive Backgrounds of non-executive directors and Chairs MEU directors and Chairs UK

6% 8% 10% Commercial 15% 28% Commercial 39% 21% Finance Finance Discovery 17% Discovery 24% Other 32% Other Clinical Clinical

Board diversity Director diversity has been a hot topic over the past few years, yet it appears that efforts to diversify boards by appointing more female directors are still a work in progress. In UK companies, women currently hold 12 of the 72 seats of the 15 surveyed companies, or 16.6%. Six of the 15 UK boards surveyed employ at least one female director.

MEU companies tend to be more gender-diversified than their UK peers - 14 out of 62 seats in the ten companies surveyed are held by women, or 22.6%. Eight out of the ten MEU boards surveyed employ at least one female director.

None of the 25 companies surveyed have a female Chair.

7 RSA Talent Equity®

Equity ownership

Median value of common stock owned by 18,027 non-execs & Chairs MEU (in ‘000GBP)

8,085

952 507 589 153 42

MOR BSLN ATLN GNFT GEN ALKS DBV

Median value of common stock owned by 34,247 non-execs & Chairs UK (in ‘000GBP)

28,125

5,264

1,558 358 165 176 270 112 118 20 68

RENE OXB BTG ABCA IPO VER GWP CIR TILS EXT DDDD ADAP

8 RSA Talent Equity®

Non-executive directors & Chairs compensation

UK top 15 companies:

Company Market Cap (m) in GBP Avg. Fee in GBP Median Value as Stock Ownership in GBP DDDD 466 35,000 28,125,000 ABCA 1,170 56,333 118,105 ADAP 531 7,474 34,247,257 BTG 1,999 66,500 111,964 CIR 802 67,571 357,581 GWP 1,220 114,135 269,888 IPO 1,320 37,000 165,126 OXB 192 40,333 68,410 TILS 184 15,000 1,558,000 VER 312 61,000 175,900 SLN 124 55,000 N/A HZD 130 29,916 N/A RENE 107 27,200 20,409 OXP 78 15,250 N/A EXT 75 42,000 5,264,464

MEU top 10 companies:

Company Market Cap (m) Avg. Fee in GBP Avg. Stock Total Comp Median Stock in GBP Compensation in GBP Ownership in GBP in GBP ATLN 10,390 79,117 102,360 181,477 506,870 ALKS 7,200 61,105 309,799 370,904 8,085,000 BSLN 740 133,399 N/A 133,399 153,252 COPN 1,420 21,300 83,544 104,844 N/A DBV 1,170 7,100 8,840 15,940 18,026,544 GLPG 1,300 31,138 N/A 31,138 N/A GNFT 720 15,425 N/A 15,425 589,302 GEN 4,060 66,563 83,948 150,512 951,500 MOR 1,050 69,230 N/A 69,230 42,000 SOBI 2,656 45,752 N/A 45,752 N/A

9 RSA Talent Equity®

David Norwood UK & MEU Chairman – 4D Pharma Plc, Oxford Chairs – Profiles Pharmascience Group Plc Background: Finance

Key traits: Founder, biotech David Norwood Malcolm Young 4D Pharma Plc, Oxford E-Therapeutics Plc Education: BA History, Pharmascience Group Plc University of Oxford John Berriman Jonathan Knowles ReNeuron Group Plc Adaptimmune Jean-Pierre Garnier Therapeutics Actelion Murray Hennessy Richard Pops Abcam Plc Alkermes Garry Watts Martin Nicklasson Experience: Current external BTG Plc Basilea Pharmaceutica David has served as a appointments: Francesco Granata Chairman since 2014. He David is currently a Mauro Severino Ajani Circassia is a founder of IP Group. Chairman of Solar Labs, Cosmo Pharmaceuticals Pharmaceuticals Plc Previously, he served as Oxford Pharmascience Pierre-Henri Benhamou a CEO of stockbroker Group, Genomics Geoffrey Guy DBV Technologies Beeson Gregory, and a Plc Oxford Sciences GW Pharmaceuticals Plc founding shareholder of Innovation and hVivo. Raj Parekh Mike Humphrey Evolution Group Plc and Galapagos IP Group Plc of Ora Capital Plc. David Jean-Francois Mouney founded and served Nick Rodgers Genfit as a Director Oxford Oxford Biomedica Plc Nanopore Technologies Mats Petterson Gabriele Cerrone Ltd, Proximagen Ltd, Genmab Tiziana Life Sciences Plc Synairgen Plc, Ilika Gerald Moller Technologies Ltd, Oxford Peter Fellner MorphoSys Catalysts and Plectrum Vernalis Plc Petroleum. He was also Bo Jesper Hansen Stephen Parker an early stage and/ SOBI Silence Therapeutics Plc or advisor to Wolfson Microelectronics Ltd, Ian Gilham Nanoco Technologies Ltd, Horizon Discovery Tissue Regenix Group Group Plc Plc and Arc International (now part of Synopsys).

