2. A unique blend of management consulting and financial advisory services
Management Consulting Financial Advisory Services
Corporate development Mergers and acquisitions
Product strategy/portfolio management In- and out-licensing
Commercialization strategy Pipeline and company valuation
Implementation support Private placement
quot;We combine strategic thinking with extensive real world experience to provide operational solutions which will
help you to achieve your business goalsquot;
Bionest Partners Leadership Team
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3. Bionest is exclusively dedicated to life sciences
Life sciences only Over 250 clients
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M
Global reach A
Europe (Paris) and USA (New York)
35 experienced consultants
Combining healthcare, strategy and
banking backgrounds
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T
E
C
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Extensive network
Industry experts & executives
Regulatory experts & healthcare officials I
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Key Opinion Leaders V
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4. Capabilities and track record built around six areas of expertise
Rx/Generics/Biosimilars/OTC
Vaccines
Diagnostics
Medical Devices
Healthcare Services
Animal Health
4
5. Bionest bridges the gap between strategy and finance
Management Consulting Financial Advisory Services
Product Strategy P7
Competitive positioning
Clinical development strategy M&A/Licensing P 17
Market assessment & sales
forecast
Acquisition advisory
Product strategic plans
Divestment advisory
Portfolio management Corporate Development P 14
Target identification
Assistance in negotiations
Commercialization Strategy P 10
P10 Strategic scenarios review
Opportunity assessment
Market Access Resource allocation
“Go-it-Alone” versus partnering Spin off/carve out support
strategy evaluation Strategic due diligence Valuation/Placement P 19
Blueprint for organizational
structure
Value drivers identification
Implementation Support P 12 Business plan
Financial analysis
Roll-out plans / Key Performance Fund raising
Indicators (KPI)
Commercial organization
effectiveness
Initiation of operations
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7. Management Consulting Case Studies
Management Consulting Financial Advisory Services
Product Strategy
Strategy
Competitive positioning
Clinical development strategy M&A/Licensing
Market assessment & sales
forecast
Acquisition advisory
Product strategic plans
Divestment advisory
Portfolio management Corporate Development Target identification
Assistance in negotiations
Commercialization Strategy Strategic scenarios review
Opportunity assessment
Market Access Resource allocation
“Go-it-Alone ” versus partnering Spin off/carve out support
strategy evaluation Strategic due diligence Valuation/Placement
Blueprint for organizational
structure
Value drivers identification
Implementation Support Business plan
Financial analysis
Roll -out plans / Key Performance Fund raising
Indicators (KPI)
Commercial organization
effectiveness
Initiation of operations
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8. Product Strategy / Portfolio Management (1/2)
Market assessment Assignment overview Bionest impact
June 2007
Savient is a US specialty biopharma We helped Savient to
Bionest provided all inputs required to build a preliminary model size up the value of the
of a stand alone European commercialization strategy for Phase
European market
Developed an IV product
for gout treatment a III Puricase®
opportunity and position
market without innovation Puricase ®
for 40 years Key work streams included the gout market, competitive
landscape, physicians’ feedback, sales forecasts…
Attitude Awareness
and Use study Bionest accompanied Savient on the investor road show
Sales forecast model
Market assessment Assignment overview Bionest impact
August 2006
Javelin is a US company that applies innovative proprietary
technologies to develop new drugs and improve formulations Bionest carried out a detailed
of existing drugs pricing study which confirmed
Developed an innovative Bionest evaluated the best target price for the product to that the new IV diclofenac
IV diclofenac for a post
