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Reference Document Annual Financial Report A Société Anonyme organized with an Executive Board and a Supervisory Board with a share capital of 1,884,339.70 euros composed by 37,679,934 shares with a par value of 0.05 euros each Head Offices: 117 Avenue de Luminy, F-13009 Marseilles Marseilles Business and Company Registry, No. 424 365 336 REFERENCE DOCUMENT ANNUAL FINANCIAL REPORT This Reference Document has been submitted to the Autorité des Marchés Financiers (the “AMF”) on April 29, 2011, in application of Article 212-13 of the AMF general regulations. It may be used to support a financial operation if it is complemented by a “Note d’opération” approved by the AMF. This document was drawn up by the issuer; the signatories bear responsibility for its content. Copies of this document are available free of charge from Innate Pharma S.A., 117 Avenue de Luminy, F-13009 Marseilles, or from the websites of Innate Pharma (http://www.innate-pharma.com) and the AMF (http://www.amf-france.org.) NOTE In this Reference Document, the term “the Company” refers to Innate Pharma S.A. (“Innate Pharma”) with or without its subsidiaries. This Reference Document contains or includes for reference the annual consolidated audited accounts of the Company and its subsidiaries for the fiscal years ending on December 31, 2008, 2009 and 2010 (the “Consolidated Accounts”). The 2010 Consolidated Accounts are presented in Section 20.1 of this Reference Document. The Statutory Auditors’ report on the 2010 Consolidated Accounts is presented in Section 20.2 of this Reference Document. This Reference Document contains or includes for reference the audited annual accounts of the Company prepared in accordance with generally accepted accounting principles in France (the “Annual Accounts”) for the fiscal years ending on December 31, 2008, 2009 and 2010, as shown in Section 20.3 of this Reference Document. The Statutory Auditors’ report on the Annual Accounts for the fiscal year ended on December 31, 2010 is presented in Section 20.4 of this Reference Document. This Reference Document contains data pertaining to the Company's activity as well as to the market and industry in which it operates. Some of this information comes from external sources that are recognized in the field, but this information has not been independently verified by the Company. A glossary defining some technical terms and a bibliography are given at the end of this Reference Document. 2 INDEX CHAPTER 1. PERSON RESPONSIBLE ............................................................................................................ 7 1.1 NAME AND POSITION OF THE PERSON RESPONSIBLE FOR THIS REFERENCE DOCUMENT ............................................................................................................................................... 7 1.2 DECLARATION BY THE PERSON RESPONSIBLE FOR THIS REFERENCE DOCUMENT ............................................................................................................................................... 7 CHAPTER 2. AUDITORS .................................................................................................................................... 8 2.1 STATUTORY AUDITORS ........................................................................................................................ 8 2.2 ALTERNATE STATUTORY AUDITORS ............................................................................................... 8 CHAPTER 3. SELECTED FINANCIAL AND OPERATING INFORMATION ........................................... 9 CHAPTER 4. RISK FACTORS ......................................................................................................................... 10 4.1 STRATEGIC RISKS ................................................................................................................................. 10 4.2 OTHER OPERATIONAL RISKS ........................................................................................................... 15 4.3 OTHER FINANCIAL RISKS .................................................................................................................. 17 4.4 REGULATORY RISKS ............................................................................................................................ 18 4.5 LEGAL RISKS .......................................................................................................................................... 20 4.6 RISKS RELATED TO HUMAN RESOURCES .................................................................................... 20 4.7 RISKS RELATED TO SECURITY, HYGIENA, TECHNICAL OPERATIONS AND ENVIRONMENT ...................................................................................................................................... 20 4.8 RISKS OF COMMERCIAL FAILURE .................................................................................................. 21 4.9 INSURANCE AND RISK COVERAGE ................................................................................................. 22 CHAPTER 5. INFORMATION ABOUT THE COMPANY ........................................................................... 23 5.1 HISTORY AND DEVELOPMENT OF THE COMPANY ................................................................... 23 5.2 INVESTMENTS ........................................................................................................................................ 24 CHAPTER 6. BUSINESS OVERVIEW ............................................................................................................ 25 6.1 INTRODUCTION ..................................................................................................................................... 25 6.2 STRATEGY AND STRENGTHS ............................................................................................................ 28 6.3 PRESENTATION OF THE COMPANY’S BUSINESS AND ITS INDUSTRIAL CONCEPT ......... 29 6.4 INDUSTRIAL AND SCIENTIFIC CONTEXT ...................................................................................... 33 6.5 THE COMPANY’S THERAPEUTIC APPROACH .............................................................................. 34 6.6 REGULATORY ENVIRONMENT ......................................................................................................... 48 6.7 DEPENDENCY FACTORS ..................................................................................................................... 52 6.8 COMPETITIVE POSITION .................................................................................................................... 52 CHAPTER 7. ORGANIZATIONAL CHART .................................................................................................. 54 CHAPTER 8. REAL ESTATE ........................................................................................................................... 55 CHAPTER 9. MANAGEMENT DISCUSSION AND ANALYSIS OF THE FINANCIAL SITUATION ................................................................................................................................. 56 9.1 COMPARISON OF THE LAST TWO FISCAL YEARS ..................................................................... 56 9.2 EXPOSURE TO VARIATIONS IN THE EXCHANGE RATE ........................................................... 63 9.3 POST BALANCE SHEET EVENTS ....................................................................................................... 63 CHAPTER 10. CASH AND CASH EQUIVALENTS ........................................................................................ 64 10.1 INFORMATION ON THE COMPANY’S CAPITAL, CASH AND CASH EQUIVALENTS AND SOURCES OF FINANCING .......................................................................................................... 64 10.2 CASH FLOWS ........................................................................................................................................... 66 10.3 INFORMATION ON BORROWING TERMS AND FINANCING STRUCTURE ........................... 67 10.4 RESTRICTIONS ON USE OF CAPITAL .............................................................................................. 67 10.5 SOURCES OF FINANCING NEEDED FOR THE FUTURE .............................................................. 67 CHAPTER 11. RESEARCH & DEVELOPMENT, PATENTS AND LICENSES .......................................... 68 11.1 RESEARCH AND DEVELOPMENT ACTIVITIES ............................................................................. 68 11.2 INTELLECTUAL PROPERTY ............................................................................................................... 68 CHAPTER 12. INFORMATION ON TRENDS ................................................................................................. 71 CHAPTER 13. PROFIT FORECASTS OR ESTIMATES ................................................................................ 72 CHAPTER 14. ADMINISTRATION, EXECUTIVE AND SUPERVISORY BOARDS AND GENERAL MANAGEMENT BODIES .................................................................................... 73 3 14.1 COMPOSITION OF THE EXECUTIVE BOARD, SUPERVISORY BOARD AND GENERAL MANAGEMENT BODIES .................................................................................................. 73 14.2 CONFLICTS OF INTEREST IN THE EXECUTIVE BOARD, SUPERVISORY BOARD AND GENERAL MANAGEMENT BODIES ......................................................................................... 79 CHAPTER 15. COMPENSATION AND BENEFITS .......................................................................................
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