bf €deals special january 2010

C ON T E N T Swww.b io tech- f inances . com

Europe• Today, everything’s for sale in Europe................................p. 1-2

Eco Note by H. ELLA• France 2009: potential riches andmissed opportunities..................p. 2

France• The climate warms for biotechnologyas 2009 ends ................................p. 5

British Isles• Academics push seed projects inmedtech and diagnostics sectors ..p. 6

Germanic countries• Trade sales are becoming more profitable ..................................p. 6

Switzerland• Pick-up in M&A, but slow-down inprivate financing ........................p. 8

Nordic countries• The need for funds still dominates in Nordic countries ......................p. 9

Benelux• Movetis re-opens the stock market window ........................p. 10

Italy• Asset consolidation has started ..p. 10

Spain• Some great rounds brighten the end of 2009..............................p. 12

Eastern Europe• An unfavorable climate for life sciences ..............................p. 12

Israel• Life sciences attract most capital risk investments ........................p. 13

€Deals• Financial biotransactions in Europeand Israel in H2 2009 ........p. 16-26

TODAY, EVERYTHING’S FOR SALEIN EUROPEThe second half of 2009 has been markedby some excellent public fundcapitalizations, notably in France, wheregovernment funds are very dynamic. Thelaunch of various investment vehicles,such as the Strategic Fund for Innovation(FSI), InnoBio and Kurma Biofund (1) areshining examples of this dynamic.Amongst the companies that have takenadvantage of these tools are Cellectis,raising 22 M€ in October (2), NicOx with100 M€ end November, ExonHit with15.6 M€ and Hybrigenics with 2.8 M€mid December, and finally Innate Pharmawith 25 M€ end December. In the rest ofEurope, notably in Belgium, there havebeen very active regional funds.However, private capitalizations havebeen very modest during the last sixmonths. Early stage has suffered most ofthis shortfall, with painfully limited fundsbeing raised. Fortunately some successfulfollowing rounds have saved the day. In terms of M&A, transactions havecarried lower prices than before. Today,everything’s for sale in Europe. Buyers areflooded by demand, and sellers havedifficulty in finding buyers. Somemanagement teams have insufficient cashto negotiate with pharmas, andsometimes appear too weak to potentialbuyers. Amongst the best M&Atransactions in 2009 H2 we have tomention the impressive acquisition ofFovéa Pharmaceuticals by Sanofi-Aventislast October for 370 M€, and Novexel byAstraZeneca for 350 M€ in the closingdays of 2009. These transactions took theshape of earn-outs, a more and morecommon process in the pharmaceuticalindustry, that minimizes the risk involved

in early-stage compounds. Around onequarter of deals is currently carried out inthis way, and this trend is set to grow inthe next few years. Another excellent exitwas the one completed by ESBATech,selling all its assets to the giant Alcon for400 M€ (3), and Evolva has merged itscompany and its programs with Arpida.American big pharma Abbott hasabsorbed Solvay Pharma in late fall, oneof the last remaining mid-sized Europeanpharmas. For the American company this

was a strategic incorporation, because itresults in a more decentralized UScompany with a foothold in Europe. Alsoin the news was BioXell, which was at alow point after the negative press on theresults of its lead clinical program, andwas then acquired by CosmoPharmaceuticals for its cash. BioVitrumfor its part didn’t hesitate to sell certainupstream programs, such as the leptinmodulator, which was transferred toAstraZeneca at preclinical stage – for apotential total of 186 M€ includingupfront and milestones –thus strengtheningtheir presence on the market byintegrating new commercialized products.The acquisition of specialty pharmaSwedish Orphan for over 330 M€ inNovember 2009 was a clear sign ofrepositioning. Amongst the most successful deals duringthe last six months of 2009 we have tosingle out product deals. Sometimes it’seasier to transfer a program rather than

January 11, 2010 – No. 445

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(continued p.2)

INVESTOR INTERESTfor MOVETIS IPOwas INTENSE

E c o N o t e b y H . E L L A

BIOTECH FINANCES • January 11, 2010 • No. 445

the whole company without significantlyaffecting the company value. Some bigpharmas such as GlaxoSmithKline,which signed three large product dealsworth 300 M€ in the previous half-year,are particularly active in this type ofdeal, one of which was signed withAstex Therapeutics and another withProSensa.Stock market flotation has been almostnon- existent in this period. Only theBelgian company Movetis hasattempted it successfully. There wasintense investor interest for this move,which allowed the company to raise 85M€. The offering was 1.5 times

oversubscribed and completed on ashare price within the targeted range,valuing Movetis at 245 M€. Secondarycapitalizations are slowly picking upagain, which gives a promising outlookfor the next few months. In addition toNicOx, which was very successfultowards the end of the year, the Englishcompany Phytopharma raised just under30 M€ and the Swedish biotech KaroBio (4) also managed to raise 14 M€,which is very encouraging. The hope isthat the dozen or so candidates for anIPO will go down the same route andmake a successful flotation in 2010. �

2

To subscribe, please call Biotech Finances Customer Service et + 33 478 24 35 20. Copiright © 2009 Ed Européennes de l’Innovation. Reporoductions is stricly prohibited. Visit our website at www.biotech-finances.xcom

Catherine Pichereau, Manager,

Cabinet Bionest Partners

Frédéric Desdouits,

Managing Partner,

1 – See “Kurma attempts a return to the bio-future”, in BF No. 442 from 14 December 2009.

2 – See “Cellectis capital increase is a goodsign”, in BF No. 436 from 23 October 2009.

3 – See “Opthalmology: Alcon acquires ESBATechAG for 400 M€”, in BF No. 431 from

21 September 2009.4 – See “karoBio: the next target for a major

pharma-biotech deal?” in BF No. 404 from 2 February 2009.