10 RSA Talent Equity®

Jonathan Knowles Murray Hennessy Chairman – Adaptimmune Therapeutics Chairman – Abcam Plc

Background: Discovery Background: Online commerce Key traits: Academic background, large pharma Key traits: Operational experience experience

Education: PhD in Molecular Education: MBA Harvard Genetics, University of East Business School, BA Williams Anglia College

Experience: Current external Experience: Current external Jonathan has served appointments: Murray has served as a appointments: as Chairman since He is currently Chairman Chairman since 2011. Murray is currently 2013 and as a non- of Immunocore Limited, He served as a CEO of Chairman of TGIF UK, executive director since and a director of Herantis thetrainline.com until non-executive director for 2011. Previously, he Pharma Plc, Caris Life 2014. Earlier, he was a SEDCO Holding Company, was a President of Science Ltd, Lundbeck CEO of Avis Europe Plc and Deputy Chairman of Group Research and a and Lonza Group Ltd. Prior to these, he was the thetrainline.com. Member of the Executive He is also a Trustee of commercial director of Committee at F. Hoffman- Cancer Research UK, a John Lewis Department LaRoche Limited. He also Professor Emeritus at Stores. He also held served as a director at the École Polytechnique a number of senior Inc. and of Fédérale de Lausanne, positions with Pepsico Chugai Pharmaceuticals. and a Distinguished and Yum Brands. Murray Prior, he was a Research Professor in Personalized was a consultant at Bain Director at Glaxo Medicine at the University & Company during his Wellcome Europe and a of Helsinki. early career. Chairman of the Hever Group and the EFPIA Research Directors Group.

11 RSA Talent Equity®

Garry Watts Francesco Granata Chairman – BTG Plc Chairman – Circassia Pharmaceuticals Plc

Background: Finance Background: Commercial

Key traits: Biotech Key traits: Large Pharma experience experience, clinical expertise

Education: CPA since 1986 Education: MD, University of Pavia

Experience: Current external Experience: Current external Garry Watts has served appointments: Francesco has served appointments: as non-executive Garry is Chairman of as a Chairman since He is a board member Chairman since 2012. Spire Healthcare and 2013. He is Executive- of Italfarmaco SpA, BSP Prior to that, he was a of Foxtons Group Plc, in-Residence at Warburg Pharmaceuticals and CEO of SSL International Deputy Chairman of Pincus International LLC. Prismic Pharmaceuticals Plc and had a previous Stagecoach Group Previously, he served Inc. appointment as a CFO. Plc and non-executive as an Executive Vice Previously an executive director of Coca-Cola President at Idec director of Plc Enterprises, Inc. Inc., and before that and of Medeva Plc and he was a Group Vice a non-executive director President at Schering- of Protherics Plc He Plough. He has also was also a member of served as Regional the UK Medicines and President for Northern Healthcare Products Europe, Middle East and Regulatory Agency Africa at Inc., and Supervisory board. Garry as Managing Director of is a former partner at Pharmacia in Italy. KPMG.

