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Safe Harbor
2
This presentation contains forward looking statements. These statements are subject to risks and uncertainties which
may cause our plans to change or results to vary. In particular, unforeseen events outside of our control may adversely
impact future results. Additional information concerning these factors is discussed in our reports filed with the Securities
and Exchange Commission including recent Form 8-Ks, our most recent Annual Report on Form 10K and our most recent
Quarterly report on Form 10Q. The forward looking statements in this presentation reflect management’s current views
and may become obsolete as a result of new information, future events or otherwise. We may not update such forward
looking statements, except as required by law. The industry and market data contained in this presentation are based on
management’s own estimates, independent publications, government publications, reports by market research firms or
other published independent sources, and, in each case, are believed by management to be reasonable estimates.
Although we believe these sources are reliable, we have not independently verified the information.
Building a Best-in-Class Bioprocessing Company
• Repligen is a leading provider of innovative products that
increase efficiency in the manufacture of biologic drugs
• Strong organic growth supplemented by timely strategic
acquisitions has substantially increased our bioprocessing
revenues
• News! Refine Technology acquisition (June 3) provides:
• Profitable, complementary product line
• 15% increase in revenues
• Significant customer overlap and direct sales synergy
3
Refine Technology Profile
• Refine manufactures and sells the ATF System, a filtration
device that significantly increases biologic product yields in
fermentation by continuously removing waste materials,
enabling cells to grow to high density
• Technology and market leader for this application
• Used in several FDA-approved manufacturing processes
• ATF products are sold to leading biopharmaceutical
manufacturers worldwide through distributors and direct
sales to several key customers
• Profitable private company with gross margins >50%
• Revenue forecast for 2015 = $8-$9M
4
Refine Acquisition: Financial Terms
• Definitive agreement to acquire the business of Refine
Technology for $20.5 million cash and 215,285 shares of
Repligen stock; total upfront = $24.5 million
• Deal includes future contingent payments of up to $8.75
million based on defined revenue targets
• Integration expected to be completed by Q1 2015
5
Refine Acquisition: Next Steps
• Multiple opportunities to drive growth:
• Development of applications data to support product adoption
• Integration with Repligen’s quality system
• Development of a single-use, consumable ATF product for
use in facilities designed around disposables
• Increased direct sales to overlapping customer base
• Tony Hunt, COO
• Former President, Bioproduction at Life Technologies
• Leading commercial expansion - to be completed Q4 2014
6
• Biologics market growing at 8%-10% per year
• 7 of the 10 best-selling drugs of 2013 were biologics; 6 were
monoclonal antibodies (mAbs)*
• More than 40% of pharmaceutical pipeline products are biologics
• “Sticky products” with barriers to entry
• Risk and costs of changing established biomanufacturing
processes
• Highly concentrated market enables direct sales to end
users with focused field force
• Future growth not dependent on the success or failure of
any single drug candidate
Bioproduction: An attractive market
7
1) http://www.fiercepharma.com/special-reports/lantus-best-selling-drugs-2013; http://www.genengnews.com/insight-
and-intelligence/the-top-25-best-selling-drugs-of-2013/77900053/?page=2
6.5 7.9 9.3 10.7
6.5 8.2
8.2 8.9
7.3
7.8 8.4
8.7 6.1
6.5 7.5
7.8 6.2
6.0
6.5 7.0
5.2
5.7
6.2
6.8
1.8
1.9
1.8
1.9
1.0
1.0
1.0
1.9
0.8
1.9
1.2
1.5
1.9
1.9
4.7
7.7
10.8
14.9
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
$50.0
$55.0
$60.0
$65.0
$70.0
$75.0
2010 2011 2012 2013
Other mAbs
Tysabri
Eylea
Synagis
Erbitux
Herceptin
Avastin
Rituxan
Enbrel
Remicade
Humira
Global Monoclonal Antibody (mAb) Market
$47
$54
$62
8
Re
ve
nu
e, $
Bill
ion
s
$72
9
mAb-Based Therapies
Lead Biologics Development
0
50
100
150
200
250
300
350
400
2008 2009 2010 2011 2012
The number of mAb products in clinical
development continues to rise...