Is France a country of paradoxes? Itseems to be the case if you look at thelatter part of 2009, in which things werelooking bright for biotech in France interms of business and finances, but atthe same time, things were also lookingglum in terms of the strategic choicesmade by those in power. Highlights suchas the impressive exits by Fovéa at 390M€ and Nevexel at 350 M€, as well asthe involvement of the leading FrenchVC Sofinnova with Medtronic to create aunique incubation structure in the field

of medical implants, have all shown theinspired potential that can be found inFrance. And while we’re on the subject,it is disappointing to see how littleattention these successes have receivedin the national financial press. However,what can be said about the famousGrand Loan (Grand Emprunt), aboutwhich the media have been buzzing?While the special commission’sannouncement on how these fundsshould be used had listed the biotechsector as one of the main recipients, the

mountain has now brought forth amouse, with an amount of around 100M€ to be invested in biotechnology. As aresult, this political tool is a feebleparticipant that has lost its ability todeliver structural change. Once again,the public powers have missed theopportunity to build a solid bio-industryin our country. All the ingredients thatwere lacking only recently for building abusiness are available today: highquality academic research, seedinvestments, serial managers, real estateclusters, anticipation and investment inresearchers and clinicians, and efficientservice networks. But we’re painfullyshort of businesses that are capable offinancing the growth in these extremelyinnovative companies and to completethe hefty financing rounds (of 50 to 80M€ or more) that would allow them tomove their product developmentforward in efficient clinical phases. It’sanother failure, and it’s an error that wewill sorely regret, becausebiotechnology is the sector of the future,and in places where it has had theopportunity to develop, it has proven tobe a fantastic creator of employmentand value. �

FRANCE 2009: POTENTIAL RICHESAND MISSED OPPORTUNITIESH.ELLA

€ d e a l s S p e c i a l ( c o n t i n u e d )

BIOTECH FINANCES • January 11, 2010 • No. 445 3


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Jean-Yves Nothias, General PartnerBioConvergenceTeam Société GénéraleAssetManagementPrivate Equity

“The second half of 2009 was markedby increased activity in biotechnologyfinancing in France. On the stockexchange, good news is pouring in.Transgene announced an imminentindustrial partnership agreement for itsproduct for targeted immune therapy;ExonHit is launching its diagnostic testfor Alzheimer’s onto the market and isstarting a new recapitalization round(1); Nicox closed a very successfulfinancing round which should cover thecommercialization of its first drug (2);BioAlliance, Genfit, Tigenix andHybrigenics all have positive news,which should attract the interest of themarkets. On the stock exchange, rumorsof fundraising are rife, possibly with thesupport of the French StrategicInvestment Fund (FSI), which seems toindicate that a window is opening. Thiscreates good exit opportunities for theventure capital investors that have beenable to wait for the liquidity situation toimprove. Can we also expect our firstflotation on Euronext at the start of2010?

Private companies have played thegame of industrial transfer skillfully. The

acquisition of Fovéa by Sanofi Aventis(3) hasn’t gone unnoticed, anddemonstrates a major change inSanofi’s business strategy. J&J has justannounced the acquisition of GlosterSanté in Toulouse. On the private side,Nokad, Alizé Pharma, FAB Pharma,Force A and Trod Médical have closedtheir first rounds or completedrecapitalizations. The exact amounts arenot as important as the fact that we’reseeing a sustained trend.

In collaboration with the FSI andbiopharmaceutical groups, the Frenchstate-owned financial institution Caissedes Dépôts et Consignations (CDC) hasannounced the launch of a program ofdirect liquidity investments, due to beinjected into biotechnology businessesat different developmental stages. Somepeople have expressed concern aboutthe distortion that an unmeasured influxof funds could generate in a recoveringmarket. Nonetheless, there is so muchmore to do.

Will this improvement continue? Will itrestart the process, improve theperformance of capital risk investmentfunds and generate renewed interest inthis sorely neglected type of asset frominstitutional investors who have thecapability to make long-terminvestments?

In the long term, the priorities of the“Grand Emprunt” (Grand Loan) shouldhelp to better organise the sources ofinnovation, which are our large research

institutions and our universities. Itshould also help to build a type offurther education that will bring us newgenerations of entrepreneurs andinnovative companies that will be betterprepared for international competition. Soon, the time for investments for theFCPI (mutual funds for innovation) andthe FIP (proximity investment funds) willbe reduced. We must avoid any adverseeffect on the performance of the funds,which would also be to the detriment ofbiotechnology financing, at the verymoment that the development processin the industry is getting longer.

Market indications are that the difficultsearch for capital is putting offentrepreneurs. Investors for their partare always on the lookout for goodopportunities, of which there are,according to them, far too few. Butnevertheless, the relationship betweenentrepreneurs and investors isimproving.” �

1 – See “Positive diagnosis for ExonHit”, in BF No.

441 from 7 December 2009.

2 – See “NicOx moves forward to integration

under a barrage of questions”, in BF No. 439 from

23 November 2009.

3 – See “Sanofi-Aventis signs agreement to

acquire Fovéa”, in BF No. 433 from 5 October

2009.

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5BIOTECH FINANCES • January 11, 2010 • No. 445

FRANCE

THE CLIMATE WARMS FOR BIOTECHNOLOGY AS 2009 ENDS

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Hanns-PeterWiese, PartnerThe Global Life ScienceVenturesGmbH

“The number ofinvestments by venture capital in theGerman and Austrian biotech/medtechfield in the second half of 2009 hascertainly increased compared to the firstsix months – although they remain at

modest levels: about a dozen deals wereclosed compared to a handfulpreviously. Still many VCs are hamperedby the closed public exit market and alack of money to invest in new projects.Therefore, only a couple of companiessucceeded in securing 1st or 2nd roundsof finance, most of them after previousseed financings supported byGovernment sponsored agencies. Of thesizable later stage financings that werereported by mtm Laboratories AG,Nabriva AG and Probiodrug AG, twowere extensions of previous rounds or

internal financings and only the lastclosed a major round led by newinvestors. The respective syndicatesincluded both national and internationalventure capital funds. On the exit front,one stellar deal dominated the news:BRAHMS GmbH was sold, allowing VCsto reap more than 20 times theirinvestment. This trade exit breaks yetanother lance for European life sciences,which of late has been reporting anincreasing number of exits withmultiples above 5-7 times.” �

GERMANIC COUNTRIES

TRADE SALES ARE BECOMINGMORE PROFITABLE

BRITISH ISLES

ACADEMICS PUSH SEED PROJECTS INMEDTECH AND DIAGNOSTICS SECTORS

Hakan Goker,AssociateAtlas Venture

“The confidence of investors and, to anextent, of public markets in biotechseems to have improved in 2009, with asteady increase in investments andsome positive news of a few IPOs givinghope to investors and managementalike. The private market transactions in thebiotech/pharma space that triggeredinterest in the second half of the yearstarted with in fact one of our owninvestments; BiCycle Therapeutics,where Atlas Venture and NovartisVenture Fund seeded this novelbiotherapeutic entity platform resultingfrom the efforts of two highly acclaimedlabs; those of Sir Greg Winter of LMB,Cambridge, UK, and Prof. ChristianHeinis of EPFL, Switzerland. The platformcombines the features of smallmolecules and biologics with the aim ofcreating highly specific and stable drugs.The investment was closed in July andthe financial details have not beenreleased as of yet. This was followed byanother novel seed company, CrescendoBiologics (1), again based in theCambridge hub of biopharma, led bySofinnova Partners of France with an 8 M$

