HBM Healthcare Investments Ltd - Unique Access to a Global and Diversified Healthcare Portfolio of Private and Public Companies - August 2019

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HBM Healthcare Investments Ltd - Unique Access to a Global and Diversified Healthcare Portfolio of Private and Public Companies - August 2019
HBM Healthcare Investments Ltd

Unique Access to a Global and Diversified Healthcare
Portfolio of Private and Public Companies

August 2019
HBM Healthcare Investments Ltd - Unique Access to a Global and Diversified Healthcare Portfolio of Private and Public Companies - August 2019
HBM Healthcare Investments Ltd

About HBM Healthcare Investments Ltd
Investment Strategy / Investment Process
Healthcare Sector
Portfolio Structure
Investment Positions
Outlook & Concluding Remarks
Appendix: Organisation, Team
HBM Healthcare Investments Ltd - Unique Access to a Global and Diversified Healthcare Portfolio of Private and Public Companies - August 2019
A Leading Investment Company in Healthcare                                                     3

►   A healthcare sector focused investment company holding a global diversified portfolio of
    private and public companies with currently over CHF 1.4bn in net assets
►   Founded in 2001 and listed on SIX Swiss Exchange since 2008
►   Proven track record of exits validated by over 60 trade sales and IPOs since 2001
►   International and stable shareholder base with significant investment from HBM team and
    board members
►   Attractive distribution policy (3-5% p.a.)

    HBM Partners Organisation (Investment Advisor to HBM Healthcare Investments)
                                                                    Investment management
                     Investment advisors (14)
                                                                        & accounting (4)

                     Contractually assured access to more than 70 industry experts worldwide

As of 31 July 2019
Facts & Figures                                                                                                4

Registered Shares (CHF)                            Performance (CHF)

                                                                                                  5Y     10Y
Total assets                       1’572 million   Net return
                                                   (including                                    Return Return
Net assets (NAV)                   1’397 million   distributions)   2019   2018    2017     2016  p.a    p.a.

Market capitalisation              1’358 million   Share price      25.6% 21.8% 40.5% 2.5% 22.0% 20.7%
Share price                        195.20
                                                   NAV              17.3% 9.9% 25.8% -7.2% 15.0% 14.8%
NAV per share                      200.80
                                                   Dividend CHF     7.50   7.00    5.80     5.50
Discount                           2.8%
                                                   Dividend yield   4.4%   4.9%    5.2%     5.5%

Average daily liquidity (1 year)   7’013 shares
                                   ~ 1.4 million
                                                                       5Y Volatility p.a.     1Y Volatility p.a.
Number of issued shares            6.96 million    Share price                    16.8%                 18.5%
Number of shareholders             2’174

Data as of 31 July 2019
Value Creation over 5 Years                                                                                    5

                   CHF Performance                                          USD Performance
  220                                                         400

  200
                                                              350
  180
                                                              300
  160

  140                                                         250

  120
                                                              200
  100

   80                                                         150

   60
                                                              100
   40
                                                              50
   20

    0                                                          0
     Jul-14    Jul-15   Jul-16    Jul-17    Jul-18   Jul-19    Jul-14   Jul-15   Jul-16   Jul-17   Jul-18   Jul-19

               NAV HBM               Share price HBM          MSCI World Health Care Index

Data as of 31 July 2019, indexed (12.7.2001 = 100)
About 40 Trade Sales and IPOs during the past 10 Years                                                                        6

                                                   Trade
                                                                          IPOs
                                                   sales

Anthera (US)

                                                                                                                   Turning Point
Asthmatx (US)
                                                                                                                       (US)

                 ChemoCentryx
 Micrus (US)                                                                                                       Y-mAbs (US)
                     (US)

Sloning (DE)      Vivacta (UK)    Paratek (US)                                                   Obseva (CH)       Principia (US)

                                   Probiodrug
Nuokang (CN)       Pacira (US)                                                   Eiger (US)     AnaptysBio (US)    Aptinyx (US)
                                      (DE)

                                                                                                 Interventional
 Ziemer (CH)       mtm (DE)      Ophthotech (US)                                 Kolltan (US)                     Homology (US)
                                                                                                  Spine (US)

                                                                                 Skyepharma                         ARMO Bio
Brahms (DE)        Mpex (US)        PTC (US)               Curetis (DE)                         True North (US)
                                                                                    (UK)                              (US)

                  PharmaSwiss                                                                                       TandemLife
Esbatech (CH)                     Enanta (US)              Nabriva (US)          Ellipse (US)     AAAP (US)
                      (CH)                                                                                         (Cardiac) (US)

2009-10          2011-12          2013-14                   2015                  2016             2017           2018-2019
Data as of 31 July 2019
HBM Healthcare Investments Ltd

About HBM Healthcare Investments Ltd
Investment Strategy / Investment Process
Healthcare Sector
Portfolio Structure
Investment Positions
Outlook & Concluding Remarks
Appendix: Organisation, Team
HBM Investment Focus along the Healthcare Value Chain                                              8

Suppliers           Manufacturers            Service Providers                       Payers

 Life Sciences
                    Pharmaceuticals
 Tools & Services
                                                 Distributors /
                                                                                      Patients
                                                 wholesalers
 Contract
                                                                  Insurers
 research           Biotechnology
                                                                  (managed health)
 Organizations
                                                 Services
                                                                                      Employers
                                                 (pharmacies)
                                                                  Pharmacy
 Chemicals          Medical devices
                                                                  benefit managers
                                                 Facilities
                                                 (hospitals /                         Government
                                                 clinics)
Diagnostics &       Generics /
Genomics            specialty pharma
                                                                                         Core

                                                                                         Opportunistic

                                    Digital health                                       Out of focus
Private Equity Investment Process                                                                       9

              Personal contacts,     Investment        Other VCs   Direct
               industry network         banks

                                    Deal Sourcing
          (>700 deals p.a., 45% USA/Canada, 40% Western Europe, 15% RoW)*

                                       Initial Due Diligence
                                         (~200 deals p.a.)

                                   Comprehensive Due Diligence
                                        (~25 deals p.a.)

                                           Investments
                                         (8-12 deals p.a.)                  *
                                                                            60% Biotech
                                                                            30% Medtech & Diagnostics
                                                                            10% Other
Investment Approach                                                                         10

►   Fundamental long with private and public healthcare investments

►   Bottom-up selection of investments with solid long-term growth potential

►   Sourcing of proprietary private deal flow

►   Active lead/co-lead investor in private companies with board representation

►   HBM takes an active role and assumes entrepreneurial responsibility together with the
    management team

►   Maximum single position limit at time of investment up to 10% of NAV
Public Equity Investment Process                                                         11

                    Portfolio & Risk                 Idea Generation
                    Management                          Universe of 750+ companies
                       Evaluation of global            Tracking of healthcare trends
                        markets and macro                incl conference attendances
                        themes                           and close relationship to
                       Continuous Portfolio             experts and executives
                        review and adjustment           Company pre-selection
                       Comprehensive risk
                        management process