operative pain product enable ideal positioning in Europe by analyzing: formulation could command a
Attitude Awareness and Payors’ value drivers much higher price against
Use Study generic competition
Pricing&Reimbursement Optimal and effective price in the G5
study Market size and market share
Pan-European pricing strategy
Other clients
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9. Product Strategy / Portfolio Management (2/2)
Product strategic plans Assignment overview Bionest impact
8 Product strategic plans for
Fully documented situation assessments
2007 - 2008 Resulting key event grids, product SWOT analyses and
formulation of key challenges We enabled Bayer Schering
Product strategy encompassing scenario planning, Pharma to develop the best
Oncology franchise contingency plan, product ambition, One Page Strategy, global strategy for its
strategic plan product positioning, targeting strategy & investment oncology franchise over the
- 10 cancer indications next 5 years
priorities
- 8 products
Product action plans including “quick wins” and
Strategy, operations
and organization resulting P&Ls
Resource allocation exercise
Development of Oncology franchise strategy, including
organizational effectiveness
Clinical development
Assignment overview Bionest impact
strategy
July 2008 Large US pharmaceutical with significant pipeline but lack of
experience in oncology
US big pharma For each compound, Bionest: Bionest helped to maximize
Developed full scenario-based forecasts taking into value creation through an
account market dynamics, trials data and competitive accurate ranking
Clinical and commercial landscape of portfolio products
strategy assessment Recommended optimal commercialization strategies
for targeted patient segmentation, unmet needs, most
favorable NPV and strategic fit within the organization
Other clients
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10. Management Consulting Case Studies
Management Consulting Financial Advisory Services
Product Strategy
Competitive positioning
Clinical development strategy M&A/Licensing
Market assessment & sales
forecast
Acquisition advisory
Product strategic plans
Divestment advisory
Portfolio management Corporate Development Target identification
Assistance in negotiations
Commercialization Strategy Strategic scenarios review
Opportunity assessment
Market Access Resource allocation
“Go-it-Alone” versus partnering Spin off/carve out support
strategy evaluation Strategic due diligence Valuation/Placement
Blueprint for organizational
structure
Value drivers identification
Implementation Support Business plan
Financial analysis
Roll-out plans / Key Performance Fund raising
Indicators (KPI)
Commercial organization
effectiveness
Initiation of operations
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11. Commercialization Strategy
Go-it-alone strategy Assignment overview Bionest impact
March 2007
Targanta, acquired by The Medicine Company in January 2009, is
a US biopharmaceutical company
Bionest provided Targanta with:
Bionest constructed
Go it alone strategy Strong data for the board to make a go/no go decision an initial organizational
evaluation for the launch
of oritavancin in Europe
The first model of their European organization structure for the product
Strategic, operational/practical and tactical launch in Europe
recommendations as the basis of a detailed roll-out plan
Testing a go-it-alone
by country
strategy
Operational roadmap Assignment overview Bionest impact
October 2007 The commercial infrastructure of Medimmune, acquired in 2007 by
Astra Zeneca, is limited to the US
Built detailed forecast and prioritization models for 32 ex-US Bionest developed
countries the ex US worldwide launch
Physicians and payors’ perception of the product strategy for the Flumist
Flu vaccine vaccine, for Medimmune and
Key Opinion Leaders interviewed for influenza
Astra Zeneca
Ex-US
Opportunity assessment 14 markets, EU, Asia, Latin America
commercialization Resourcing of ex-US launch through workshop sessions with
strategy affiliates of Europe, Asia and Latin America
Other clients
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12. Management Consulting Case Studies
Management Consulting Financial Advisory Services
Product Strategy
Competitive positioning
Clinical development strategy M&A/Licensing
