2. Company Overview
Specialty dermatology pharmaceutical company currently
focusing on acquiring, developing and marketing prescription
medical dermatology products
Privatelyheld; Founded in 2004
Focus on under or non-promoted, branded dermatology drugs in US Market
Stable and growing base business with high margins and strong cash flows
Commercial infrastructure with track record of success
Sales
coverage in all major, high-value targets in US (80% of +13,000 writers)
Comprehensive Management Team with two sales forces
+RoundTable made a controlling investment in June 2010
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3. RoundTable Overview
Operating-oriented investment approach
200+ years of expertise in medical product/devices, pharmaceuticals, and distribution
Equity partnerships with management teams
Particular focus on private, family companies and owner/founders
$1.9 billion in private equity buyout funds
Fund I - $400 million private equity buyout fund raised in March 2002
Fund II - $500 million private equity buyout fund raised in March 2005
Capital Fund - $200 million subordinated debt investment fund raised in July 2006
Fund III - $600 million private equity buyout fund raised in July 2010
Capital Fund II - $200 million subordinated debt investment fund raised in July 2010
4. RoundTable Portfolio Companies
AMI Holdings, Inc. MEDASSIST
Incision & Healing Technologies
Ascent Sabex AMIH MedAssist Argon Excelsior Clinical
Investment Date Sep-01 Apr-02 Apr-03 May-03 / Nov-04 Dec-03 Jun-04 Apr-05
Business reprocessor of injectable medical devices eligibility and vascular devices drug delivery OB/GYN devices
medical devices generic pharma and products A/R services products
Private or Public Owner Private Private Private Private Private Private Private
Founder/CEO Founder/CEO Family Founder/CEO Founders Founder/CEO Founders
RoundTable Initial Ownership 70%(a) 80% 65% 70% 87% 80% 87%
Rollover Retained Ownership 30% 20% 35% 30% 13% 20% 13%
Exit Return 8.3x 8.2x 7.2x 4.8x -- -- --
Avalign CorePharma Bioniche Aspen Vesta Aqua BVI
Investment Date Oct-05 / Jan-07 / Aug-05 Jan-06 / May-06 / Sep-06 / Jul-10 Aug-07 / Mar-09 Jun-10 Jul-10
Aug-07 / Apr-09 Dec-06 / May-07
Business surg. instruments solid dose injectable surgical medical specialty ophthalmic medical
and implants, generic pharma generic pharma products devices dermatology devices
case / tray systems
Private or Public Owner Private Private Public Sub. Private Private Private Public Sub.
Founder/Family Founders Public Co. & VC Founder/CEO Founder/CEO Founder/CEO Public Co.
RoundTable Initial Ownership 65% 80% 72%(b) 80% 80% 83% 91%
Rollover Retained Ownership 35% 20% 28% 20% 20% 17% 9%
Exit Return -- -- -- -- -- -- --
(a) RoundTable's current ownership is approximately 31% due to the merger with Alliance Medical Corp
(b) RoundTable's current ownership is approximately 83% due to the purchase of BLSI's 10% ownership stake
5. Strength in Aqua Management
Jay Gooding, Co-Founder, Chief Executive Officer Ted W. White, Vice-President, Sales
Nearly 30 years in Dermatology +20 Years in Sales & Marketing Leadership
Stiefel Laboratories – Sales, Training & Management
Novartis – Managing Director – Primary Care, US Group Practice,
Healthpoint – Manager of Marketing & Product Development
Cardiovascular
Bioglan – Vice President of Marketing & Managed Care, Officer
Skip Williams, Vice-President, Product Development
Craig Ballaron, Co-Founder, President, Treasurer and Secretary
+20 Years in Specialty Pharmaceuticals
Nearly 30 years in Senior Management
Ultra Precision – President Watson Pharmaceuticals – Business Development – Nephrology, Dermatology,
Biologics
Bioglan - Senior Vice President, Sales & Finance / CFO
Accenture, System Software Associates, and Lexis-Nexis
David H. Crean, Ph.D., Vice-President, Corporate Development
Kimberley Forbes-McKean, Ph.D., Vice-President, Research &