                    Stock Selection &                Due Diligence
                    Portfolio Construction              Fundamental qualitative
                       Determination of exposure        and quantitative analysis
                        and position size               Stakeholder assessment
                       Individual stock selection       and intellectual property
                                                         review
                       Initiating new positions
                                                        Investment write-up and
                                                         conclusion
Investment Case Advanced Accelerator Applications                                                                      12

Investment rationale
►   Combination of unique business proposition with strong growing medical
    imaging business (profitable) and promising late-stage therapeutic (phase III)
                                                                                     First institutional investor in
Investment process (2014)
                                                                                     2014
►   Growth capital and partial buyout of existing founders
►   Founders wanted specialist (non-US) investor with know-how and good              Sold in 2017 to Novartis for
    industry network
                                                                                     approx USD 3.9 billion
Investment period (2014-2017)
►   Board representation
►   Strategy executed on three pillars:                                               Gain of over CHF 200
      ►   Expanding its diagnostic business for PET/CT and SPECT organically         million (IRR > 60%)
          and through acquisitions
      ►   Bringing first therapeutic to the market
      ►   Broadening of pipeline through in-house development and in-licensing
►   HBM backed pre-IPO financing round to strengthen investor syndicate

Exit (2016-2017)
►   IPO and take over by Novartis
Investment Case Skyepharma                                                                                       13

Investment rationale
►   Uniquely positioned and patented drug delivery technology for oral and
    inhalation products; significant recurring revenue streams through technology
    outlicensing
                                                                                    Merger with Vectura in 2016
Investment period (2005-2016)                                                       created a global leader of
►   Pacira was spun-out from Skyepharma                                             formulation and inhalation
►   The delayed approval of Flutiform® resulted in indebtedness and negative        devices for respiratory
    balance sheet                                                                   diseases
►   HBM led the turnaround financing round and participated in capital increase
    and debt purchase at high discount                                                    Impressive rebound
                                                                                         between 2011 and 2016
►   Positive pipeline development of Flutiform® led to continuous company
    revaluation, Skyepharma turned into a highly profitable cash flow positive
    company
►   Debt to equity swap allowed share price moving back to fair value

Exit process (2015-2016)
►   Further growth source was needed as revenue growth started to flatten out
    and pipeline investments was very limited during the last years due to
    restructuring and indebtedness that company went through
►   Combination with Vectura resulted in highly attractive new platform of
    complementary products and technologies
Investment Case Ellipse Technologies                                                                 14

Business             Medical devices for        Products
                     spinal/orthopaedic         ►       MAGEC – To treat spine deformations
                     surgery
                                                ►       PRECICE – Limb lengthening system
                     Platform technology for
                     non-invasive adjustable
                     implants                   Revenues
                                                        50
Stage of Company     Substantial revenues
                     (sales growth 60%+ p.a.)           40
                     Products successfully              30                                  23.7

                                                USD m
                     launched worldwide;
                     R&D focus on additional            20                      13.4
                     indications                                                             9.1
                                                        10       7.7
Return on            Multiple of 7.5 – 8.1x                                     12.3        11.2
                                                        0        4.2
Investment           IRR 66 – 68 %                               2013          2014       2015 H1
                     Gain USD 104 – 114m
                                                             Magec      Precice LLD    2015 H2 (P)

 Sold in Jan. 2016 to NuVasive for $ 380m in cash plus $ 30m milestones
HBM Healthcare Investments Ltd

About HBM Healthcare Investments Ltd
Investment Strategy / Investment Process
Healthcare Sector
Portfolio Structure
Investment Positions
Outlook & Concluding Remarks
Appendix: Organisation, Team
Investment Opportunities in Healthcare                                                                   16

                                  Large and Growing Industry
                                     Revenues > $1.3 trillion p.a.*
                                     Resilient to economic cycles
                                     High profit margins, strong cash-flows
                                     Many small & innovative firms and
                                      spin-offs

    Investment Approach                                             Compelling Exit Markets
       Proprietary global deal sourcing                               Attractive M&A environment
       Long-term investment expertise                                 Cash-rich corporate buyers
       Active lead/co-lead investor                                   Strategic premiums paid
       Exit-driven investments                                        IPO as option for mature firms

* Worldwide sales (2015) for pharma, medtech and diagnostics only
Public Healthcare Generated Strong Returns                                             17

         1600

                 MSCI World Health Care Index: +684% (8.7% p.a.)
                 MSCI World Index:             +254% (5.3% p.a.)
          800

                                                                                430%
          400
 % log

          200

          100

           50
             1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

Data as of 31 July 2019, in USD
Still Significant Industry Growth                                                                                                                         18

 Global Pharma Drug Sales                                                         Global Biotech Drug Sales

$ bn                 CAGR (2016-2022): 4.3%                                       $ bn                 CAGR (2016-2022): 8.3%
900                                                                               350
                                                                                                                                                                326
                                                                            775
800                                                                   728                                                                                 302
                                                                                  300
                                                                683
                                                          645                                                                                       276
700
                    628 604 600 611 594             616                                                                                          253
                                          601 596                                 250
          578 591                                                                                                                          231
600 572
                                                                                                                                     214
                                                                                                                               202
500                                                                               200                                    183
                                                                                                                   178
                                                                                                             165
400                                                                                                       152
                                                                                  150               141
                                                                                                 129
300                                                                                      118 120
                                                                                  100
200
                                                                                   50
100

  0                                                                                 0
       2008   2010     2012   2014    2016      2018        2020        2022             2008   2010   2012    2014        2016        2018        2020     2022

 Source: Evaluate Pharma World Preview 2017, June 2017
Significant Revenue Contribution from Biotech                                                                                                                                             19

 Global Branded Pharmaceutical Revenues: 1997 – 2020 (in $ bn)

800                                                                                                                                                                                       45%
             Growth from 1997 to 2022E
700                                                                                                                                                                                       40%
             Pharmaceuticals:             4.5% p.a.
             Biotech:                    12.5% p.a.
                                                                                                                                                                                          35%
600
                                                                                                                                                                                   $268
                                                                                                                                                                                          30%
500
                                                                                                                                                                                          25%
400
                                                                                                                                                                                          20%
300
                                                                                                                                                                                          15%
                                                                                                                                                                                   $415
200
                                                                                                                                                                                          10%

100                                                                                                                                                                                       5%

 0                                                                                                                                                                                        0%
      1997

             1998

                    1999

                           2000

                                  2001

                                         2002

                                                2003

                                                       2004

                                                                2005

                                                                       2006

                                                                              2007

                                                                                     2008

                                                                                            2009

                                                                                                   2010

                                                                                                          2011

                                                                                                                 2012

                                                                                                                         2013

                                                                                                                                2014

                                                                                                                                       2015

                                                                                                                                              2016

                                                                                                                                                     2017

                                                                                                                                                            2018

                                                                                                                                                                   2019E

                                                                                                                                                                           2020E
                                                              Small molecules                 Biologics                 % from Biotech

Source: Evercore Gene Therapy Outlook 2019
Biotech as the Innovation Powerhouse                                                                                                    20

 R&D Spend (USDbn, 2017)                                                      Pipeline     (number of clinical programs, 2017)

 120                                                                             5000
 100
                x 2.6                                                            4000                                x 0.4
   80
                                                                                 3000
   60
                                                                                 2000
   40
   20                                                                            1000