Market assessment & sales
forecast
Acquisition advisory
Product strategic plans
Divestment advisory
Portfolio management Corporate Development Target identification
Assistance in negotiations
Commercialization Strategy Strategic scenarios review
Opportunity assessment
Market Access Resource allocation
“Go-it-Alone” versus partnering Spin off/carve out support
strategy evaluation Strategic due diligence Valuation/Placement
Blueprint for organizational
structure
Value drivers identification
Implementation Support Business plan
Financial analysis
Roll-out plans / Key Performance Fund raising
Indicators (KPI)
Commercial organization
effectiveness
Initiation of operations
12
13. Implementation Support
Commercial organization
Assignment overview Bionest impact
effectiveness
October 2007 Idenix needed to build a European co-promotion infrastructure
from scratch for their HBV phase III product
We provided Idenix with a
Bionest assessed key strategic issues for commercializing a
turn-key solution to be
Hepatitis B product in Europe
ready in time for EMEA
HBV treatment Assessed future EU HQ location and designed required filing and launch
infrastructure, quantified associated investments
Ex-US Developed a detailed implementation road map and supported
commercialization company setup (e.g. identified subcontractors)
strategy
Commercial organization
Assignment overview Bionest impact
effectiveness
2007
Involved in a co promotion agreement with the big pharma
Lundbeck, German biotech Paion gave these key assignments to
Bionest helped Paion
Bionest:
to open discussions
with Lundbeck’s team and
Desmoteplase’s quot;idealquot; and quot;realisticquot; sales force sizing
capture Lundbeck’s vision on
Identification of co-promotion organizational models
Desmoteplase com-
Preparation and facilitation of a joint workshop meeting to mercialization
Desmoteplase
address Desmoteplase’s sales force organization
co-promotion strategy
for EU G5
Other clients
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14. Corporate Development Case Studies
Management Consulting Financial Advisory Services
Product Strategy
Competitive positioning
Clinical development strategy M&A/Licensing
Market assessment & sales
forecast
Acquisition advisory
Product strategic plans
Divestment advisory
Portfolio management Corporate Development Target identification
Assistance in negotiations
Commercialization Strategy Strategic scenarios review
Opportunity assessment
Market Access Resource allocation
“Go-it-Alone” versus partnering Spin off/carve out support
strategy evaluation Strategic due diligence Valuation/Placement
Blueprint for organizational
structure
Value drivers identification
Implementation Support Business plan
Financial analysis
Roll-out plans / Key Performance Fund raising
Indicators (KPI)
Commercial organization
effectiveness
Initiation of operations
14
15. Corporate Development
Opportunity assessment Assignment overview Bionest impact
April 2008
In November 2007, Nycomed announced its intention to divest a
portfolio of oncology products, encompassing three HDAC
inhibitors (Phase I and PC) and several other early compounds In 3 weeks, Bionest was able
Oncology
The Germany-based 4SC company solicited Bionest to conduct to provide 4SC with a BUY
an in-depth assessment of each drug candidate as well as the recommendation for
valuation of the portfolio Nycomed’s preclinical oncology
Nycomed’
Bionest Partners provided a “buy” recommendation and 4SC portfolio
Assessment of submitted a successful bid including a total consideration of
product franchise €14m in cash
Global strategic review Assignment overview Bionest impact
December 2008 Exonhit is a French-American biotech company that develops
applications of its proprietary gene profiling technology in the
diagnostic/ therapeutic areas
A new CEO was appointed in July 2008, whose mission was to lay
Rx / Dx
out the vision and the business model of the Company for the Bionest developed a crystal
next 5 to 10 years clear road map to share with
ExonHit asked Bionest Partners to help the Company analyze its the management, the board
potential future from the science & technology, commercial and and the shareholders
Global strategic
financial angles
review
ExonHit also wanted to assess the impact of new business
models on financial market valuation.
