1. A Global Update on Life Science Investing
ASIA Biotech Invest 2016
May 5-6, 2015
Princeton Washington DC Mexico Bogota Rio de Janeiro Basel Johannesburg Riyadh Hong Kong

2. 2 I
European and US Healthcare IPO Issuance / Market Volatility Index – S&P 500
VIX 2010 – 2016YTD
With Permission from Torreya Partners, Source: Capital IQ as of March 9, 2016
Note: 1) Includes IPOs in Pharmaceuticals, Biotechnology and Life Sciences, and Healthcare Equipment and Services in US and
European exchanges as per Capital IQ.
$6.5
$1.6
$3.7
$8.1
$14.5
$9.1
$0.3
54
43
25
90
150
98
5
0
20
40
60
80
100
120
140
160
0
2
4
6
8
10
12
14
16
2010 2011 2012 2013 2014 2015 2016
Gross Proceeds ($bn) # of Healthcare IPOs
5
10
15
20
25
30
35
40
45
50
55
S&P 500 VIX

3. 3 I
THE ENVIRONMENT
Is it a Good time to Be Starting
New Businesses in the Life
Sciences?

4. 4 I
One hundred years ago…
The combined market cap of the pharma sector was less than a half billion dollars.
Penicillin had not been invented.
Insulin was extracted from pig pancreases.
The leading treatment for psychiatric illness was lobotomy.
Leeches were still widely used in medical practice.
Outside the U.S. and Europe, practices were often even more primitive.
U.S. consumers spent less than 5% of their income on healthcare and less than 1%
of their income on pharmaceuticals.
Merck and Wyeth were small chemical companies in New Jersey. Pfizer was making
progress in confectionery products. J&J was building market leadership in band-aids.
Eli Lilly worker operating
machine for producing insulin
by grinding pig pancreases.
A LITTLE HISTORY
(Courtesy of Torreya Partners)

5. 5 I
The combined valuation of the twenty largest global
pharmaceutical companies is over $2.8 trillion (see chart at
right).
This is up over 100% in the last four years alone.
Mortality and morbidity rates from major diseases including
heart disease, cancer and stroke are down dramatically.
Devastating mental illnesses such as depression, schizophrenia
and bipolar disorder can be better managed.
Most drugs on the market have proven efficacy and safety.
U.S. consumers spent nearly a fifth of their income on
healthcare and more than 3% of their income on
pharmaceutical products.
The pharmaceutical business has globalized with modern drugs
available in most countries in the world.
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000 Boeheringer Ingelheim
Biogen
AstraZeneca
Eli Lilly
Celgene
Bristol-Myers Squibb
Valeant
Amgen
GlaxoSmithKline
AbbVie
Bayer
Novo Nordisk
Sanofi
Gilead Sciences
Allergan
Merck
Pfizer
Johnson & Johnson
Roche
Novartis
Cumulative Enterprise Value of Top 20
Global Pharmaceutical Companies
September 1, 2015 ($ millions)
Our sector has exploded in size and importance.
Today

6. 6 I
 Deeper understanding of the genetic mechanisms of disease
 Deeper understanding of how to control diseases at their genetic sources by restoring
correctly formed proteins or preventing production of malformed proteins
 Deeper understanding of how the immune system works and impacts cancer
 New technologies in gene sequencing, gene therapy, gene editing (CRISPR) and RNAi
 Rapidly increasing sophistication of molecular diagnostic tools
 Advent of digital health techniques
 Improved access to medicines globally
 The combined effect of these and many other innovations on human life spans in this
century will be dramatic. We believe that the 21st Century will be the Century of Biology
 We think it is possible that the Life Sciences Sector will be the largest part of the economy in
fifty years
Key Dynamics Driving Growth:
We are Bullish on the Life Sciences Sector

7. 7 I
Medical Spending Rise & Longer Life Expectancies
(Courtesy of Torreya Partners)

8. 8 I
 According Torreya Partner analysis, the value of the pharmaceutical sector in
September 2015 was approximately $5.6 trillion (half in the top 20 pharmas).
 The value of entire life sciences sector worldwide is approximately $10 trillion.
 Life Sciences represents one of the five largest industries in the world.
 We are working in a huge and very complex growing part of the global economy.
 Our sector is undergoing constant change due to a very high pace of innovation and
increasing global wealth.
The Global Life Sciences Sector is Huge

9. 9 I
US and European Investments and Exits – 2015
Source: Thomson Reuters
US VC investment – 2nd highest full-year total in the last 20yrs
M&A transaction value on the rise – ave $667m (up from $420m in 2014)
Area Invested Change Future Trend
VC Investment $58.8B (US) +15% Decline
IPO $9.1B -37% Fewer
M&A $215.9B +54% On pace

10. 10 I
US Company Formation: Deals and Investments in Series A
Biopharma Series A investment dollars Surge
while Device and Dx/Tools struggle
Source: SVB, Trends in HealthcareInvestments and Exits 2016

11. 11 I
VC-backed Biopharma Big Exit M&A by Stage 2009-15
Source: SVB, Trends in HealthcareInvestments and Exits 2016
Biopharma M&A Activity Continues Early-Stage Shift

12. 12 I
Strong Growth in China Life Science Industry
Source: ChinaBio® Consulting
Investment records shattered in 2015
Total commercial investment up 70% to over $30B (US)