    0                                                                                0
             Biotech             Pharma                                                       Biotech              Pharma
Source: EY Biotechnology Report 2017, Evaluate Pharma World Preview 2018   Source: Biotechnology Innovation Organization Report, 2018

 Market Cap (USDm, 2018)                                                      Approvals by origin (count, over last 10yrs)
 2’500                                                                            250

 2’000          x 3.1                                                             200                                x 0.5
 1’500                                                                            150

 1’000                                                                            100

   500                                                                             50

        0                                                                            0
               Biotech            Pharma                                                       Biotech             Pharma
Source: MSCI World Healthcare Index, Bloomberg 2018                        Source: HBM Biopharma Drug Approval Report, 2018
It’s all about Innovation                                                                                      21

                                                                                   Past and current holdings
                     In last 1-2 years, multiple "targeted cancer"
   Immuno- and        companies (drugs for mutations or sub-groups of
targeted oncology     broader population) have been acquired

                     Administered via the bloodstream, in principle RNAi
                      therapeutics permit any gene that is responsible for
 Gene Silencing       causing illness to be silenced

                        Gene editing is the process of changing, replacing,
                         or removing genes with precision of a single base
 Gene editing /          pair change if desired
   therapy

                        Antibodies have had a terrific run, but small molecules
Immunology and           are making a comeback for I&I, promising oral dosing,
  Inflammation           ease of travel, transport and safety of dose withdrawal

                        Dementia psychosis, agitation, behavioral market have
                         blockbuster potential
   Neurology

                        The complement system helps prevent infection and
  Complement             fight off invading pathogens like bacteria. But
   disorders             hyperactivation of the complement system can lead to
                         autoimmunity and inflammatory diseases

Source: HBM Research
Supportive Regulatory Climate                                                                                                                      22

 Number of New Drug Approvals and Applications at the US FDA

60                                                                                                                                  57

               50
50
                         45
                               43                                                                                              43         43
                          41                                                                          41   41        41
40                                                                  38
                                    36                                          35        36                    36        35
                                                                                     34
                                                          32
                                               30
30   28
          26                             26              26              26
                                                                                                                                         55
                                                                                                                                               Average: 31
                    53                                                                         23
                                                    22
                                                                                                                          45        46
20                        39                                                                               39        41
                                    35                         36
               29              30                                                                     30
     25                                  27                                               26                    27
                                               24                        22          24                                        22
10        21                                             21         20                         21
                                                    17                          18

0
     1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

                                              New Drug Approvals              New Drug Applications

 Source: FDA, CDER (2017)
Steady Flow of New Investment Opportunities                                                                             23

Global venture investments into biotech                  Biotech IPOs on western exchanges

16                                                 600                  97
                                                         8                                                         100
            512     514
                                      457          500                          79
     450                     442                                                                                   80
12                                                       6                                                68
                                            393
                                                   400
                                                             54                                                    60

8                                           16.8   300   4                               45
                                                                                                50        7.2
                                                                       6.5               6.3                       40
                                    12.2
                    11.1                           200                                          5.2
                             9.7
4                                                        2                      4.1
             7.2                                              3.3                                                  20
     5.1                                           100

0                                                  0     0                                                         0
     2013   2014    2015     2016   2017    2018             2013     2014     2015     2016    2017     2018
      VC Investments ($bn)     Number of Investments                Total amount raised ($bn)          IPO count

Source: Evaluate Pharma, November 2018
Ongoing Pharma and Biotech M&A Activity                                                                                                                     24

50% premium over stock price before aquisition

                                                        Allergan / Actavis
Deal-Volume in $ bn                                     Forest / Actavis
                                                        Cubist / Merck & Co
                                                        Intermune / Roche
250                                                     Idenix / Merck & Co
                                                        Viropharma / Shire       Pharmacyclics /

                                                                               
                                                                                   AbbVie
                                                                                   Hospira / Pfizer
                                                                                                                                                Top 20 Pharma
                                                                               
                                                                               
                                                                                   Synageva / Alexion
                                                                                   Receptos / Celgene
                                                                                                                                                have approx.
200                                                                               ZS Pharma / Astra                                            $162bn in cash
                                                                                                                       Shire / Takeda

                                           Onyx / Amgen                                   Baxalta / Shire
                                                                                                                    
                                                                                                                    
                                                                                                                        Bioverativ / Sanofi
                                                                                                                        Juno / Celgene
                                                                                                                                                and could
                                        
                                        
                                            ViroPharma / Shire
                                            Algeta / Bayer
                                                                                        
                                                                                        
                                                                                            Medivation / Pfizer
                                                                                            Meda / Mylan
                                                                                                                    
                                                                                                                    
                                                                                                                        Avexis / Novartis
                                                                                                                        Impact Biomedicines /
                                                                                                                                                acquire over 90%
150                                        Santarus / Salix                               Stemcentrx / AbbVie         Celgene                 of US Biotech
                                           Map / Allergan                                 Anacor / Pfizer

                                Actavis / Watson                                                      Actelion / J&J
                                                                                                                                                companies at a
                                Amylin / BMS
                                                                  219
                                                                                                    
                                                                                                    
                                                                                                        Kite / Gilead
                                                                                                        Ariad / Takeda
                                                                                                                                                premium of 50%*
                                Inhibitex / BMS
100                             Ardea / Astra                                                         Akorn / Fresenius
                                                                               185                     Ignyta / Roche
                     Pharmasset
                      / Gilead
                                                                                                                            137
 50       109                                                                                 107
                                                     79                                                      79
                        57             48
   0
         2010         2011          2012            2013         2014          2015         2016          2017          2018

Source: Evaluate Pharma (2019); BIO Industry Analysis (March 2016)*
HBM Healthcare Investments Ltd

About HBM Healthcare Investments Ltd
Investment Strategy / Investment Process
Healthcare Sector
Portfolio Structure
Investment Positions
Outlook & Concluding Remarks
Appendix: Organisation, Team
Balance Sheet and Currency Allocation                                                                                    26
        1’520
                                 12%; 163
        1’370
                                  3%; 44
        1’220                                                                                     Others
                                                                                            INR    4%
                                                       Cash                                 4%
                                                                                      CHF
        1’070                                                                         7%
                                 47%; 654              Other Assets
         920
                                                       Public Equity
                                                                                EUR
         770                                                                    9%
CHF m

                                                       Private Equity Funds
                                                                                                                USD 64%
         620                                           Private Equity
                                 10%; 140                                       CNY 12%
         470                                           Short-term liabilities

         320                                           Long-term liabilities
                                 36%; 505              2021/23
         170

          20
                                 -7%; -100
        -130                      -1%; -9
                *Around 9% of public exposure hedged

 HBM Research, data as of 31 July 2019, in % of net assets                                         in % of assets
Portfolio Breakdown by Market Cap and Geography                                                  27

                 Market Capitalisation                                     Geography

                                                 > CHF 10
                                                 billion; 0%

                                                                                   Europe; 20%
                                                               Asia; 26%
         CHF 2-10 billion; 36%