Other clients
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16. Corporate Development
Strategic due diligence Assignment overview Bionest impact
Bionest acted as commercial due diligence provider for the
2008 Apax/Bain Capital consortium Bionest was able to act
Bionest answered clients’ needs through desk research, swiftly for this major
interviews with clients, competitors, industry associations and transaction, not only
government representatives on an international basis assessing the business plan
Bid for
For a 2-month period, key work streams included: but educating the PE team
Determine the attractiveness of each generics/branded
about the generic market
market
place
Commercial due
diligence Evaluate the competitive position of Merck by country
Assess the defensibility of Merck’s position in each market
Strategic due diligence Assignment overview Bionest impact
2008 Working closely with 3i, Bionest combined extensive secondary
and primary research to provide the most current view of the
European animal health industry dynamics and develop a rigorous Bionest contributed
Commercial due diligence set of combinations with Phibro’s business from a build-up significantly to the
perspective understanding of the
for
To meet these objectives, Bionest followed a two-step approach: European medicated feed
Global review of AH segments attractiveness in Europe, additives market and its
especially nutritional feed additives evolution over time
Assessment of business and industrial options for Phibro
in view of European expansion
Other clients
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17. Financial Advisory Case Studies
Management Consulting Financial Advisory Services
Product Strategy
Competitive positioning
Clinical development strategy M&A/Licensing
Market assessment & sales
forecast
Acquisition advisory
Product strategic plans
Divestment advisory
Portfolio management Corporate Development Target identification
Assistance in negotiations
Commercialization Strategy Strategic scenarios review
Opportunity assessment
Market Access Resource allocation
“Go-it-Alone” versus partnering Spin off/carve out support
strategy evaluation Strategic due diligence Valuation/Placement
Blueprint for organizational
structure
Value drivers identification
Implementation Support Business plan
Financial analysis
Roll-out plans / Key Performance Fund raising
Indicators (KPI)
Commercial organization
effectiveness
Initiation of operations
17
18. Mergers & Acquisitions / Licensing
M&A Assignment overview Bionest impact
August 2007
The French health authorities decided to stop reimbursing
venotonic agents as of 1 January 2008
French pharmaceutical company Ipsen did not wish to enter the Bionest was able to rapidly
OTC market and decided to divest Ginkor Fort to a company secure a transforming deal
Sold Ginkor Fort to
offering a better fit with an “out-of-the-box”
out- of- the- box”
On 23 August 2007, Ipsen announced the out-licensing of Ginkor buyer
Fort French distribution rights to Groupe GTF, a specialist in the
management of mature products via its subsidiary Tonipharm
Exclusive Advisor
Licensing Assignment overview Bionest impact
February 2008 EUSA Pharma is a transatlantic specialty pharmaceutical company
focused on in-licensing, developing and marketing late-stage
oncology, pain control and critical care products
As part of the company’s 2007 acquisition of France-based OPi, Bionest supported EUSA
EUSA Pharma acquired OP-R003, the first fully human anti- Pharma in the out-licensing of
out-
Out-licensed
OP-R003 Full Rights to interleukin-6 (IL-6) antibody developed for oncology and a preclinical anti IL-6 to GSK
IL-
inflammatory diseases, at a preclinical stage of development for $44million
In February 2008, EUSA Pharma announced the global and
exclusive out-licensing of OP-R003 to GSK for a consideration of up
Sole Advisor to $44m (upfront fee, development milestones plus royalties on
future sales)
Other clients
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19. Financial Advisory Case Studies
Management Consulting Financial Advisory Services
Product Strategy
Competitive positioning
Clinical development strategy M&A/Licensing
Market assessment & sales
forecast
Acquisition advisory
Product strategic plans
Divestment advisory
Portfolio management Corporate Development Target identification
Assistance in negotiations
Commercialization Strategy Strategic scenarios review
Opportunity assessment
Market Access Resource allocation
“Go-it-Alone” versus partnering Spin off/carve out support
strategy evaluation Strategic due diligence Valuation/Placement
Blueprint for organizational
structure
Value drivers identification
Implementation Support Business plan
Financial analysis
Roll-out plans / Key Performance Fund raising
Indicators (KPI)
Commercial organization
effectiveness
Initiation of operations
19
20. Valuation / Placement
Valuation Assignment overview Bionest impact
December 2007
Mutabilis is a France-based biopharmaceutical company
specialized in the anti-infectious field
In two weeks, Bionest
In view of a forthcoming fundraising round, Mutabilis mandated
implemented standard as
Bionest to conduct an independent valuation of the company
well as creative and easy-
easy-
As decided together with management, Bionest approached the
Independent to-read results to perform
to-
corporate valuation valuation of Mutabilis solely based on a benchmark approach (no
the company valuation
DCF analysis was performed on the Mutabilis products and
technology platforms)
Exclusive Advisor By using five benchmark-based valuation methods, Bionest was
able to derive a realistic valuation range
Placement Assignment overview Bionest impact
December 2006
Genfit is a French biopharmaceutical company focused on the
treatment of cardiometabolic disease
Oddo Corporate Finance and Bionest Partners acted as co- Bionest actively contributed
advisors to Genfit to the closing of a €15m
Raised €15m Prior to the IPO, the company successfully completed a private
Listed on Alternext
placement by delivering a
placement of €15 million amongst several qualified investors as simple yet attractive
well as historical shareholders equity story
Bionest produced an in-depth analyst report, positioning Genfit
Co-Advisors
as a highly differentiated player in the biotechnology field
Other clients
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24. Management team - Partners
Claude Allary – Managing Partner , MBA, CEFA
Before co-founding Bionest in 2003, Claude was a ISO HealthCare Consulting VP in Paris (1998-2002), responsible for developing the European
healthcare and biotechnology consulting services and Senior consultant specialized in Healthcare for Arthur D. Little (1991-1998)
He led over 200 projects in R&D, Marketing and Sales, Medical Affairs, and Business Development, in Europe and North America, for Big Pharma and
growing biopharmaceutical firms.