12 RSA Talent Equity®

Geoffrey Guy Mike Humphrey Chairman – GW Pharmaceuticals Plc Chairman – IP Group Plc

Background: Clinical Background: Commercial

Key traits: Founder, Key traits: Operational commercial experience, background scientific background Education: Not publicly Education: BSc in disclosed Pharmacology, University of London; MBBS at St. Bartholomew’s Hospital; MRCS Eng. and LRCP London; LMSSA Society of Apothecaries; Diploma of Pharmaceutical Medicine Current external Experience: Current external from the Royal Colleges of appointments: Mike has been a board appointments: Physicians He was appointed as member since 2011 He has served as the Visiting Professor in the and became IP group’s director of SK Capital Experience: School of Science and Chairman in March Partners since 2015. Geoffrey is GW Medicine at the University 2015. Previously, Mike Pharmaceutical’s founder of Buckingham in July was the CEO of Croda and has served as a 2011. International Plc He has Chairman since 1998. been a member of the Earlier, he founded and board of Croda since served as Chairman and 1995. CEO of Ethical Holdings Plc (now Amarin). He also founded Phytopharm Plc in 1989, of which he was Chairman until 1997.

13 RSA Talent Equity®

Nick Rodgers Gabriele Cerrone Chairman – Oxford Biomedica Plc Executive Chairman – Tiziana Life Sciences Plc

Background: Finance Background: Commercial

Key traits: Operational Key traits: Founder, experience operational experience, biotech experience Education: BA in Economics and History, University of Education: MBA, NYU Stern Leeds School of Business

Experience: Current external Experience: Current external Nick Rodgers has been appointments: Gabriele is a founder appointments: a member of the board He is currently a and was appointed as Currently he is the since 2004 and was Chairman of SEHTA the Executive Chairman Executive Chairman and appointed Chairman in Enterprises limited and of Tiziana Life Sciences Co-Founder of Gensignia 2011. Previously, he a Director of Productiv Plc since 2014. Prior Life Sciences and served as CEO of Ipso Limited. to that, he co-founded Chairman and Co-Founder Ventures Plc, and before Trovagene and served as of Rasna Therapeutics. that as a Head of Life its Co-Chairman. Earlier, Sciences and joint-Head he was a co-founder and of Corporate Finance a Chairman of Synergy at Evolution Beeson Pharmaceuticals and Gregory. He worked as a Callisto Pharmaceuticals. Senior Manager at Ernst He was a Director of and Young during his Siga Technologies and early career. co-founder of FermaVir Pharmaceuticals. He also served as a Director of Inhibitex.

14 RSA Talent Equity®

Peter Fellner Stephen Parker Chairman – Vernalis Plc Chairman – Silence Therapeutics Plc

Background: Commercial Background: Finance

Key traits: Operational Key traits: Operational experience, big pharma experience experience Education: PhD in Education: Not publicaly Biochemistry, Oxford disclosed University, MBA City University London

Experience: Current external Experience: Current external Peter has served as a appointments: Stephen has been appointments: Chairman since 2003. He is a Chairman of Chairman of the board He is a Partner at Celtic Previously, he was Consort Medical Plc and since 2015 and a non- Pharma Management Chairman of Celltech a member of the Novo executive director since LP and Celtic Pharma Group Plc and its CEO. A/S Advisory Group. 2013. He is the co- Holdings Advisors. Earlier, he served as a founder of the UK Stem He also serves as CEO of Roche UK. He Cell Foundation. Before Chairman of Cantab was previously Chairman that, he served as CFO Biopharmaceuticals, of Acambis Plc, Premier of Oxford GlycoSciences. and as a Director of sp2 Research Group Plc, He also served in Consulting Limited and Optos Plc, Bioties Corporate Finance Dialog Devices. He is Therapies. He also roles at SBC Warburg a Member of the Royal served as Vice Chairman Dillon Read and Baring Society of Chemistry of Brothers International and a Fellow of the Royal Inc. His previous board Limited. Previously, he Society of Medicine. assignments included was a Partner at Celtic UCB, Evotec AG and Pharma. He was an QinetiQ Group. investment banker with Barings, Warburg and Apax Partners. In his earlier career, he was a strategic consultant with PA Consulting Group. He served as the Chairman at Physiomics Plc and as a Director of Novacta Biosystems.