                                 Market Cap < CHF 2
                                     billion; 64%

                                                                                 North and
                                                                                  South
                                                                                 America;
                                                                                   54%

HBM Research, data as of 30 June 2019, in % of investments
Portfolio Breakdown by Sector, Therapy and Stage                                                                                       28

              Sector Breakdown                             Therapeutic Area                                Development Stage

                   Spec.                                                                                 Phase I 4%      Pre-Clinical 1%
  Medical        Pharma 8%
Devices &
Diagnostics
    6%
                                                                          Orphan
                                                                       diseases 15%                                         Profitable
                                                                                                           Phase II           19%
                                                                                                            18%
                                                      Others 32%                Oncology
        Health IT,
        Services &                                                                15%
         Supplies            Biotech
          21%                 65%                                                                                               Market
                                                                                                                                 20%
                                                                                                             Phase III
                                         Infectious                                                            38%
                                       diseases 2%
                                                                                         Immunology /
                                         Metabolic
                                                                                      Inflammation 12%
                                       diseases 4%

                                                                                 Central nervous
                                       Digital health 4%                      system disorders 11%

                                                      Medtech / Diagnostics
                                                              5%

    HBM Research, data as of 30 June 2019, in % of investments
Investment Portfolio                                                                                                            29

                                                                         Shanghai Cathay
                                             Other Positions
                                                                        Biotechnology R&D
                                             (< 1%) 15.1%                                    Neurelis 2.4%
                                                                              Center
         Immunomedics 1.1%                                                    12.4%
    Acadia Pharmaceuticals                                                                     Harmony Biosciences 2.1%
            1.1%                                                                                  Swixx Biopharma 1.4%
     Alnylam 1.2%
                                                                                                   1mg 1.3%
   Arena Pharmaceuticals                                                                               Viela Bio 1.3%
           1.2%
                                                                                                   SAI Life Sciences 1.2%
     Ultragenyx 1.3%
                                                                                                       Jianke 0.9%
    Esperion 1.3%

    Galapagos 1.5%                                                                                     Westmed 0.8%

    RA Pharmaceuticals 1.5%
                                                                                                SpringWorks Therapeutics
    Vectura 1.7%                                                                                         0.8%

    Zogenix 1.7%
                                                                                               Other Positions 7.4%
        Principia* 1.8%
                                                                        Private Equity
                                                  Argenx Y-mAbs                                        Private equity positions
           Turning Point* 2.2%                     2.6% Therapeutics*    Funds 9.0%
                                                            4.1%                                       Public equity positions
                              Pacira* 2.6%
                                                                                                       * ex private positions

HBM Research, data as of 31 July 2019, in % of assets, Top 10 positions (direct investments): 33.6%
Asset Allocation over Time                                                                                                            30

        1’440
                                      5%                                                                                               11%

                                                                                                                             6%
        1’200                                                                                                          6%
                                              8%                                                      12%
                              5%                                                                             9%

         960                                                                                   5%
                                                                                                                      10%    23%        26%
                19%    16%                                                                            11%
                                                         8%
         720                                                   16%                                           14%
                                                                                              15%
CHF m

                                     32%                                            9%
                              36%
                                             53%                              8%
                                                                      25%
         480    30%
                                                                                                                      67%
                       36%                               62%   56%                  25%                                      59%
                                                                              37%
                                     55%                                                                     59%                        44%
         240                  51%
                46%                                                   43%           46%        68%    63%
                       32%                   27%
                                                                              36%
                                                         17%   13%    13%
           0
                2004   2005   2006   2007    2008    2009      2010   2011   2012   2013      2014    2015   2016     2017   2018      2019
                                                                       -5%                                             -9%   -11%      -10%
                                                               -14%
         -240                        -12%    -16%    -23%

           Public companies          Private companies            Private Funds            Other assets             Cash            Liabilities

        HBM Research, data as of the end of each financial year (31 March), in % of assets
Development Stage of Lead Product of Portfolio Companies                                                                                  31

100%
                                                                                                4%
                                                                                                       11%       10%
                                                                                      11%
                                                                              17%                                        15%
                                16%                                 21%                                                                  26%
80%                    11%               12%      19%      27%
                                                                                                                                  21%

                                                                                                46%    30%       30%
                                                                              20%
                                         17%
              23%               25%               11%                                                                    35%
                                                           10%      26%
60%                    30%                                                            50%
       22%                                                                                                                        23%
                                                                                                                                         34%

40%
              36%
       32%                               58%      59%      57%                59%                      57%       57%
                                51%                                 49%                         48%
                       45%                                                                                               46%      45%
20%                                                                                                                                      37%
                                                                                      35%

       14%    16%

 0%
       2004   2005    2006     2007     2008     2009      2010    2011       2012   2013       2014   2015      2016   2017      2018   2019

              Product(s) on the market and/or profitable          Phase III          Phase II          Phase I          Preclinical

HBM Research, data as of the end of each financial year (31 March), in % of investments
HBM Portfolio by Development Stage of Lead Asset                                                                32

  Well balanced portfolio from a risk perspective

200
            HBM book value
            in CHF m                                                                             Blue: Public
180
                                                                                                 Green: Private
160

140

120

100
                                           About half of total assets is exposed to companies
                                                 with lead phase II and phase III drugs
 80

 60

 40

 20

  0

      Profitable       Market              Phase III                       Phase II             Phase I / Preclinical
 HBM Research, data as of 30 June 2019
Private Portfolio Positioning                                                                                                                 33

   Company valuation (CHF m)
  4000
  1’200

  2000
  1’000           Size corresponds to
                  HBM’s book value

  1000
   800
                                                                                                             Shanghai Cathay Biotechnology
                                                                                                                         R&D

   600
                                                                                   Viela Bio
                                                                                                 Harmony
                                                                                                                           Jianke
                                                         SpringWorks
   400                                                                                                                    Sai Life Sciences
                                                                                                  Neurelis

                                                    Valcare               Sphingotec
   200                                                                                                                 Shriji
                                        Adrenomed              Vascular Dynamics                        Farmalatam
                                                                                               Nuance
                     Arrakis
                                        Sublimity                   Shape Memory
     0
                     Preclinical    Phase I             Phase II             Phase III             Products on        Profitable
                                                                                                   Market
                                                              Development Stage of Lead Asset
  -200

HBM Research, data as of 30 June 2019
Contribution to NAV                                                                                                                                    34

 Private and Ex Private Equity Positions Account for 65 Percent of Contribution

NAV impact per share (in CHF)

                            10.04
      0.59
                             0.25                                                                                                             12.25
                                                                                                                           0.46
                                                12.52
                                                                                                                                               0.54
                                                                            1.63
                                                 5.54
                                                                                                    17.45
      7.61
                            29.99                                                                                          32.20
                                                                                                                                              24.11
                                                                            9.82
                                                18.75

                                                                                                     5.12
      -0.02                  -1.97                                                                   -0.99
      -1.22                                      -7.40                                                                     -5.40
                                                                                                                                              -7.41
                                                                            -4.88                    -5.48

                                                                                                                           -5.20
                                                                            -2.43

     2012/13               2013/14             2014/15                  2015/16                    2016/17                2017/18            2018/19