investment. The company develops fullyhuman VH fragment antibodies bybringing together in-vivo and in-vitrotechnologies. The company's transgenicmouse platform under developmentpromises to have the potential to rapidlyand predictably generate high-affinityhuman heavy chain antibodies thatreadily yield VH fragments and that haveno requirement for humanization. These two early stage investments intonovel entities/technologies were thenfollowed by formidable investments intoexisting companies; Spirogen (closedOct 09) (2), Oxagen (closed Nov 09) (3)and Circassia (closed Dec 09). Spirogentargets cancers with DNA selective smallmolecules and the raise, led by CelticTherapeutics, will help the company topush the lead clinical program ofSG2000 into PhII trials in ovarian cancerin the new year. Oxagen has been active in theintractable target space of GPCRs andrecently had completed PhIIa trials withtheir lead CRTH1 antagonist, a noveloral anti-inflammatory agent,demonstrating efficacy in both asthmaand allergic rhinitis. Novartis VentureFund led the new financing of 28 M$which will help continue the Phase IIbdose-range finding studies and thenovel macrophage targeting effortswhich are in an earlier stage ofdevelopment. Circassia, a developer ofTcell targeted vaccines to induceimmune tolerance for various allergiesand organ transplant rejection also

raised 27 M$ to continue their clinicaldevelopment, led by Imperial Innovationsand joined by existing investors.A change to the first half of the year wasmore pronounced in the medicaltechnology/diagnostics sectors whereQuanta Fluid Solutions, OxfordImmunotech, BiancaMed, EnigmaDiagnostics, and Molecular Visionreceived an aggregate of approximately60 M$ in new funding. Themedtech/diagnostic sectors seem to beheading for another high in the UK andIreland, where the world renowned hightechnology focused universities andother academic organizations arepushing out more market relevantproducts and technology platforms forprivate funding rather than straightlicensing to larger medtech players. As we approach the end of the year, thefeel in the biotech venture circles seemto be warming up towards early stageinvestments which has been concerningmany young biotech CEOs. It will beinteresting to see if the new year willbring any more changes in the dynamicsof appetite for various stages ofopportunities”. �

1- See “Crescendo increases its seed round to 4.9 M€”,

in BF No. 436 from 23 October 2009.

2 – See “Spirogen regains rights to its first-in-class

anticancer agent”, in BF No. 435 from 19 October 2009.

3 – “See “Oxagen’s made-to-measure recapitalization”,

in BF No. 442 from 14 December 2009.



8BIOTECH FINANCES • January 11, 2010 • No. 445

www.biotech-finances.comLeader in business information for bio-deciders and bio-investors. More than 400,000 stakeholders from the life sciences sector around the world connect every year.

Dr UlrichGeilinger,BoardMemberHBMPartners

“During the second half of 2009 (up to14 December 2009), the performance ofthe Swiss biotech stocks was mixed. Fivestocks showed a positive performance:Actelion (+3.0%), Cytos (+3.9%), Cosmo(+11.9%), Bioxell (+29.1%) and Arpida(+90.3%). Four stocks had declines:Santhera (-2.4%), Basilea (-16.2%),Newron (-29.2%) and Addex (-65%).Addex’s stock collapsed after thecompany announced that its leadproduct will be discontinued. Overall,most Swiss biotech stocks show highlosses compared to their IPO price(losses on average of over 50%); theonly exception being Actelion (+354%)and Speedel (which was sold to Novartisat approximately the IPO price).

Mondobiotech, which listed on theSwiss Exchange in August 2009 withoutraising any capital, also saw its shareprice decline by 51.3%.

Before year end, Cosmo offered toacquire fellow biotech company Bioxellfor CHF 41 million (1). The transaction isexpected to close during Q1 2010. Alsoin December, private biotech companyEvolva closed a reverse merger withpublicly listed Arpida, raising over CHF40 million at the same time. Arpida

previously sold its remaining business toAcino Holding.

The private biotech financing market inSwitzerland during the second half ofthe year was a bit less active than in thefirst half of the year when privatecompanies raised a record sum of CHF195 million (€125 million). In H2 09about CHF 80 million was raised (notcounting Evolva’s fund raising).

The largest fund raising was closed justbefore year end by Molecular Partners ina CHF 46 million Series B round led byUS Essex Woodlands. Also Xigenreceived CHF 20 million (€13 million)from several VCs and Biocartis, adiagnostics company, raised CHF 15million (€10 million). Smaller fundraisings were completed by Amvac (raiseof CHF 1.5 million / €1 million) andCovagen (undisclosed amount).M&A activity in the biotech sectorpicked up during the second half of theyear. Already mentioned were theproposed take-over of listed Bioxell byCosmo and the reverse merger of Evolvainto Arpida.

In July 2009, Sanofi Aventis took overHelvepharm, a Swiss generics producerwith sales of CHF 24 million. Thetransaction value was not disclosed.In September 2009, venture-backedEsbatech announced the sale of itsophthalmology business to Alcon for$150 million in cash plus $439 millionpotential milestone payments. Theremaining activities of Esbatech will be

continued under the name of Delenex. Also in September, two further privately-held (but not venture-backed) companieswere bought: Japanese Zeria Pharmaceuticalsacquired Tillotts Pharma AG, the seller ofAsacol, a major drug to treatinflammatory bowel syndrome. Tillottswas formed in 1999 as a spin-off fromMedeva/UCB. In addition, OM Pharma, aSwiss specialty pharma company withsales of over CHF 100 million, was soldto Galenica, the Swiss pharmadistribution and specialty pharmacompany. The values of bothtransactions were not disclosed.

During the second half of 2009,financing activity was rather low, butM&A activity picked up as expected. Twopublic biotech companies that had failedin their clinical trials had to find newhomes.

The fund raising environment willremain tough during 2010 for youngbiotech companies, even though the IPOmarket might open up again. If so, thepublic investors will only be receptive forcommercial or very late-stagecompanies like Belgian Movetis which“broke the ice” during the last quarterof 2009 (2). Most likely some morecompanies in the EU and Switzerlandwill test the public markets during theyear to come”. �

1 – See “Cosmo absorbs BioXell for its cash”, in BF

No. 440 from 30 November 2009.

2 – See “Belgium: Movetis launches in Euronext”,

in BF No. 440 from 30 November 2009.