13. 13 I
China VC Investment and M&A Activity – by Sector
Service is the
fastest growing
segment in
2015,
especially
online/digital
healthcare
services
Drugs and
Services #1
and 2 in both #
of deals and $
Source: ChinaBio® Consulting
M&A
VC

14. 14 I
2016 Investment Trends
Source: Thomson Reuters
• More than $2B invested into Life Sciences – Biotechnology benefiting
the most
• IPO window still open (US: Syndax, Proteostasis, AveXis, BeiGene,
Editas; UK: Shield)
• M&A will continue on pace - to replenish pipeline, and as high-fliers
from the IPO boom now become acquirers
• With support from senior government official (Premier Li Keqiang),
China is making biotech a priority – increase in cross-border deals

15. 15 I
BOTTOM LINE:
Medical Products / Pharma spend is
going to rise at an increasing rate for
the foreseeable future.
You could not pick a better time in
history to become a life sciences
innovator...

16. 16 I
ALTERNATIVEUSEFORSIROLIMUS+ANTI-CD34PLATFORM
APPENDIX: SPEAKER BIOGRAPHY +
KYBORA EM BACKGROUND
Kybora Emerging Markets: a global advisory firm focused on M&A, capital raising,
licensing, and commercialization of pharmaceutical products and medical devices

17. 17 I
COMPANYOVERVIEW
Kybora is a global advisory firm focused on mergers and acquisitions, licensing, and commercialization of
pharmaceutical products and medical devices. We distinguish ourselves by:
• Our global reach – We have offices in the US, Mexico, Brazil, Switzerland, Saudi Arabia, South Africa , and
China. In addition, we have established strong partnerships Japan, Russia, and India, giving us access to strategic
and financial investors located all over the world .
• The experience of our team – Our team combines over 300 years of business development experience in
emerging markets. All of us have held senior level operational roles in the pharmaceutical and medical devices
industries. We bring a unique perspective to our clients by understanding the operational challenges to being
successful in emerging markets. Our worldwide network of relationships is unparalleled. We have access to
decision makers which facilitates and accelerates transactions.
• Our areas of focus – We focus exclusively on life sciences transactions. We have had great success helping
companies located in emerging markets sell themselves to strategic and financial investors located all over the
world. We also help healthcare companies (Pharma, Biotech, Devices) maximize the value of their assets on a
global basis through optimal licensing deals.
• Our engagement model - We pride ourselves for being honest, hard working, resilient, and dedicated to our
clients. We seek to establish long-term relationships with our clients. Our engagement model is flexible and
collaborative, providing our clients with a customized approach and intimate understanding of the
pharma/biotech/medical devices decision-making process on a global scale.
We believe in the globalization of the healthcare market and in our ability to help our clients benefit in this evolving
market landscape. We welcome the opportunity to work with you on your strategic needs.

18. 18 I
GLOBALCOVERAGE
Japan
Partnered with
Dr. Newzella
India
Partnered with
Sathguru
International
Basel
Princeton
Mexico City
Rio de Janeiro
Johannesburg
Hong Kong
Riyadh
Washington DC
Partnership
with Biominas
in Brazil
Partnership
with Euro
America in
Chile
Bogota
KYBORA - a company
with global coverage:
 KYBORA has offices in
Princeton, Washington DC,
Mexico City, Bogota, Rio de
Janeiro, Basel,
Johannesburg, Riyadh, and
Hong Kong
 In addition, KYBORA
leverages well-established
partnerships in Japan, India,
Brazil, and Chile to provides
its clients access to financial
and strategic investors on a
global basis

we also work closely with
our colleagues at Torreya to
expand our global footprint
in the developed markets
 KYBORA offers the best
combination of global
reach and local knowledge.

19. 19 I
VALUEPROPOSITION
Kybora Value Proposition
Our team’s experience in the
global pharma and medical
device markets is unparalleled
No other boutique firm has the
breadth of our global coverage
We are a relationship based
company. We pride ourselves on
repeat business. Each of our
clients works with a dedicated
team
Our approach is collaborative
and adaptable to our clients’
needs
We work directly with decision
makers located all over the
world therefore facilitating and
accelerating the business
development process

20. Dr. Stephen Lee is the Managing Director of Asia Pacific for
Kybora Emerging Markets (formerly called Torreya-EM, the
emerging markets arm of Torreya Partners). He has worked
with small to big pharmas in the region on both buy-/sell-side
licensing and M&A opportunities, as well as raising capital.
Formerly, he was with Ventac Partners – a global business
development catalyst for the Life Sciences industry –
managing its Hong Kong office. Dr. Lee has over 20 years of
Stephen Lee, PhD
Managing Director
Kybora EM
stephen@kybora.com
+852 6650 6402
About the Speaker
experience in the life sciences sector; he has founded and worked for biotech start-ups
(TianXing Biopharmaceutical, LifeQual Pharmaceuticals) in various capacities – most
recently as the CEO of CASiGEN Pharma, a biotech startup developing a novel drug
candidate for type 2 diabetes. His experience also spans across consulting (Ventac
Partners, Bio-Enabler, 3V SourceOne Capital, Applied Strategies), equity research (First
State Investments), and patent law (USPTO). Dr. Lee is an experienced facilitator of
bringing together investment opportunities and funding; he has been doing business
development, market analysis, as well as technology and IP review for various Life
Sciences related companies in the US, Europe and Asia. Dr. Lee obtained his PhD in
Biochemistry from the University of Oxford and an MBA (2017) from the University of
Chicago Booth School of Business.