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(1)

GlycArt Biotechnology AG

From Inception to trade sale – and what happened after...

Dr. Joël Jean-Mairet

(2)

Brussels, March 31, 2011 2

From the Idea to Spin-off from the Swiss Federal Institute of

Technology

 At the midst his PhD thesis Pablo Umaña generates hypothesis/idea (lab of late Professor James E. Bailey)

 Idea is the starting basis of PhD thesis of Joël Jean-Mairet under supervision of Pablo Umaña

 Strong know-how in metabolic engineering, recombinant protein expression in mamalian cells

 Positive first in vitro results with an anti-CE7 antibody for neuroblastoma

 US provisional patent application submitted April 1998.

 Publication in Nature Biotechnology February 1999

 PCT patent application submitted

 Further validation of technology with recombinant chimeric anti-CD20 Mab

 Start Business plan competition (ETH and McKinsey & Co)

 Assignment of coach within BP competition: Dr. Georges Haas (retired former global head of preclinical research at Ciba Geigy)

 June ranked among the top 10 business plans nationwide

 September founding of GLYCART Biotechnology

 Start of operations of GLYCART Biotechnology (3 people) with CHF 3 mio start capital

1996

1998

1999

2000

(3)

Brussels, March 31, 2011 3

Company evolution – Snap shot

 Operational start (Spin-off; Swiss Federal Institute of Technology, Zurich)

 Seed financing round: CHF 3 million

 First research collaboration with a biotech company developing MAb

 Bridge financing round: CHF 2 million

 Closed CHF 18 million series A round

(GLSV, Gilde, Novartis, DVC, ABN AMRO, Quester, BioMedinvest)

 Initiated collaboration to validate GlycoMAb in the clinic

 First patent issued

 Started three preclinical research programs

 First partnership with Roche Pharma

 Production of clinical grade material for pilot investigator led-trial comparing marketed antibody against the GlycoMAb-based next-generation molecule

 Initiated clinical trial: first patient receives next-generation molecule

 Completion of the investigator led study: technology proof of concept in man

 Roche Group acquired GLYCART for total up-front consideration of CHF 234 million (July 2005)

 25 FTEs

2001

2002

2003

2004

2005

(4)

Brussels, March 31, 2011 4 Target Identifi-cation Target Vali-dation Hit Identifi-cation Lead Identifi-cation Lead Optimi-zation BLA MARKET

Transforming excellent antibody binders into potential drugs

PI PII PIII

Technology is optimally placed in the value chain

(5)

Brussels, March 31, 2011 5

Corporate strategy

Integrated

antibody

development

company from

target to early

clinical trials

Focus on

clinically validated targets

Start with

best possible and clearly differentiated molecule

from day

one

Non-core tasks outsourced

Technology validation by selective partnering & PoC

Carefully limit the availability of the technology keeping all in process IP

and key materials in-house

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Brussels, March 31, 2011 6

Early stage product pipeline (2005)

Lead

generation Optimization Preclinic I/II IIb III

Development Phase GA201 Humanized antibody GA501 GA401 GA301 Humanized antibody GA101 Humanized antibody 2006 2006 2006 2006 2006

A pipeline

targeting

clinically

validated

antigens

Two proprietary

antibodies to

enter the clinic in

(7)

Brussels, March 31, 2011 7

Unique technology to enhance potency of MAbs

Proprietary pipeline with two lead compounds

Potential of reducing clinical trial attrition rate by starting with best possible MAbs

Potential impact in life-cycle management

Credible Management and Board with track record of creating value

(8)

Brussels, March 31, 2011 8

Original financing plan

2001

2002

2003

2004

2005

2006

2007

2008

CHF 3 mio

CHF 2 mio

CHF 18 mio

CHF 45 mio

Seed round

Bridge

Series A

„Series B“

Unsolicited offer

Preliminary discussions

(9)

Brussels, March 31, 2011 9 Price

Fit / future stage Timing

Confidentiality Secure current offer Stakeholders

 Obtain the highest possible share price

 Partner that understands the business and able to give the additional scale  45 days to new offers, 90 days to completion

 No leakage into public domain of intended transaction

 Maintain the interest of current party and achieve highest price with lowest earn out  Take into account stakeholder objectives (e.g. All employees)

Consideration Objective

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Brussels, March 31, 2011 10

The full process was completed in less than three months

Full info pack with procedure letter Providing information CDA Preliminary due diligences Finalise SPA Signing/ closing Non binding offers Confirmatory due diligences Select PIPs Teasers (blinded)

Number of parties in the process incl. front runner

1 8 5 4 2 22/04/05 05/05 06/05 07/05 18/07/05 1 16 Selection M&A advisor ---

Negotiations---Tension

Timing

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Brussels, March 31, 2011 11

4.5 years later….

As of January 1, 2010 GlycArt Biotechnology AG is named

Roche Glycart AG

Roche Glycart workforce has increased approx 3 fold

GlycArt preclinical research pipeline has led to 3 clinical programs (2 in preparation for

entering phase III clinical trials)

Worst financial crisis since 1929

Investment bank and some GlycArt venture investors do not exist anymore

Steady MAb licensing/collaborative deal flow from 2000-2005 followed by large

consolidations

Market forecasts back in 2004 completely underestimated the market potential of Mabs

(USD 33bn vs USD 16.7bn projected for 2008)

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Brussels, March 31, 2011 12

Technology transfer/ IP protection

IP issues are critical for survival and growth of the company

Professor’s Support

(established network, economic support, laboratory space)

Negotiations with University

“What is missing?”

(13)

Brussels, March 31, 2011 13

Venture 2000: Coaching & outcome

Coach (Dr. Georges Haas: former Global

Head of R&D Preclinical development at Ciba Geigy)

First step in network creation

Wording, structure, source of specialized information

Business plan gave solid view of the short term future

Credibility

(14)

Brussels, March 31, 2011 14

Pitfalls & leasons learned

Cultural difference between academia an industry

Value creation should be a major driving force

Use of foundations and government funds

Talk to the fiscal authorities

Look for cost-efficient buzz

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Brussels, March 31, 2011 15

Key issues for corporate development

Access to experienced and skilled personnel

Access to suitable funding

Access to specialized information

(patent monitoring, market analysis, industry trends, …)

Access to laboratory space

1-15 FTEs

25 - 400m

2

Academia

15-40 FTEs 400 - 1200m

2

Specialized Science Parks

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Brussels, March 31, 2011 16

Key issues for corporate development

Maintain innovative force

Strategic partnerships

Take advantage of simple corporate structure

Solid communication

(17)

Brussels, March 31, 2011 17

“Caminante no hay camino,

se hace camino al andar”

References

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