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April 2018
Multi Impact Investments in Healthcare
2 Multi Impact
1 Healthcare and LSP
Confidential
The healthcare challenge
Amazing steps forward in the last 30 years…
Confidential 3
1980ies Today
Confidential
The healthcare challenge
Amazing steps forward in the last 30 years…
Confidential 4
Deaths from cancer per 100,000 persons in OECD countries*1
*1 OECD 2016, Deaths from Cancer
Confidential
The healthcare challenge
Amazing steps forward in the last 30 years…
Confidential 5
Expanding cancer treatments in the 21st century
➢ Surgery➢ Radiotherapy➢ Chemotherapy
➢ First antibodies (1997)
➢ Personalized treatments➢ Biologicals➢ Cancer vaccines➢ Immuno-oncology
➢ Checkpoint inhibitors➢ CAR-T
➢ 2011: no drugs with survival benefit, median life expectancy 8 – 10 months
➢ Today: checkpoint inhibitors, small molecules,.. five year overall survival of more than 34%
Confidential
The healthcare challenge
Amazing steps forward in the last 30 years…
Confidential 6
Heart attaque survival rate has doubled in past years• Late seventies: 33% survives• Today: about 70% survives
Contributing to the improvement:• Increased use of instruments that
open the patients narrowed or blocked coronary arteries
• Treatments with streptokinase, aspirin, beta blockers and statins
Confidential
…but still a lot of unmet medical needs and a high demand for innovation…
Confidential
Every year more than 12 million people die from cardiovasculor diseases
7
Every year more than 10 million people die from cancer
More than 350 million people have diabetes
More than 40 million people suffer from Alzheimer’s disease
The healthcare challenge
Confidential
The healthcare challenge
8
LARGE COMPANIESSMEs
Confidential
…innovation is thriving …
Confidential
The healthcare challenge
Innovation is thriving in big and small enterprises
Confidential 9
The innovation ecosystem in the 21st century
57% 57% 57%
29% 31%49% 47% 42%
0%
20%
40%
60%
80%
100%
2010 2011 2012 2013 2014 2015 2016 2017
In-House R&D Licensed Acquired through M&A
New drugs from In house R&D versus external R&D1
(1) HBM Report: Trends in US New Drug Approvals (31/12/2017)
Confidential
The healthcare challenge
Innovation is thriving in big and small enterprises
Confidential 10
The innovation ecosystem in the 21st century
Confidential
The healthcare challenge
11
LARGE COMPANIESSMEs
Confidential
…innovation is thriving in young SMEs…
• Higly innovative, very flexible, low cost• Need for cash, no/limited sales
• Less innovative, not flexible, high cost• Access to cash, large sales teams
Confidential
Leadership in health care investing LSP is one of the most experienced, one of the largest, and one of the most
successful European health care investment firms
12 Confidential
STRONG SECTOR FOCUS
100% life sciences
LONG AND DEEP EXPERIENCE
More than 25 year in existence
LARGE IN SIZE AND COVERAGE
Offices in Amsterdam, Munich and Boston
SUPERIOR PERFORMANCE
Realized 26 trade sales and IPOs over the last 5 year
Confidential
Leadership in health care investing LSP is one of the most experienced, one of the largest, and one of the most
successful European health care investment firms
13 Confidential
Confidential14
An unprecedented 24 exits in the recent years
IPONASDAQ
IPOEuronext
Sold to Edwards Life Sciences
Sold to Syngenta
Sold to Post Foods
Sold to GSK
Sold to Leica
Sold to Vectura
Sold toAgilent
OCTOBER 2012 TODAY
IPO NASDAQ
Sold toBioMarin
IPONASDAQ
IPOEuronext
Sold to Agenus NASDAQ
Sold to Dr. Reddy‘s
IPONASDAQ
Sold to Ipsen IPOEuronext
IPOEuronext
Sold toIntrexon
Sold to Medtronic
Merged withCytos (listed)
IPONASDAQ
Sold toJ&J
Our deal flow is generated through three primary
sources
15
ACADEMIA REPEAT ENTREPENEURS
AND REPEAT BOARD
MEMBERS
`
INDUSTRY
NETWORKS
EXPERTS VC NETWORK
INSURERS
PHARMA EXECS
CLINICAL
REGULATORS
Focused investment criteria
16
Investment criteria
Highly innovative
products
Strong scientific
and clinical
rationale
Breakthrough
potential
Sustainable
competitive
advantages (IP &
technology)
Strong
management teams
Clear milestones
achievable within
1-4 years post first
investment
Validating
partnerships in
place or
achievable
M&A take out
potential
Our focus
Scope
Drugs Medtech Other
60% 25% 15%
Stage (at initial investment)
Early Development Pre-exit
40% 30% 30%
Geography
Europe Other
85% 15%