          Private and ex private positions   Funds       Public positions          Other gains/losses (e.g. milestones)    Fees     Share buy-back

Note: IPO allocations in previously private companies are attributed to P&L from private positions
HBM Healthcare Investments Ltd

About HBM Healthcare Investments Ltd
Investment Strategy / Investment Process
Healthcare Sector
Portfolio Structure
Investment Positions
Outlook & Concluding Remarks
Appendix: Organisation, Team
Global Reach                                                                                                        36

                                                        Sphingotec   Argenx
                                 Alnylam                Galapagos   Adrenomed
                        Cardialen           Y-mabs
          Principia            Esperion    Immunomedics     Vectura Swixx Biopharma
Vascular Dynamics       Ultragenyx        SpringWorks                                    Everest Medicines
    Turning Point             Viela Bio Harmony Biosciences
           Zogenix                                                             Valcare
            Neurelis                                                                                           Cathay
                                                                                               1mg
               Pacira                                                        Shriji Polymers                 Jianke
                                                                                               SAI Life Sciences

                                         Farmalatam

          Private companies
          Public companies

    HBM Research, data as of 31 July 2019 (Selection)
Largest Investments (1/2)                                                                                           37

                                                    Phase of                      Market      Owner-     Book     % of
                                                     Lead                      Capitalisation  ship     Value     Total
    Company         Core Business                   Product      Ticker          (CHF m)       (%)     (CHF m)   Assets
                    Long chain diacids,              Market      Private          2’360*       8.3      195.7     12.4
                    carbohydrates and special
                    enzymes
                    Developing novel antibody       Phase III    YMAB              760         8.4      64.0      4.1
                    therapeutics for oncology                   (ex private)
                    targets
                    Drugs for autoimmune and        Phase II     ARGX             5’236        0.8      42.0      2.6
                    cancer diseases

                    Injectable medicines with        Market      PCRX             1’803        2.3      41.5      2.6
                    (patented) controlled release               (ex private)
                    of active drug
                    Late-stage drug for the         Phase III    Private           250        15.0      37.5      2.4
                    treatment of acute
                    breakthrough seizures in
                    epilepsy patients
                    Drugs for the treatment of      Phase II     TPTX             1’234        2.7      33.8      2.2
                    severe cancers                              (ex private)

HBM Research, data as of 31 July 2019, * Implied company valuation
Largest Investments (2/2)                                                                                        38

                                                     Phase of                      Market      Owner- Book     % of
                                                      Lead                      Capitalisation  ship   Value   Total
    Company          Core Business                   Product      Ticker          (CHF m)       (%)   (CHF m) Assets
                     Drug for the treatment of       Phase III    Private           427*       7.6    32.4     2.1
                     narcolepsy (with and without
                     cataplexy)
                     Proprietary platform with       Phase II        PRNB           881        3.1    27.7     1.8
                     drugs in clinical stage for                 (ex private)
                     autoimmune diseases
                     Therapeutic solutions for CNS   Phase III       ZGNX          2’038       1.3    26.5     1.7
                     disorders and rare diseases

                     Formulation and inhalation       Market         VEC            647        4.0    26.1     1.7
                     devices for the treatment of
                     respiratory diseases
                     Drugs for complement-           Phase II        RARX          1’590       1.5    23.5     1.5
                     mediated (autoimmune)
                     diseases
                     Drugs for the treatment of      Phase III       GLPG          9’553       0.2    22.9     1.5
                     cystic fibrosis and
                     inflammation disorders

HBM Research, data as of 31 July 2019, * Implied company valuation
Development of Share Prices (1/2)                                                                                               39

Market Cap: USD 765m – (ex private)      USD 5.3bn – (ex private)                        USD 1.8m
40                                       150                                             140

                                                                                         120
                                         120
30
                                                                                         100
                                          90
                                                                                          80
20
                                          60                                              60

10                                                                                        40
                                          30
                                                                                          20

0                                          0                                              0
 2018                  2019                 2014   2015   2016      2017   2018   2019     2014   2015   2016   2017   2018   2019

USD 1.2bn – (ex private)                 USD 887m – (ex private)                         USD 2.0bn
 50                                      45                                              70

                                         40                                              60
 40
                                                                                         50
                                         35
 30
                                                                                         40
                                         30
 20                                                                                      30
                                         25
                                                                                         20
 10
                                         20
                                                                                         10

     0                                   15                                               0
         2019                              2018                  2019                      2014   2015   2016   2017   2018   2019

 HBM Research, data as of 31 July 2019
Development of Share Prices (2/2)                                                                                                                          40

 USD 535m                                            USD 1.6bn                                                  USD 8.7bn
 180                                                 40                                                         180

                                                     35                                                         160
 160
                                                                                                                140
                                                     30
 140                                                                                                            120
                                                     25
                                                                                                                100
 120                                                 20
                                                                                                                80
                                                     15                                                         60
 100
                                                     10                                                         40
  80
                                                      5                                                         20
  60                                                  0                                                          0
    2016          2017           2018         2019     2016           2017          2018          2019            2014   2015   2016    2017     2018      2019

 USD 1.1bn                                           USD 3.5bn                                                  USD 3.1bn
120                                                  140                                                        80

                                                     120
90                                                                                                              60
                                                     100

60                                                    80                                                        40

                                                      60
30                                                                                                              20
                                                      40

 0                                                    20                                                         0
  2014     2015    2016   2017      2018   2019         2014   2015          2016   2017   2018          2019     2014   2015    2016     2017      2018          2019

  HBM Research, data as of 31 July 2019
Largest Private Investments over the last 5 Years                                      41

        IPO or
      trade sale

   2014                                     2015               2016   2017   2018 / 2019
Year of initial investment, only investments > CHF 5 million

Data as of 31 July 2019
Strategic Fund Investments                                                                                                                           42

     BioVeda                    WuXi                  6- Dimensions                                                                    HBM
      China                   Healthcare                  Capital                Tata Capital                 Medfocus               Genomics
Invested: 2005                       2015                      2018                       2015                      2005                   2015
Investment: 8.5 m                    20 m                      14 m                       10 m                      16 m                   15 m
Investment multiple: 3.7x            2.4x                      0.9x                       1.4x                       2.1x                   0.9x
Ownership: 34%                        7%                        5%                        67%                       100%                   100%

Healthcare                  Healthcare                Healthcare                Healthcare                 Medical devices         Genomics

Fund strategy: Later        Access to early stage     Invest and build          Growth and expansion       Incubator and           Early and
and growth stage            investment                quality platform          phase                      accelerator concept,    development stage
opportunities               opportunities with a      companies currently                                  selective later stage   opportunities
                            focus on China            missing in China                                     investments

Investment thesis:          Seasoned investment       VC with capabilities in   Partnering with one of     Access to promising     Access to early stage
One of the first local      team, former              China and U.S. to         the leading on-shore       early stage             investments in later
investors specialised       WuXiAppTec, with          access innovation and     private equity             investments in later    rounds; Network of top
in the Chinese              vast network              build category leaders    investors in Indian life   rounds; “raised” by     Silicon Valley
healthcare market           facilitating / offering   in healthcare sectors     sciences                   successful              investors and
                            deal flow possibilities                                                        entrepreneurs           companies with a
                                                                                                                                   focus on genomics