SWITZERLAND

PICK UP IN M&A, BUT SLOW DOWN INPRIVATE FINANCING




THE NEED FOR FUNDS STILL DOMINATES IN NORDIC COUNTRIES

NORDIC COUNTRIES

ThomasDyrberg,SeniorPartnerNovo A/S

“In H2 2009 several trends startedemerging. The first is that early-stagecompanies are not progressing into amature model. Only some four to sixseed rounds have been completed, bycompanies such as Epitherapeutics andInagen, and several recapitalizations ofmore advanced companies such as

Santaris Pharma and Symphogen, aspecialist in recombinant monoclonaland polyclonal antibodies.The financial crisis of 2009 remainsfirmly anchored in the minds of VCs,who are still reluctant to make early-stage investments. Institutionalinvestors are equally hesitant, especiallyafter Danish investment bankBankInvest ended its involvement withlife sciences, to which it was a majorcontributor. Even though this didn’tcome as a surprise, investors in Denmarkare still reeling from this change. As tothe stock markets, some good news hasboosted the sector. Several targeted

secondary recapitalizations, such asthose completed by TopoTarget andBiovitrum, have been very successful.Some more mature companies are in thestarting blocks, ready for flotation assoon as the markets allow. Amongstthem are Symphogen and Santaris.These few pieces of good news give newhope for 2010. We are today in a betterposition than this time last year.However, there is one area that remainsunchanged: the need for funds by faroutweighs the available funds, and theneed for cash is still a major factor in theNordic countries.” �

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Pieter van derMeer,InvestmentDirectorGilde

“The biotech sector in the Benelux hasseen a remarkably positive developmentin the last six months. There wereseveral successful private placements,such as molecular diagnostics companyAgendia's 16.6 M€ financing round (1),8 M€ raised by ProFibrix (2), developing

a new tissue sealant that stops acuteand severe bleeding during surgery and12.5 M€ raised by Argen-X (3), a next-generation antibody platform. In addition, the public markets wereshowing a receptive attitude again bynot only accommodating varioussuccessful secondary placements withDevgen and Galapagos, but also withthe recent IPO of Movetis, raising nearly100 M€ fresh money to further exploittheir gastro-intestinal franchise. Dutch bellwether Crucell signed a majorpartnership with J&J which includes a300 M€ equity investment at asignificant premium to the market price.

The healthy cash position of Crucell willenable the company to accelerate itsgrowth via acquisitions. The favorablebiotech climate is fueled by governmentpolicies to stimulate entrepreneurshipvia IWT-grants in Belgium andTechnostarter-subsidies in TheNetherlands. In both countries there issignificant activity in seed capital andthe creation of new biotechcompanies”. �

1 – See “Agendia eyes the US with its additional15.8 M€”, in BF No. 433 from 5 October 2009.

2 – See “ProFibrix closes a round B at 8 M€”, inBF No. 429 from 7 September 2009.

3 – See “arGEN-X raises 9.5 M€ at early

BENELUX

MOVETIS RE-OPENS THE STOCKMARKET WINDOW

SimoneZanolo,GeneralManagerFilareteInvestimentiS.p.a.

“Cornerstone Therapeutics announced thatChiesi Farmaceutici, an Italian drugcompany, completed its purchase of a 51%stake in the North Carolina firm. “Webelieve this agreement has the potential tosignificantly increase our footprint in theU.S., the world's largest pharmaceuticalmarket,” Chiesi President and CEO AlbertoChiesi said. Enzon Pharmaceuticals agreed to sell itsspecialty pharmaceuticals unit to Sigma-Taufor as much as 327 M$. The deal, whichmight be finalized in the first quarter of2010, covers Enzon's Oncaspar, Adagen,DepoCyt and Abelcet. The VC Fund Toscana Innovazione (ownedby the Toscana Region and several Tuscanbanks) invested 760 k€ for 55% of ToscanaBiomarkers (autoimmune diagnostics) and 3M€ for 54% of Protera, a spin-off from theUniversity of Firenze. Cosmo Pharmaceuticals S.p.A. (SIX SwissExchange: COPN) announced today that ithas published its public tender offer toacquire all outstanding shares of BioXell

S.p.A. Its Board of Directors supports theintended public takeover by CosmoPharmaceuticals S.p.A. The offer is expectedto be launched in December 2009 and willbe closed in March 2010. Previously in2009, following the review of itsdevelopment portfolio in light of the recentlyannounced Phase IIb data of Elocalcitol inOveractive Bladder (OAB), the Companydecided to terminate its clinicaldevelopment activities for Elocalcitol in theindications OAB and Benign ProstaticHyperplasia (BPH). Beforehand, theCompany had already communicated itsdecision to suspend the Phase II trial ofElocalcitol in Male Infertility as well as to puton hold the initiation of the Phase I study ofBXL746 in the prevention of post-surgicaladhesions. All research activities withregards to the Company’s Vitamin D3 andTREM technologies will be terminated.BioXell intends to focus its futuredevelopment efforts on the development ofits monoclonal antibody BXL1H5 for thetreatment of chronic pain. The antibody, stillin preclinical development, is expected toenter the clinical phase in the first half of2011. The Italian-French company Nicox (1) hasannounced its intention to raise 100 M€ tomarket the anti-inflammatory drugNaproxcinod in the USA. The FondsStratégique d’Investissement will contribute25 M€. The FDA will issue its judgment on

the drug within 2Q10. Intesa Sanpaolo andAres Life Sciences, a private equity fundspecialized in investments in the biomedicaland health care sectors and headed byformer Serono owner Ernesto Berrelli, havereached an agreement to create a newconsortium of investors for purposes ofacquiring 100% of the share capital ofEsaote SpA.In addition to Intesa Sanpaolo and Ares LifeSciences, the new consortium will includeEquinox Two S.C.A, MPS Venture 2, Carigeand a group of managers led by CarloCastellano, current Chairman and CEO ofEsaote. The agreement provides for thetransfer of 100% of Esaote for a totalconsideration of about €280 million to anewly incorporated company: 40% ownedby Ares Life Sciences, 20% by the IntesaSanpaolo Group, about 13% each byEquinox Two SCA and Mps Venture 2 and8% by Carige. Members of Esaotemanagement will hold the remaining stake.Previously, the Intesa Sanpaolo Group held57% of Esaote’s share capital, with 13%held by Equinox Investment S.C.P.A, 12% byCarige, 11% by MPS Venture 1 and theremaining stake held by a group ofmanagers of the company.” �

1 – See “NicOx moves forward to integration

under a barrage of questions”, in BF No. 439

from 23 November 2009.

ITALY

ASSET CONSOLIDATION HAS STARTED




Joël Jean-Mairet,Co-foundingPartnerYsios CapitalPartners

“Cellerix provided the highlight of the lastsix months with the successful first closingof its third financing round, raising 27 M€(1). This financing round is particularlysignificant in that it’s one of the only largelate-stage capital increases that have beenclosed so far in Spain. Amongst theparticipating VCs were Ysios CapitalPartners, Life Science Partners, Ventech,Genetrix, Roche Venture Fund, NovartisVenture Fund and A&G; a hefty syndicate.The round C should be completed withinthe next few weeks and reach a total of 35to 36 M€.