Prior to consulting, Claude held a number of Corporate and Operational Finance / Marketing positions for 14 years with Glaxo PLC International,
Rhône-Poulenc Santé International and Parke-Davis France.
Claude graduated from ESSEC and is a member of SFAF (Société Française des Analystes Financiers)
Frédéric Desdouits – Managing Partner, PhD, MSc., CEFA
Before joining Bionest as a Managing Partner, Frédéric was head of Pharma Equity Research and a partner at Exane BNP Paribas, Paris
Previously head of a research team at GlaxoWellcome (Les Ulis, France) - research and preclinical development in cardiovascular diseases; Scientific
Consultant for Hoechst (Sommerville, USA) Advisor for the R&D team in neurodegenerative disorders (i.e. Alzheimer’s)
Guest Investigator at Rockefeller University (New York, USA) conducting research on biochemical and cellular aspects of Alzheimer’s disease in Paul
Greengard’s laboratory (Nobel Prize for Medicine, 2000)
Alain J. Gilbert – Managing Partner
Co-founder of Bionest in 2003
Previously European Founding President of Biogen Inc, (BGEN) where he was responsible for the launch of Avonex®
Held several positions at senior management level such as European founder of IDEXX Labs Inc, President of Medtronic Europe
Started his career in sales and marketing at Abbott’s Diagnostic Division and remained there for 17 years
At Bionest, Alain is mostly involved in Biopharmaceutical, Animal Health, Product Launch, Private Equity and very focused on the USA
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25. Management team - Managers
Lionel Delaporte – Managing Director
Before Bionest, gained 10 years of management experience in strategic and organizational consulting dedicated to the Healthcare Industry
Before entering consultancy, held several key operational positions at IMS Health
Consulting expertise developed around strategic, operational and organizational issues
Catherine Pichereau – Manager, MSc.
Former London-based investment banker with Robertson Stephens and Bank of America Securities
Before joining Bionest in 2004, spent over eight years specializing in US and European healthcare (Biotech, Spec Pharma, Pharma, Med Tech)
Mandates mainly covered M&A (both buy-sides and sell-sides) and Private Placements
Thomas Martinelli – Manager
Over 5 years of Consulting experience at Bionest Partners where he has been involved and/or managed over 50 projects
Worked on a large range of projects: Strategic positioning, business planning, strategic due diligences
Gained experience at Genopole (Evry, France), French Trade Commission (Toronto, Canada)
Obtained a Master’s in Life Sciences and Management from ISTM (Paris)
25
26. 19, rue du Général Foy
75008 Paris
France
Tel: +33 1 58 05 14 00
Fax: +33 1 58 05 14 09
Tower 49, 12th floor
12 East 49th Street
New York, NY 10017
USA
Tel: +1 646 386 2900
Fax: +1 212 832 3227
info@bionest.com
www.bionest.com
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