                            Currently no co-          Currently no co-
                            investment                investment

Data as of 31 July 2019, in CHF
Private Companies with significant Value-Increasing Potential                                                                                     43

                                                                                               Full representation service in CEE markets
        196        Long-chain dicarboxylic acids / bio-based diamine 5             22         Profitable company with net sales exceeding
                   Strong revenue growth and profitable                                        EUR 70 million in 2018; high double-digit sales
                   Potentially first company with a commercial scale                           growth for 2019
                    production of bio-based diamine 5                                          Signed agreements with 17 multinationals
                                                                                                across 17 countries

        37         Diazepam (Valtoco) nasal spray for use in                       21
                    breakthrough epilepsy seizures
                                                                                               India’s leading online pharmacy, medicines app
                   NDA filed, orphan designation in the US and EU
                                                                                                and health platform
                   Major unmet need in epilepsy patients, where no
                                                                                               Strong sales growth
                    drug is approved for controlling break through
                                                                                               Highest ranked medical app on the Indian
                    seizures
                                                                                                Google play-store

        32          Narcolepsy (with and without cataplexy)                        15         Smart care platform (online pharmacy, chronic
                    NDA acceptance and priority review for Pitolisant                          disease management service center)
                    First-in-class, selective, histamine H3 inverse agonist                   Commercial stage
                     which promotes wakefulness (alertness and                                 One of the top three on-line pharmacy and
                     attention), and reduces the frequency of cataplectic                       healthcare on-line services businesses in China
                     episodes, limited abuse potential

                                                                               Size corresponds to
                                                                               HBM’s book value (in
Data as of 31 July 2019                                                        Mio. CHF)
Promising Public Company Holdings                                                                                                           44

                                                                               21    Cholesterol-lowering drugs, alternative to statins
       64         Pediatric oncology (neuroblastoma), radio-
                   immunotherapy
                                                                                     Bempedoic Acid (BA) is an orally available drug
                                                                                      that lowers LDL (“bad” cholesterol)
                  Filing for both lead compounds with the FDA                       Phase III results showed sizable and consistent
                   expected in 2019                                                   LDL reduction (by BA) on top of standard of care
                                                                                     First FDA approval expected in H2 2019

                  Severe autoimmune diseases (MG, ITP, PV)
       42         Novel antibody-based therapies, combining the
                   diversity of the llama immune system with antibody          19    Immune and inflammatory-mediated diseases
                   engineering
                                                                                      (ulcerative colitis, chronic kidney disease)
                  Positive proof-of-concept clinical data for lead
                                                                                     Potential best-in-class safety for Etrasimod (currently
                   antibody ARGX-113, in the treatment of myasthenia
                                                                                      completed phase II) among S1P’s
                   gravis (MG)

                  Autoimmune / inflammatory diseases and oncology
                                                                               19    RNAi targeting therapies
       28         PRN1008, a reversible covalent BTK inhibitor
                  Highly differentiated and potentially best-in-class small
                                                                                     Patisiran which targets TTR amyloidosis was the first
                                                                                      approved product in 2018
                   molecule drug platform                                            Pivotal data for givosiran (porphyria), lumasiran and
                  Phase II top-line results in ITP expected in Q4 2019               fitusiran expected over the course of 2019

       24
                   Complement-mediated diseases (aHUS, MG)
                                                                               17
                   Potential competitive threat to Alexion’s Soliris due to         Antibody drug conjugate, solid tumors
                    convenience of SC dosing and planned discounted                  Sacituzumab govitecan targeting Trop-2
                    pricing strategy                                                 Impressive data in 3rd-line, triple negative breast
                                                                                      cancer, which led to breakthrough designation from
                                                                                      FDA
Data as of 31 July 2019
2019 Busy Event Calendar of Main Positions                                                                                                                     45

2019                                                                           2020
Q3                          Q4                                                 H1                                                     H2
                                                     Omburtamab B7-H3:                                    Nuplazid
 Valtoco:                  ETC-1002 bempedoic        US NDA Filing                                        (pimavanserin): Phase        Naxitamab GD2:
                                                                                PFIC (Odevixibat):
 US approval (Epilepsy     acid: Phase II top-line   (CNS/LM from                                         III (HARMONY) final          Approval (R/R high-
                                                                                Phase III top-line data
 cluster seizures)         results (type 2           neuroblastoma)                                       data (DRP)                   risk neuroblastoma)
                                                                                (pediatric liver)
                           diabetes)

                           Etrasimod (APD334):                                                            OBE2109 (Linzagolix):        Omburtamab B7-H3:
                                                     Naxitamab GD2: US          Fintepla (fenflur-
 DTX401: Phase I/II        Phase IIa data                                                                 primary endpoint data        Approval (CNS/LM
                                                     NDA Filing (R/R high-      amine): EMA Decision
 cohort 2 results          (primary biliary                                                               PRIMROSE 1 and 2             from neuroblastoma)
                                                     risk neuroblastoma)        (pre-market) (dravet
 (GSDIa)                   cholangitis)                                                                   (uterine fibroids)
                                                                                syndrome)

                           IMMU-132 (sacituzumab
                                                                                Fintepla (fenflur-                                     Sparsentan: Phase III
 DTX301: Phase I/II        govitecan): Phase II                                                           NASH (Elobixibat):
                                                     PRN1008: Phase II          amine): Phase III data                                 (DUPLEX) top-line
 cohort 3 results (OTC     BLA re-submission                                                              Phase II top-line data
                                                     data (ITP)                 (lennox-gastaut                                        data (FSGS)
 deficiency)               (mTNBC)                                                                        (adult liver)
                                                                                syndrome)

 Nuplazid                  Nuplazid                                                                                                    Repotrectinib: Phase II
                           (pimavanserin): Phase                                Lumasiran: Phase III      Filgotinib: Phase IIb/III
 (pimavanserin): Phase                               PRN1008: Phase II                                                                 (TRIDENT-1) interim
                           III (HARMONY) interim                                (Illuminate-B) results    (SELECTIVITY) results
 III (ENHANCE) top-line                              extension top-line data                                                           data (non small cell
                           data (DRP)                                           (hyperoxaluria)           (Ulcerative colitis)
 data (schizophrenia)                                (pemphigus vulgaris)                                                              lung cancer)

 Pitolisant:
 US approval                                         Lumasiran: Phase III       ALN-AS1 (Givosiran):      ARGX-113
                           CLN6: Phase I/II - 2                                                                                        Filgotinib: US approval
 (Narcolepsy                                         (Illuminate-A) results     US Approval (acute        (Efgartigimod): Phase
                           year data (batten                                                                                           (rheumatoid arthritis)
 with/without cataplexy)                             (hyperoxaluria)            hepatic porphyrias)       II results (Pemphigus
                           disease)
                                                                                                          vulgaris)