15 RSA Talent Equity®

Ian Gilham Malcolm Young Chairman – CEO & Chairman – E-Therapeutics Plc Horizon Discovery Group Plc

Background: Commercial Background: Discovery

Key traits: Operational Key traits: Academic experience, big pharma background, founder experience Education: PhD in Education: PhD in Biological Neuroscience, University Sciences, University of Bath; of St. Andrews; BSc in BS Zoology, Bangor University Psychology, University of Bristol

Experience: Current external Experience: Current external Ian has served on the appointments: Malcolm founded appointments: board since 2014. He Ian is currently non- E-Therapeutics Plc and He is currently serving has previously been executive chairman has been its CEO since as a Chairman of Lisles CEO of Axis-Shield Plc of Multiplicom, and of 2003. More recently, Research. and Vice President, Biosurfit. He is also a he took the role of the Pharmacogenetics and Director of Stowheath company’s Chairman. Diagnostics at GSK. In and non-executive Prior to that, he has been his earlier career, he held Chairman and Interim a Director of the Complex various positions within CEO at Epistem Holdings. Systems Group and a . He is on the board of Director of the Institute Vernalis. for Neuroscience.

16 RSA Talent Equity®

John Berriman Jean-Pierre Garnier Chairman – ReNeuron Group Plc Chairman – Actelion

Background: Operational Background: Commercial

Key traits: Operational Key traits: Big pharma experience, biotech experience, operational experience experience

Education: MBA, London Education: PhD in Business School; MA, Pharmacology; MS in Chemical Engineering, Pharmaceutical Louis University of Cambridge Pasteur University of Strasbourg; MBA Stanford University

Experience: Current external Experience: Current external John has been a board appointments: Jean-Pierre joined the appointments: member since 2011 He is the Chairman of board in 2011. Prior Jean-Pierre serves on and was appointed as Autifony Therapeutics, to Actelion, he served the boards of directors a Chairman in 2015. and a non-executive as CEO of Pierre Fabre of United Technologies Previously, he was a director of Cytos. Labs, and as CEO Corporation, Renault, director of Micromet and of GlaxoSmithKline. Radius Health, and a non-executive director Additionally, he served Alzheon. He is also an at Pronota. He was also as President of Schering- operating partner at a director of Abingworth Plough USA business. Advent international. Management. Before that, he was a board member of Celltech Group Plc, where he previously served in various roles. His past board assignments include Heptares Therapeutics and Algeta, where he served as a Chairman.

17 RSA Talent Equity®

Richard Pops Martin Nicklasson CEO & Chairman – Alkermes Chairman – Basilea Pharmaceutica

Background: Commercial Background: Commercial

Key traits: Operational Key traits: Academic experience background, big pharma

Education: BA in Economics, Education: PhD in Stanford University Pharmaceutical Technology, University of Uppsala

Experience: Current external Experience: Current external Richard serves as appointments: He has been serving on appointments: Chairman and the Richard is on the board the board of Directors Martin is a senior company’s CEO since of Directors of Neurocrine since 2013. Prior to partner at Nicklasson 1991. He is a biotech Biosciences, Acceleron Basilea, he served as Life Science. He is survivor. His turn-around Pharma, Epizyme, BIO, the President and CEO currently a Chairman of of a small drug delivery and PhRMA. of Swedish Orphan Farma Holding, Orexo, company was achieved Biovitrum. He also held and Zealand Pharma. He through a number of multiple EVP positions serves on the board of acquisitions (such as at AstraZeneca and was EffRx Pharmaceuticals, Elan Drug Technologies) in charge of commercial Biocrine, PledPharma, and alliances. Prior to operations and drug and Premier Research Alkermes, he served development at Astra and Group. He is an as VP at PaineWebber Kabi Pharmacia during Associate Professor at Development Corporation. his early career. the University of Uppsala.