There have been several smallercapitalizations and recapitalizations ofbetween 1 and 1.5 M€, one of them beingERA Biotech’s round B of 3.75 M€, led bythe French VC Crédit Agricole PrivateEquity. The company has developed thepatented tools Zera® and StorPro®,which enable the production of proteinsthat are difficult to extract and improvethe performance of cell-basedbiomanufacturing. Numerous otherprojects are being investigated byinvestors, and may lead to theirparticipation in 2010. For our part, wehave researched almost 100 dossiersthis year.

In M&A, the first transaction took place inthe last six months between twobusinesses within Spain. Oryzon S.A., abiotech that specializes in thedevelopment of biomarkers and

therapeutic targets in oncology and inneurodegenerative diseases, has acquiredCrystax Pharmaceuticals S.L., a biopharmathat is specialized in cancer treatments.The value of the resulting company isestimated at 55 M€, and Crystaxshareholders have 5.7% of Oryzon shares.

On the stock markets, several companiesare waiting for opportunities, but theconditions are not right yet for a flotation.If the climate continues to improve, someof them may enter the door to themarkets.” �

1 – See “Spain: Cellerix pulls off a first

closing of 27 M€”, in BF No. 439 from

23 November 2009.

Matej Penca,ManagingDirector HorizonteVentureManagementGmbH

The last six months of 2009 haven’t beenvery dynamic in term of investments in lifesciences in Eastern Europe. Just a few

small financing rounds have beencompleted, with only modest amountsbeing raised. Ekliptik, a company focusedon the production of medical instrumentsfor improving surgery and reducing itscosts, has for example raised 200,000 € ina round B. Meanwhile, BIA Separations, aworld leader in the field of liquidseparation through biochromatography isin the progress of completing a moresignificant round, probably in the region of8 M€. Several investors have been probed

and a response should follow early 2010.As to the stock market, things are equallyquiet and results are satisfactory. Theshares of KrKa Pharmaceuticals forexample have increased by 30% since thestart of the year, which is very encouraginggiven the current climate in Europe. Theonly negative is that Slovenia is verydependent on German markets, which arenot faring all too well.” �

AN UNFAVORABLE CLIMATE FOR LIFESCIENCES

SPAIN

EASTERN EUROPE

SOME GREAT ROUNDS BRIGHTENTHE END OF 2009




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MariannaShapira, ResearchManager Israel VentureCapitalResearchCenter

“In the third quarter of 2009 the LifeSciences sector led capital raising with27% of the total capital raised, followedby the Software sector with 21% andthe Internet with 15%.

Twenty-seven Life Science companiesattracted 83.5 M$ in Q3 2009,compared with 76 M$ in the previousquarter (again representing 27% oftotal capital raised) and 65 M$ or 11%in the third quarter of 2008.

Within the Life Sciences sector, theMedical Devices subsector attracted63 M$ or 75.5% of the amount raisedby the entire sector, and 21% of totalcapital raised by all sectors.

From among Seed investments in thequarter, Life Science companiesattracted the largest share of capital –41% – followed by Software companieswith 36%. Within Early Stageinvestments, Life Science companiesalso attracted the largest share – 34% –followed by other companies with30.5%. Within Mid-Stage investments,Life Science companies attracted thelargest share as well – 26.5% –followed by Software companies with20%. From among Late Stage investments,Software companies attracted the largestshare of capital – 32% – followed bythe Life Sciences sector with 23%.

In the first three quarters of 2009, LifeSciences led all sectors, raising 210 M$or 25% of total capital raised, whichcompares with 253 M$ or 15% in thefirst three quarters of 2008. The LifeSciences sector was followed bySoftware with 21% andCommunications with 19% of totalcapital raised”.

The best capital increases of 2009 werecompleted by companies such as Bio-Pure Technology Ltd, at 8.4 M€,MacroCure at 5.6 M€ (1), D-Pharm Ltdat 10.2 m€ and B ioL ineRx L td at9 M€. �

1 – See “MacroCure poised for the international

scene”, in BF No. 430 from 14 September 2009.

LIFE SCIENCES ATTRACT MOST CAPITALRISK INVESTMENTS

ISRAEL




I N F O M E R C I A L

“TVG HAS A REPUTATION FOR BEING THE FIRST AND THE BEST”by Robert Lee Kilpatrick Partner at Technology Vision Group LLC

On January 7th, 1992, TVG opened for business and started planning for the firstBioPartnering™ conference in London to encourage partnering between US andEuropean life science companies. Today, as we celebrate TVG’s 18th birthday, Bio-Partnering, which was merely a concept before 1992, is a truly global activity andthe catalyst for growth and innovation in our industry. We have witnessed tremen-dous change in our industry over these 18 years and we know that what we have

experienced to date is only a shadow of the innovation and growth that we will realize over the next two decades. In contrast to this incredible change, our mission at TVG remains the same. Since our inception, our goal has beento build and expand networks for the life science industry, which are dedicated to developing novel solutions in theareas of human, animal and plant health; food; energy; materials; and various industrial processes which will contri-bute to a new sustainable global economy in the 21st century. This is termed the “bio-economy” – an economybased on the use of living systems. In contrast, the petroleum-based economy is based on extracting non-renewableenergy from the earth. The most effective way to grow and develop the companies that will usher in the bio-eco-nomy is by using networks to tap global innovation. TVG has been doing this for nearly 20 years and now a criti-cal mass of players has arisen around the world, creating a need for a new kind of network.

The TVG partnering network is built upon biopartnering.com™ – a powerful web-based platform that allows TVGclients to maximize networking opportunities before, during, and after events. biopartnering.com showcases thecompanies and people driving life science innovation around the world and connects you to them.

In just a few weeks at BioPartnering North America™ (24-26 January, Vancouver, BC, Canada), TVG will launch thefirst Global BioPartnering Platform powered by biopartnering.com. This new network allows life science companiesto access global innovation, raise new sources of capital, and tap into skilled workforces around the world. Wehave focused on six of the most important markets for life science companies, including USA, Canada, Europe, India,China, and Latin America. For several years, TVG has been laying the foundation for this expansion, and togetherwith industry leaders, we are able to offer our clients a seamless partnering experience through biopartnering.com.Your 2010 Global BioPartnering Calendar:

January 24-26: BioPartnering North America™ (Vancouver, BC, Canada)

May 25-27: C21 BioVentures™ (Napa, California, USA)

June 2-4: BioPartnering India™ at BangaloreBio 2010 (Bangalore, India)

September 19-21: BioPartnering Latin America™ (Rio de Janeiro, Brazil)

October 10-12: BioPartnering Europe™ at QEII Conference Centre (Europe)

October 31- November 2: BioPartnering China™ (Shanghai, China)

In each of these markets, TVG is working with leading organizations who will act effectively on the ground, wor-king closely with key government agencies, public and private companies, science parks, bio-clusters and biotechassociations, and the many leading service companies that support the life science industry – globally and locally. TVG has a reputation for being the first and the best at what we do because we have a simple formula. We alwaysput the needs of our clients first, and we choose partners who do the same. We have built an unrivalled global net-work to support our clients as they grow their businesses. Join with us in 2010 and be a part of an ever-expandingnetwork of individuals and organizations who are working together to deliver the innovative solutions necessary inthis expanding global bio-economy.