…and mAbs are the leading class of
biologics in development.
SOURCE: PhRMA Biologics Report 2013 SOURCE: Reichert J.M.
Phase 3
Phase 1 & 2
0 100 200 300 400
Other
Antisense
rProteins
Gene Therapy
Cell Therapy
Vaccines
Fusion Proteins
ADCs
mAbs
mAb
platform
Follow monoclonal antibody news @mAntibodyNews
Protein A
• Protein A is essential for purification of monoclonal antibodies
• Used in the production of nearly all mAb therapeutics on the market
(~40) or in development (>350)
• Market Leader
• Leading manufacturer of Protein A affinity ligands since 1985
• Currently produce 7 forms of Protein A
• Over 15 years of technical expertise; partner of choice
11
• Sales Channel
• Long-term supply agreements with major life
sciences companies create barriers to entry
• Partners carry expense of sales
Growth Factors
• Growth factors increase cell growth and productivity during
fermentation resulting in higher yields of desired product
• Current market leader is insulin
• Industrial cell culture market opportunity of $50-$75M
• Lead product is LONG® R3 IGF-1
• 100x more biologically potent than insulin
• Used in several commercial processes
• Forecast sustained growth as clinical stage products are approved
• Sales channel
• Long-term distribution agreement with Sigma-Aldrich
• Co-promote to end users
12
• Trend to ready-to-use, disposable components for small
scale manufacturing of biologics
• OPUS® is the ready-to-use technology leader for clinical
mfg.
• Most scalable column sizing and broadest media offering
• Rapid campaign turnaround; speed to clinic
• Current clinical stage market opportunity ~$100M
• Commercial stage market opportunities
• Lower CAPEX, cost of goods
• Niche biologic drugs, high potency biologics
• Rest-of-world manufacturing (in market, in country)
• Direct sales to biopharmaceutical end users
OPUS® Pre-packed Columns
13
Multiple Products to Drive Growth
Protein A Affinity Ligands
Expansion of market for
monoclonal antibodies
Sell through
partners
Pu
rifica
tio
n Chromatography
OPUS®
Market expansion
Line extensions
Sell directly
to end users
Conversion of clinical
candidates
to commercial
Growth Factors LONG® R3 IGF-1 F
erm
enta
tion
Distributor
co-promote
to end users
Critical mass
of products to
support
expanded
commercial
organization
14
Increased promotion
Applications data
Line extensions
ATF Systems Sell directly
to end users*
* Supplemented by distributors in specific geographies
Financial Highlights
($ millions) 2012 2013 2014 (e)**
Product Revenue $41.8 $47.5 $56-$59
Royalty & Other Revenue* $20.4 $20.7 $2
Total Revenue $62.3 $68.2 $58-$61
Product Gross Profit 40.3% 52.7% 51%-53%
Operating Income $11.1 $22.9 $10-$12
Net Income (Loss) $14.2 $16.1 $8-$10
Cash $50 $73.8 $62-$66
Debt $0 $0 $0
* Orencia® royalty expiry 12/31/13
** As of June 3, 2014 acquisition news and conference call
“Bolt-On” Acquisition Profile
Financial Goals for Bioprocessing
2014 (e) GOAL
Product Revenue ($M) $56-$59 +10%-15%
organic growth
Supplement with
acquisitions
Product Gross Margin 51%-53% 55% Capacity utilization,
Yield improvement
R&D % of product revenue
9%-10% 8%-10%
New media,
OPUS line extensions,
ATF single-use
SG&A % of product revenue
26%-28% < 25%
Sales expansion,
G&A decreasing as
a % of revenue
Operating Margin % of product revenue
13%-16% 20%-25%
25% = top quartile (Jefferies life sci universe)
16
2014 expectations as of June 3, 2014 acquisition news and conference call
Repligen Investment Highlights
• Growing market for biologic drugs drives demand
for bioprocessing products
• Protein A is embedded in most monoclonal
antibody manufacturing processes
• Expanding commercial presence to drive 3 high-
growth potential product lines: GFs, OPUS®, ATF
• Improving profit margins and cash flow; solid
financial base
17