                                                     RE-024                                               ARGX-113
 Inclisiran: Phase III     Exparel: Phase III                                  Fitusiran: Phase III                                    ETC-1002 bempedoic
                                                     (Fosmetpantotenate):                                 (Efgartigimod): Phase
 (ORION) results           (PLAY) top-line results                             (ATLAS) topline results                                 acid: US & EU
                                                     Phase III (FORT) top-                                III results (ADAPT)
 (hypercholesterolemia)    (post-operative pain)                               (haemophilia)                                           approval (hyper-
                                                     line data (PKAN)                                     (gMG)                        lipidemia)

HBM Research
HBM Healthcare Investments Ltd – Attractions for Investors                      46

  Growing Industry                       Value Creation
    Equity investment into promising      Portfolio with significant value-
    private and public companies          increasing potential

  Expertise                              Commitment
    Expertise of the HBM Partners         Transparent valuation and
    team in selecting investments with    reporting, annual cash distribution
    attractive risk and reward            and share buy-back program
HBM Healthcare Investments Ltd

About HBM Healthcare Investments Ltd
Investment Strategy
Healthcare Sector
Portfolio Structure
Investment Positions
Outlook & Concluding Remarks
Appendix: Organisation, Team
Timely & Transparent Investment Valuations                                                                 48

►   Positions in listed companies are valued at market prices
►   Positions in private companies are valued at acquisition cost in the investment currency,
    except when:
   Portfolio company is valued higher or lower in connection with a new round of financing with a third
    party lead investor (not strategic investors)
   Portfolio company is performing below expectations, leading to a write down in steps
    of 25, 50, 75 or 100%
   Portfolio company has significant revenues and profits, in which case an appropriate price/sales or
    price/earnings multiple is applied (“sales and earnings multiple method”)

Negative events are reflected in the valuations as they occur. Positive developments (i.e.
good clinical data, partnering deals, etc.) will only be reflected in the valuations if there is a
„liquidity event“ (financing round with third party investor, IPO or trade sale).
Investor Information                                                                                              49

Share Information                                        Largest shareholders
                                                                                                              Latest
                                                         %       Shareholder                            Notification
Swiss security number                  1.262.725         15-20   Nogra SA, Luxemburg                     9.11.2016

German security number                    984345

ISIN                              CH 0012627250          Distribution policy
CUSIP                                H 3553X112
                                                         Withholding tax-exempt distribution yield of 3-5% p.a.
Telekurs                              126,126272         from par value repayment

SIX Swiss Exchange Ticker                  HBMN

Fees

                                                         0.75% of company assets plus
Annual Management fees (paid quarterly)
                                                         0.75% of the company's market capitalisation
Performance fee (paid annually)                          15% on increase in value above the high water mark
High water mark (per share for all outstanding shares)   NAV of CHF 194.36
Board of Directors                                                                                                                                              50

Hans Peter Hasler                                       Prof Dr Dr h.c. mult. Heinz Riesenhuber             Mario G. Giuliani
Chairman and Member of the Compensation                 Vice Chairman and Member of the Audit               Member of the Compensation Committee
Committee                                               Committee
                                                                                                            Member of the Board of Directors Jukka LLC since
Chairman of the Board of Directors MIAC AG since        Chairman of the Advisory Board Rock Tech Lithium
                                                                                                            2015, NGR (MONACO) SAM since 2015, Giuliani
2012. Member of the Board of Directors Minerva          Inc. since 2018; Member of the Investors’
                                                                                                            Group SpA since 2010, and Giuliani SpA since
Neurosciences since 2017, member of the Board           Committee Heidelberg Innovation BioScience
                                                                                                            1999; Member of the Investment Committee
of Directors Shield Therapeutics plc since 2018         Venture II GmbH since 2001
                                                                                                            Royalty Pharma since 2001, and Mosaix Ventures
Since 2017 CEO of Vicarius Pharma. Prior to this,       Member of the German Parliament 1976 to 2017;       LLP since 2000 as well as various other
international management positions at Wyeth             German Federal Minister of Research 1982 to         directorships within the Nogra Group
Pharmaceuticals, Biogen and Biogen Idec, as well        1993; Chairman of German Parliamentary Society
                                                                                                            Previously executive positions and directorships at
as Elan Corporation                                     2006 to 2018; numerous directorships
                                                                                                            Giuliani SpA, Recordati SpA, and Nogra Group SA

Dr Eduard Holdener                                      Robert A. Ingram                                    Dr Rudolf Lanz
Board Member                                            Member of the Compensation and Nominating           Member of the Audit and Nominating
                                                        Committee                                           Committee
Chairman of the Board of Directors NovImmune            Chairman of the Board of Directors Viamet           Chairman of the Board of Directors Dr. Rudolf Lanz
S.A. since 2008, CEO since 2016                         Pharmaceuticals Inc. since 2015, BioCryst           AG since 2009; Member of the Board of Directors
Medical doctor. Prior to this, specialist in internal   Pharmaceuticals Inc. since 2015, Novan Inc. since   MIAC AG since 2015, and Pearls Fashion Holding
medicine and oncology; various international            2011, and Cree Inc. since 2008                      AG since 2009
executive positions at F. Hoffmann-La Roche Ltd         General Partner of Hatteras Venture Partners USA    Previously Partner of The Corporate Finance
                                                                                                            Group and head of M&A & Corporate Finance of
                                                                                                            Ernst & Young Switzerland
Management HBM Healthcare Investments Zug / Cayman                                                                                                                  51

Dr Andreas Wicki                                    Erwin Troxler                                      Jean Marc Lesieur
(2001)                                              (2005)                                             (2001)
Chief Executive Officer                             Chief Financial Officer                            Managing Director and Member of the Board of Directors
                                                                                                       HBM Healthcare Investments (Cayman) Ltd

Doctorate in chemistry and biochemistry; since      Economist and Swiss Certified Public Accountant;   More than twenty years of experience in trust and corporate
2001 Chief Executive Officer HBM Healthcare         since 2005 HBM Healthcare Investments Ltd and      management and administration. Before joining HBM
Investments Ltd and HBM Partners Ltd. Prior to      HBM Partners Ltd, since 2011 Chief Financial       Healthcare Investments, he was with Vontobel Private Equity
this, chief executive of several pharmaceutical     Officer. Prior to this, auditor                    Management Ltd, acting as an executive director with
companies (1988 to 2001), investment and venture    PricewaterhouseCoopers Ltd (1996 to 2002) and      responsibilities for personnel and all corporate and company
capital advisor (1993 to 2001)                      Julius Baer Family Office (2002 to 2005)           management matters of the private equity business in the
                                                                                                       Cayman Islands
Member of the Board of Directors Harmony            Chairman of the Swiss Association of Investment
Biosciences since 2017, Vitaeris Inc. since 2016,   Companies (SAIC) since 2014                        Associate of the Chartered Institute of Bankers, ACIB
Pacira Pharmaceuticals Inc. since 2007, HBM                                                            (Trustee), a member of the Society of Trust and Estate
Healthcare Investments (Cayman) Ltd since 2001,                                                        Practitioners (STEP) and a Notary Public in the Cayman
and Buchler GmbH since 2000                                                                            Islands. He was educated in the Cayman Islands and
                                                                                                       England
Private Equity Team                                                                                                                                                                               52