Légende * = valeur estimée

Acquiror Acquiror Target Target All Deal values Deal Deal Deal Deal method Ent. value Estimatedname country name country th EUR type status financing of payment th EUR Ent. value

code code th EUR

1 - Quantum Genomics SA FR 6,00 Initial public offering 0.015% Completed Cash n.a. n.a.on Euronext Paris

2 - Bioquanta SA FR 8,00 Initial public offering 0.074% Completed Cash n.a. 10 815,81on Euronext Paris

3 - Plant Advanced Technologies PAT SAS FR 2,00 Initial public offering 0.042% Completed Cash n.a. 4 785,91on Euronext Paris

4 - AB Science FR 50,000.00 * Planned IPO unknown stake % Rumour Capital increase Cash n.a. n.a.5 Société Hospitalière d'Assurance Mutuelle FR Alizé Pharma SAS FR 3000,00 Minority stake unknown % Completed Development capital Cash n.a. n.a.

Octalfa SAS FR Corporate venturingCEMA Inc. CA Venture capital

6 YA Global Master SPV Ltd Hybrigenics SA FR 5,000.00 * Minority stake 12.3% Pending - awaiting Capital increase - private placing Cash n.a. 38 501,41shareholder approval

Bertin Technologies SAS FR Institut de Developpement FR 2650,00 Acquisition 100% Completed n.a. 2890,00de Produits de Santé

7 Bioam Gestion SA FR FAB Pharma FR 2300,00 Minority stake unknown % Completed Development capital - 1st round Cash n.a. n.a.CDC Innovation SAS FR Venture capital

8 H Lundbeck A/S DK Elaiapharm SA FR n.a. Acquisition 100% Completed n.a. n.a.9 Sanofi-Aventis SA FR Fovea Pharmaceuticals SA FR n.a. Acquisition 100% Announced n.a. n.a.10 ResMed Inc. US Laboratoires Narval SA FR n.a. Acquisition 100% Completed n.a. n.a.11 - Sanofi-Aventis SA FR 6,120.00 * Minority stake 0.009% Completed n.a. n.a.12 CIC Finance SA FR Forenap Pharma EURL FR 11000,00 Minority stake unknown % Completed Venture capital Cash n.a. n.a.

TechFund Capital Europe Management SAS FR Development capitalFonds Stratégique d'Investissement SA, Le FR

13 Qualified investors Cellectis SA FR 20000,00 Minority stake 16.652% Announced Capital increase - private placing Cash n.a. 91 560,6914 Qualified investors Cellectis SA FR 10,788.00 * Minority stake 9.109% Rumour n.a. 71 224,4615 Sanofi-Aventis SA FR Laboratoire Oenobiol SAS FR n.a. Acquisition 100% Announced n.a. n.a.16 Danisco A/S DK Sorbial SAS FR n.a. Acquisition 100% Announced n.a. n.a.17 Cap Décisif SAS FR Nokad SA FR 1600,00 Minority stake unknown % Completed Development capital - 2nd round Cash n.a. n.a.

G1J-Ile-de-France FR Private EquitySHAM FR

18 Institutional Investors FR NicOx SA FR 30491,00 Minority stake 7.863% Completed Capital increase - private placing Cash n.a. 287 558,20Fonds Stratégique d'Investissement SA, Le FR Private Equity

19 Shareholders FR NicOx SA FR 69940,00 Minority stake 27.932% Announced Capital increase - rights issue Cash n.a. 150 173,81Fonds Stratégique d'Investissement SA, Le FR

20 Apsis SAS FR Gloster Europe FR n.a. Acquisition 100% Completed n.a. n.a.21 Fonds Stratégique d'Investissement SA, Le FR Genfit SA FR n.a. Minority stake unknown % Rumour Development capital Cash n.a. n.a.

Private Equity22 Alphatec Holdings Inc. US Scient'X SA FR 82,744.06 * Acquisition 100% Pending - awaiting Capital increase - vendor placing Shares n.a. 85 160,06

shareholder approval23 AstraZeneca plc GB Novexel SA FR 296,607.85 * Acquisition 100% Announced Cash n.a. 215 231,85

Earn-out


code code th EUR1 Johnson & Johnson US Elan Corporation plc IE 706 579,82 Minority stake 18.4% Announced Capital increase - placing Cash n.a. 4 770 955,982 Wellington Management Co LLP US Elan Corporation plc IE 18,245.13 * Minority stake increased from Completed n.a. 2 649 168,71

6.407% to 7.442%3 Enterprise Equity (Ireland) Ltd IE Vysera Biomedical Ltd IE n.a. Minority stake unknown % Completed Development capital Cash n.a. n.a.

Merit Medical Systems Inc. US Corporate venturingWestern Development Commission, The Venture capital- Elan Corporation plc IE 2,980.05 * Minority stake increased from Completed n.a. 3 370 789,44

11.89% to 12.01%Private Investors GB OSspray Ltd GB 3 514,59 Minority stake unknown % Completed Development capital - 1st round Cash n.a. n.a.National Endowment for Science GB Venture capitalTechnology and the ArtsYFM Venture Finance Ltd GBImperial Innovations Group plc GB

4 Proximagen Neuroscience plc GB Cambridge Biotechnology Ltd GB n.a. Acquisition 100% Completed n.a. n.a.Tarsus Group plc GB CapRegen plc GB 3,660.35 * Acquisition increased from Completed Capital increase - vendor placing Shares n.a. 349,89

17.406% to 100%5 Azure Ventures Ltd MT Allergy Therapeutics plc GB 15 386,04 Minority stake 40.704% Completed Capital increase - private placing Cash n.a. 114 121,17

Wild IndigoMr Ignace Goethals

6 Institutional Investors Allergy Therapeutics plc GB 8 365,83 Minority stake 22.132% Completed Capital increase - private placing Cash n.a. 114 121,057 Employees Allergy Therapeutics plc GB 2,510.57 * Minority stake 6.642% Completed Capital increase - private placing Cash n.a. 114 119,75

Shareholders8 Grupo CH Werfen SA ES Binding Site Ltd's auto-immune GB 99,043.15 * Acquisition 100% Completed n.a. n.a.