+20 Years in Specialty Pharmaceuticals Development
Allergan, Inc. – Business Development for Dermatology, Neurology and +20 Years in Specialty Pharmaceuticals
Ophthalmology
Allergan, Inc. – Project and Portfolio Management, Research & Development Dermik / Sanofi-Aventis- Global Development
Cutanea Life Sciences and Isolagen, Inc.- CSO/ CTO, Development
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6. Fragmented U.S. market with increased consolidation in 2011
$1,200,000
IMS 2011 Net Sales by Manufacturer >$50MM
$1,000,000
$800,000
Net Sales $000, All MD's
$600,000
$400,000
$200,000
$0
2011 IMS Health
All Topical, Tetracycline Antibiotics , Isotretinoins
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7. Current Commercial Markets
Aqua has leading branded prescription drugs in four therapeutic categories including
acne, steroid-responsive dermatoses, seborrheic dermatitis and actinic keratosis
Acne market represents largest segment of overall dermatology market
• Sales of prescription and over-the-counter acne medications generate approximately $5 billion annually
• 15-20% of all consultations in dermatology related to acne
Topical corticosteroid market is estimated at $500+ million
• Indications include atopic dermatitis, contact dermatitis and psoriasis
Seborrheic dermatitis market
• Affects 1-3% of the immunocompetent adults
• 1.3MM uses in 2010 (OTC, Rx)
AK market (actinic keratoses) pre-cancer skin condition: estimated 10 million people affected in
the U.S.
• Estimated that 10% of AK advances to a cancerous state
• Favorable market dynamics with aging population
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8. Recent New Product Addition
January 9, 2012
West Chester-based Aqua Pharmaceuticals,
LLC today announced the acquisition of
FLUOROPLEX® (fluorouracil) 1% Topical
Cream from Allergan, Inc.
FLUOROPLEX® is a topical cream indicated for the treatment of multiple actinic (solar) keratoses (small red or skin
color growths) that appear as a result of overexposure to the sun. Aqua will assume control of all manufacturing and
distribution, as well as promotion of the product through its own national dermatology focused sales force.
“Since early 2009, we have co-promoted the product with our partner, Allergan. We% are even more excited to have
full rights to FLUOROPLEX® in our product line”, said Jay Gooding, CEO for Aqua. The prescription product
complements the existing line of CORDRAN® (flurandrenolide) topical steroids, MONODOX® (doxycycline
Monohydrate capsules) oral antibiotics, and XOLOGEL® (ketoconazole USP) Gel, 2%.
AQUA PHARMACEUTICALS, LLC 8
10. Corporate Growth Strategy
Value creation is fueled through Four-Part approach
Maximize Current
Product Growth and
Profit
Existing New
Facilitate long term Brands Products
growth through R&D
Pipeline and Product
Development
Strategic Collaborations
Partnerships Acquisitions
Acquire Companies and
new products to expand
product mix and core
competencies
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11. Business Development Initiatives
Aqua is looking for assets to add to its existing portfolio
Dermatology assets for North America (US & Revenue-producing marketed assets
Canada)
Therapeutic, Aesthetic, Physician Late stage (Phase II and beyond)
Dispensed, OTC development stage assets for longer term
growth
No DESI products, No Novel NCE’s
Assets with patents or market/ regulatory
drug 505(b)(2) higher probability projects exclusivity
Open to Corporate M&A to add greater
Avoid capital equipment or “box plug-in” capabilities
technology
Brands, not generics (unless unique opportunity
exists)
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13. Positioned for Future Growth
• Experienced team
• Growing capabilities
• Discipline and focus
• Well known, stable brands
• Sales and Marketing footprint
• Relationships with physicians and partners
• Financial investments