Dr Ulrich Geilinger                                Dr Alexander Asam, MBA                           Dr Matthias Fehr, CFA                            Dr Chandra P. Leo, MBA
(2001)                                             (2007)                                           (2002)                                           (2007)
Head Private Equity                                Investment Advisor                               Investment Advisor                               Investment Advisor
More than 25 years of experience in the            More than twenty years of experience in the      Over twenty years of experience in private and   Over fifteen years of experience in private
Venture Capital Industry                           life sciences and private equity businesses      public equity investment management and          equity, clinical practice and biomedical
PhD ETH Zurich in Natural Sciences and             MBA degree from ASTON Business School,           research                                         research
Industrial Engineering                             Birmingham and a MSc and PhD in chemistry        MSc and PhD in chemistry from ETH, Zurich        Completed medical studies in Berlin and
Previously in management functions at              from University of Heidelberg                    Former senior sell-side analyst at Lombard       London, doctoral degree from Freie Universität
Innoventure, Credit Suisse, Apax and               Former managing director and partner of          Odier for biotech and medical technology         Berlin, MBA degree from INSEAD
Vontobel.                                          Deutsche Venture Capital / Deutsche Bank.        industries; former scientist at the Swiss        Former postdoctoral scientist at Stanford
                                                   Various positions at Hoechst, Aventis and        Federal Institute of Technology                  University, physician at University Hospital
                                                   LION Bioscience                                                                                   Leipzig and principal at Wellington Partners

Dr Priyanka Belawat                                Dr Emil Bujak                                    Dr Michael Buschle                               Axel Bolte
(2007)                                             (2015)                                           (2017)                                           (2003)
Investment Advisor                                 Investment Advisor                               Investment advisor                               Venture Partner
Over ten years of experience in venture and        Over six years of experience in life sciences,   More than 25 years of experience in biotech      Over fifteen years of experience in the life
private equity investing in the healthcare space   including one year in investment analysis and    and pharma                                       sciences and private equity businesses
in the US, Europe and selected emerging            industry report preparation                      PhD from the University of London. Research      Graduated in biochemistry at ETH and the
markets                                            Holds a PhD in Pharmaceutical Sciences and       at St. Jude’s Children’s Research Hospital,      University of Cambridge. MBA from the
Holds a doctorate in molecular biology and         an MSc in Medicinal and Industrial               Boehringer Ingelheim-owned Institute of          University of St. Gallen
genetics from the University of Zurich and a       Pharmaceutical Sciences from ETH Zurich          Molecular Pathology, Vienna                      Former investment manager and partner at
post-doc at HKUST                                  Prior experience as registered pharmacist        Co-founder of Intercell with successful IPO,     New Medical Technologies. Position in R&D
                                                                                                    CSO of Glenmark Pharma                           management at Serono SA
Public Equity Team                                                                                                                                                                               53

Dr Ivo Staijen, CFA                               Dr Thomas Thaler                                  Gavin MacGregor                                  Mirjam Heeb
(2003)                                            (2006)                                            (2017)                                           (2019)
Head Public Equity                                Investment Advisor                                Investment Advisor                               Investment Advisor
Over 20 years experience in the pharma            Over 25 years of experience in the investment     Over 13 years’ experience in the pharma          Over 15 years experience in the pharma industry and
industry and in investment analysis and           management, financial research and in the         industry and in global healthcare investment     global healthcare investment analysis and portfolio
portfolio management                              biotechnology and medical technology industry     analysis                                         management
PhD in biotechnology from ETH Zurich and          PhD in life sciences and MSc in biochemistry      1st Class BSc in Biomedical Sciences from the    MSc in Molecular Biology from the University of Basel
MSc in chemistry from the University of           and a master’s degree in business                 University of Manchester and a Chartered         and McGill University, Montreal
Groningen                                         administration from ETH Zurich                    Management Accountant (CIMA)                     Previously senior portfolio manager of GAM Health
Previously senior biotechnology analyst at        Previously senior equity analyst at Bank Julius   Previously senior global healthcare analyst at   Innovation Fund, senior manager with Vifor Pharma,
Bank Sarasin and department head at MDS           Baer and in senior management positions with      Martin Currie Investment Management,             sell-side and buy-side analyst, portfolio manager at
Pharma Services                                   Sulzer Medica, Schneider and Boston               European pharmaceuticals analyst at Credit       Bellevue Group.
                                                  Scientific                                        Suisse and Lehman Brothers

Michael Jasulavic                                 Miles Schofield                                   Ny Ken                                           Thomas Heimann
(2012)                                            (2007)                                            (2004)                                           (2010)
Investment Advisor to HBM Partners                Trading & Execution                               Investment Control                               Risk Manager and Analyst
Over ten years of experience in healthcare        Over 15 years experience in trading &             More than 10 years experience in trading &       Over eight years of experience in Investment
investment research, strategy and trade           execution                                         execution and administration                     Research, Analysis, FINMA Risk Management
execution                                                                                                                                            and client services
                                                  Bachelors of Science (Hons) degree from the       Bachelor in business administration from
MS in Medical Science from MCP/Hahnemann          Open University UK                                Zurich University of Applied Sciences            MSc and BSc in Banking & Finance from the
University                                                                                                                                           Lucerne University of Applied Sciences
                                                  Previously in US Equities Middle Office           Previously in administrative functions at HBM
Previously biotechnology analyst at Traxis        activities at Salomon Smith Barney and            Partners AG                                      Previously in investment analysis and valuation
Partners, Sivik Global Healthcare and Jefferies   Citigroup                                                                                          and in client advisory at a Swiss bank
Asset Management
Disclaimer                                                                                                                   54

This document is intended to be for information purposes only. The material is not intended as an offer or solicitation for the
purchase or sale of any financial instrument and should therefore not be relied on for accounting, legal or tax advice, or
investment recommendations.
Information herein is believed to be reliable but HBM does not warrant its completeness or accuracy. No responsibility can
be accepted for errors of fact or opinion. Reliance should not be placed on the views and information in the document when
taking individual investment and/or strategic decisions. HBM has expressed its own views in this document and these may
change.
Past performance is not a reliable indicator of future results, prices of shares and the income from them may fall as well as
rise and investors may not get back the amount originally invested. All investments involve risk including the risk of possible
loss of the invested amount. Investors should consider all potential risks and further disclosure information associated with
the investment disclosed in the fund documents and the appropriateness with their financial profile and objectives. Changes
in foreign-exchange rates may also cause the value of investments to fall as well as rise.
Some information quoted was obtained from external sources HBM considers to be reliable. No responsibility can be
accepted for errors of fact obtained from third parties, and this data may change with market conditions. Third party data is
owned or licensed by the data provider and may not be reproduced or extracted and used for any other purpose without the
data provider's consent. Third party data is provided without any warranties of any kind. The data provider and HBM shall
have no liability in connection with third party data.
Issued by HBM Healthcare Investments AG, Bundesplatz 1, 6300 Zug, Switzerland.
Your Contact                           55

HBM Healthcare Investments Ltd
Bundesplatz 1
6301 Zug
Switzerland

Phone      +41 41 710 75 77
Fax        +41 41 710 75 78

investor.relations@hbmhealthcare.com
www.hbmhealthcare.com
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