division, TheCeltic Pharma Holdings Advisors LLP GB Novacta Biosystems Ltd GB 15 285,24 Institutional buy-out Completed Private Equity n.a. n.a.

unknown majority stake %9 H Lundbeck A/S DK LifeHealth Ltd GB 105 202,94 Acquisition 100% Announced Cash n.a. 82 072,2110 Shareholders Amarin Corporation plc GB 39,361.64 * Acquisition 79.706% Announced Capital increase - private placing Cash n.a. 37 752,5311 ICON plc IE Veeda Laboratories Ltd GB n.a. Acquisition 100% Completed n.a. n.a.12 CN Innovations Holdings Ltd HK Zyoxel Ltd GB 1 165,21 Minority stake unknown % Completed Capital increase - private placing Cash n.a. n.a.13 Grupo CH Werfen SA ES The Binding Site Group Ltd's GB n.a. Acquisition 100% Completed n.a. n.a.

autoimmune diagnostics business14 - QinetiQ Group plc GB 9,566.87 * Minority stake 0.917% Completed n.a. 1 684 244,9115 Kisco Ltd GB Nanoco Group plc GB 1,541.97 * Minority stake increased from Completed n.a. 91 860,21

1.714% to 3.273%16 - Cyprotex plc GB n.a. Minority stake unknown % Rumour Capital increase n.a. n.a.17 General Healthcare Group Ltd GB Covenant Healthcare Group Ltd GB n.a. Acquisition 100% Rumour n.a. n.a.18 MMC Ventures Ltd GB Delphic Diagnostics Ltd GB 984,73 Minority stake unknown % Completed Development capital Cash n.a. n.a.

YFM Venture Finance Ltd GB Venture capital- Avacta Group plc GB 546.74 * Minority stake 3.201% Completed n.a. 15 859,69

19 National Endowment for Science GB Probe Scientific Ltd GB 707,20 Minority stake unknown % Completed Development capital Cash n.a. n.a.Technology and the ArtsCatapult Venture Managers Ltd GB Venture capitalCegedim Strategic Data UK Ltd GB Hospital Marketing Services Ltd GB n.a. Acquisition 100% Completed n.a. n.a.

20 Scottish Enterprise GB Antoxis Ltd GB 293,12 Minority stake Completed Angel Investment Cash n.a. n.a.Tri Capital Ltd GB Development capital - 1st roundKapital Venture Equity LLP GB Venture capital

21 - PuriCore plc GB 2 352,07 Minority stake 4.6% Completed Capital increase - placing Cash n.a. 44 336,85

FINANCIAL BIOTRANSACTIONS IN FRANCE FOR H2 2009

FINANCIAL BIOTRANSACTIONS IN THE BRITISH ISLES FOR H2 2009

(continued p.17)






(continued p.18)

FINANCIAL BIOTRANSACTIONS IN THE BRITISH ISLES FOR H2 2009Acquiror Acquiror Target Target All Deal values Deal Deal Deal Deal method Ent. value Estimatedname country name country th EUR type status financing of payment th EUR Ent. value

code code th EUR22 PuriCore plc GB Labcaire Systems Ltd GB 3,194.91 * Acquisition 100% Completed Earn-out n.a. 5 973,62

Cash23 SmithKline Beecham Corporation US Vernalis plc GB 2 050,52 Minority stake 10.101% Completed Capital increase - private placing Cash n.a. 23 466,3324 Great Point Partners LLC US GW Pharmaceuticals plc GB 6 842,14 Minority stake 5.844% Completed Capital increase - private placing Cash n.a. 100 759,4225 EiRx Pharma Ltd GB Physiomics plc GB 29,48 Minority stake 3.783% Announced Capital increase - converted debt Converted Debt n.a. 778,0826 RH Acquisitions Ltd GB York Pharma plc GB n.a. Acquisition 100% Completed n.a. n.a.27 - Alizyme plc GB n.a. Acquisition 100% Rumour n.a. n.a.28 Millipore Corporation US BioAnaLab Ltd GB n.a. Acquisition 100% Completed n.a. n.a.29 GAM London Ltd GB Vernalis plc GB 3,149.60 * Acquisition increased from Completed n.a. 20 894,23

40.615% to 58.438%30 - Provexis plc GB 343.67 * Minority stake 2.98% Completed n.a. 9 571,1031 - NextGen Group plc GB 872,41 Minority stake 19.753% Completed Capital increase - placing Cash n.a. 4 678,0432 Angel Investors Altacor Ltd GB 1 161,26 Minority stake unknown % Completed Angel Investment Cash n.a. n.a.

Beringea Ltd GB Development capital - 2nd roundEsperante NL Private EquityCapital for Enterprise Ltd GB

33 Cantor Fitzgerald Europe GB Nanoco Group plc GB 2,561.92 * Minority stake increased from Completed n.a. 79 871,661.286% to 4.234%

34 Shareholders GB ReGen Therapeutics plc GB 110,21 Minority stake 10.247% Completed Capital increase - private placing Cash n.a. 1 106,5535 - Axis-Shield plc GB 2,544.23 * Minority stake 1.194% Completed Capital increase n.a. 221 536,6836 Shareholder GB NextGen Group plc GB 568,08 Minority stake 16.41% Completed Capital increase - private placing Cash n.a. 3 720,6537 Acrongenomics Inc. US Molecular Vision Ltd GB 2 272,32 Minority stake unknown % Completed Venture capital Cash n.a. n.a.

Imperial Innovations Ltd GB Development capital38 Kiotech International plc GB Optivite Ltd GB 3 743,81 Acquisition 100% Completed Capital increase - vendor placing Shares n.a. 4 110,02

Cash39 - Kiotech International plc GB 5 197,37 Minority stake 38.685% Completed Capital increase - placing Cash n.a. 11 392,03

- Optos plc GB 1,655.33 * Minority stake 2.785% Completed n.a. 100 156,7140 - ReGen Therapeutics plc GB 136,77 Minority stake 8.764% Completed Capital increase - placing Cash n.a. 1 591,3141 Barclays plc GB Provexis plc GB 1,607.72 * Minority stake increased from Completed n.a. 112 119,85

7.118% to 8.528%42 - Sinclair Pharma plc GB 1 145,79 Minority stake unknown % Completed Capital increase - private placing Cash n.a. n.a.

Capital increase - convertible loan notes43 - Sinclair Pharma plc GB 1 419,39 Minority stake 4.723% Completed Capital increase - convertible loan notes Cash n.a. 36 817,69

Capital increase - private placing44 Archangel Informal Investment Ltd GB Lab901 Ltd GB 2 749,88 Minority stake unknown % Completed Angel Investment Cash n.a. n.a.