18 RSA Talent Equity®

Mauro Severino Ajani Pierre-Henri Benhamou Chairman – Cosmo Pharmaceuticals Chairman & CEO – DBV Technologies

Background: Commercial Background: Clinical

Key traits: Founder, Key traits: Clinical expertise, operational experience founder

Education: Not publicaly Education: MD, Faculté de disclosed Médecine de Paris

Experience: Experience: Mauro is a founder of Pierre-Henri co-founded Cosmo Pharmaceuticals. DBV Technologies in He became a board 2002. He has served as Member in 2006 and the company’s CEO since served as CEO of the then and Chairman of company’s CEO till 2014. board of directors since Prior to Cosmo he was 2012. He is a medic with a general manager an expertise in paediatric at Italcenter, and a gastroenterology. marketing manager of Pharmajani.

19 RSA Talent Equity®

Raj Parekh Jean-Francois Mouney Chairman – Galapagos Chairman – Genfit

Background: Investor Background: Commercial

Key traits: Founder, Key traits: Founder, academic background operational expertise

Education: PhD in Education: MA in Economics, Molecular Medicine; MA in University of Lille; BA in Biochemistry, University of Business Administration, Oxford Europe Business School

Experience: Current external Experience: Current external Raj has been a Chairman appointments: Jean-François co-founded appointments: of Galapagos’ board of Raj is a General Partner Genfit in 1999 and has He co-founded IT.Omics in Directors since 2004. at Advent Life Sciences. served on the board of 2000 and serves as its He was a co-founder, He serves as a member Directors since. Prior to President. CSO and CEO of Oxford of the board of directors that, he served as a CEO GlycoSciences, which of Cellnovo, PE, F2G, at Eurasanté. He is also he spun out of Oxford LuxFold, Biocartis and a founder of Naturalpha. University. He has Levicept. In addition, he founded or served on serves as a member of the boards of Celldex the Supervisory board Therapeutics, Avila of the Novartis Venture Therapeutics, and Fund. uniQure.

20 RSA Talent Equity®

Mats Petterson Gerald Moller Chairman – Genmab Chairman – MorphoSys

Background: Commercial Background: Commercial

Key traits: Founder, big Key traits: Big pharma, pharma operational experience

Education: BS, University of Education: PhD, Institute for Gothenburg Physical Chemistry, Kiel

Experience: Current external Experience: Current external Mats has been on the appointments: Gerald has been on the appointments: board of Directors of He is the Chairman of the board of directors of Gerald currently serves Genmab since 2013. board of Moberg Derma MorphoSys since 1999. as a Chairman of 4sigma, Prior to that, he was a and a board member of Prior to that, he was a Ayoxxa Biosystems, founder and the CEO of Photocure. Head of Development and Invendo Medical Biovitrum AB. Previously, and Strategic Marketing Genticel; and as a Deputy he served as Senior Pharmaceuticals at Chairman of Genticel. Vice President and Roche AG. During his He is a member of the was a member of the earlier career, he served board of directors of management group of in multiple senior Adrenomed. Pharmacia Corporation. roles at Boehringer Mannheim, including CEO of the Netherlands and Germany.

21 RSA Talent Equity®

Bo Jesper Hansen Chairman - SOBI

Background: Clinical

Key traits: Operational experience, large pharma experience, clinical expertise

Education: MD Urology, University of Copenhagen

Experience: Current external Bo has been serving as appointments: a Chairman since 2010. Bo is a board member of Prior to that, he served Hyperion Therapeutics, as a CEO of Swedish GenSpera, Newron Orphan International. Pharmaceuticals, He also was a medical Orphazyme, Karolinska advisor to Synthélabo, Development and Ablynx. Pfizer, Pharmacia and Yamanouchi. He is a founder of Scandinavian Medical Research.

22 RSA Talent Equity®

www.thersagroup.com

© RSA. All rights reserved. RSA, RSA Talent Equity and their respective logos are among the trademarks or registered trademarks owned or licensed to RSA Limited. All other marks are the property of their respective owners. Designed by www.jcreative.co.uk