Pharm Collaborations Cbi Pres

Key Considerations for Structuring a Winning Deal- A Biotech Approach Thomas Hess Former Chief Financial Officer of Adolor Corporation (currently CFO of Yaupon Therapeutics) September 16, 2008 © 2008 Adolor Corporation. All rights reserved.

Adolor- Pfizer Delta Collaboration ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Biotech Perspective Timeline and Activities in Establishing a Partnership Engage Parties Initial Preparation Due Diligence Negotiation Execution ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Timeframe can run from 3 months to + 12 months

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Adolor/Pfizer Collaboration

Recent Benchmark Example Pain Compounds in Phase IIa Adolor/Pfizer Targacept/GSK Glenmark/Lilly Transaction Date December 4, 2007 July 27, 2007 October 30, 2007 Pain Target Delta Opoid Receptor Neuronal Nicotinic Receptor Transient Receptor Potential Vanilloid Sub-family 1 (TRPV1) Lead Compound ADL5859 TC-2696 GRC 6211 Upfront Payment $30 Million + $1.9 Million reimbursement for Phase 2a studies $20 Million Plus $15 Million in Equity $45 Million ,[object Object],[object Object],[object Object],[object Object],[object Object],Not Disclosed Not Disclosed Not Disclosed ____ $232.5 MM Not Disclosed Not Disclosed Not Disclosed $1.5 B Not Disclosed Not Disclosed Not Disclosed $215 MM Back End US – 40/60 Profit Split ROW Royalties Undisclosed Double Digit Royalty ~15% Royalty in the Territory Territory Worldwide Worldwide North America, Europe, and Japan Cost Sharing 40/60 US 100% Pfizer in ROW Targacept to fund through Phase 2 POC. Then 100% GSK if they opt to take the compound 100% Lilly in Territory - no mention of access to Lilly trial data Co-promote Option Yes – US Specialty Yes – US Specialty for first two compounds Yes – US

[object Object],[object Object],[object Object],Deal Structure for Revenue Recognition

Accounting for Upfront Payments ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Strategies for Communicating & Reporting the Deal Externally ,[object Object],[object Object],[object Object]

Lessons Learned ,[object Object],[object Object],[object Object],[object Object]

Pharm Collaborations Cbi Pres

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