Scottish Equity Partners Ltd GB Venture capitalForesight 3 VCT plc GB Development capitalTri Capital Ltd GBAlliance Trust Equity Partners Ltd GB

45 - Sareum Holdings plc GB 359,88 Minority stake 16.144% Completed Capital increase - placing Cash n.a. 1 924,1546 - Myconostica Ltd GB 1 947,83 Minority stake unknown % Completed Venture capital Cash n.a. n.a.

Development capital - 4th round47 Rock Island Investments Ltd KY Avacta Group plc GB 573.52 * Minority stake increased from Completed n.a. 15 903,44

2.085% to 5.437%48 - Angel Biotechnology Holdings plc GB 154.29 * Minority stake 2.872% Completed n.a. 5 915,1949 - Axis-Shield plc GB 4,409.15 * Minority stake 2.015% Completed n.a. 227 266,4950 Imperial Innovations Group plc GB Cell Medica Ltd GB 2 152,27 Minority stake unknown % Completed Development capital Cash n.a. n.a.

Venture capital51 - Martindale Pharmaceuticals Ltd GB 165,981.60 * Institutional buy-out 100% Rumour Private Equity n.a. 193 068,6952 - Dechra Pharmaceuticals plc GB 1,680.83 * Minority stake 0.57% Completed Capital increase n.a. 312 030,3453 - ProStrakan Group plc GB 33,906.46 * Minority stake 12.047% Completed n.a. 280 347,7354 - Sinclair Pharma plc GB 13,464.89 * Minority stake 22.516% Pending - awaiting Capital increase - placing Cash n.a. 66 475,68

shareholder approval55 QIAGEN NV NL DxS Ltd GB 87,354.78 * Acquisition 100% Completed Earn-out n.a. 91 541,26

CashDeferred payment

56 Institutional Investors GB Provexis plc GB 5 487,20 Minority stake 19.599% Completed Capital increase - placing Cash n.a. 26 155,8557 - Omega Diagnostics Group plc GB 1 085,98 Minority stake 24.233% Completed Capital increase - placing Cash n.a. 6257,0058 Consort Medical plc GB Medical House plc, The GB 18 365,44 Acquisition 100% Unconditional New bank facilities Cash n.a. 18 660,92

Loan notes59 - Allergy Therapeutics plc GB 2 187,44 Minority stake 5.558% Completed Capital increase - private placing Cash n.a. 110 509,8860 Thornton & Ross Ltd GB Zeroderma Ltd GB n.a. Acquisition 100% Completed n.a. n.a.61 - Hikma Pharmaceuticals plc GB 15,425.49 * Minority stake 1.552% Completed Capital increase n.a. 1 111 453,2762 Welcome Trust Ltd, The Ark Therapeutics Group plc GB 1,167.43 * Minority stake increased from Completed n.a. 53 373,65

3.499% to 4.706%63 Atlas Venture UK Ltd GB Bicycle Therapeutics Ltd GB n.a. Minority stake unknown % Completed Venture capital Cash n.a. n.a.

Novartis Venture Fund CH Development capital - seed64 Invesco Ltd BM AstraZeneca plc GB 42,890.21 * Minority stake increased from Completed n.a. 48 658 652,20

4.922% to 5.02%65 Standard Life Investments Ltd GB Vectura Group plc GB 3,167.42 * Minority stake increased from Completed n.a. 214 396,85

3.977% to 5.05%66 Celtic Therapeutics Holdings LP VG Spirogen Ltd GB 10 188,78 Minority stake unknown % Completed Development capital Cash n.a. n.a.

Venture capital67 - Axis-Shield plc GB 11,190.74 * Acquisition 4.806% Completed n.a. 240 906,8368 - Sareum Holdings plc GB 482,18 Minority stake 15.576% Completed Capital increase - placing Cash n.a. 2 809,5869 - Sinclair Pharma plc GB 13,464.89 * Minority stake 22.516% Pending - awaiting Capital increase - placing Cash n.a. 66 475,68

shareholder approval70 Finance Wales plc GB Envirogene Ltd GB 551,86 Minority stake unknown % Completed Venture capital Cash n.a. n.a.

RAB Capital plc GB Development capitalManagement

71 - Envirogene Ltd GB 1 103,73 Minority stake unknown % Rumour Development capital Cash n.a. n.a.Venture capital

72 Sofinnova Partners FR Crescendo Biologics Ltd GB 4 847,36 Minority stake unknown % Completed Venture capital Cash n.a. n.a.Avlar Bioventures Ltd GB Development capital - seedRainbow Seed Fund GBAitua Ltd GB

73 - EpiStem Holdings plc GB 1 594,24 Minority stake 5.54% Completed n.a. 24 885,0574 Shareholder GB NextGen Group plc GB 1 095,48 Minority stake 20.846% Completed Capital increase - private placing Cash n.a. 5 504,1975 IP Group plc GB Retroscreen Virology Ltd GB 2 780,27 Minority stake unknown % Completed Venture capital Cash n.a. n.a.

Aquarius Equity Partners Ltd GB Development capital - 2nd round76 YFM Venture Finance Ltd GB Atlas Genetics Ltd GB n.a. Minority stake unknown % Completed Development capital Cash n.a. n.a.

Venture capital77 - Shire plc GB 6,735.73 * Minority stake 0.107% Completed n.a. 6 901 225,6978 - Omega Diagnostics Group plc GB 8,250.06 * Acquisition unknown stake % Rumour n.a. n.a.79 Sofinnova Ventures Inc. US Amarin Corporation plc GB 46 997,05 Minority stake unknown % Completed Capital increase - private placing Cash n.a. n.a.

OrbiMed Advisors LLC USTavistock Life Sciences Inc. USGreat Point Partners LLC USRA Capital Management LLC USLongitude Capital Management Company LLC USFountain Healthcare Partners Ltd IEAPG Groep NV NLAbingworth LLP GB





(continued p.19)

FINANCIAL BIOTRANSACTIONS IN THE BRITISH ISLES FOR H2 2009Acquiror Acquiror Target Target All Deal values Deal Deal Deal Deal method Ent. value Estimatedname country name country th EUR type status financing of payment th EUR Ent. value

code code th EUR80 Comvest Ltd Inc. US BioCeramic Therapeutics Ltd GB 1 316,93 Minority stake unknown % Completed Development capital Cash n.a. n.a.

Esmée Fairbairn Foundation GB Venture capitalImperial Innovations Ltd GB Corporate venturingMr Mark Rowan GBLongbow Capital LLP GB

81 Shareholders GB Avacta Group plc GB 1 602,93 Minority stake 7.972% Completed Capital increase - placing Cash n.a. 18 939,6682 - Avacta Group plc GB 603,28 Minority stake 2.935% Rumour Capital increase - placing Cash n.a. 19 396,2883 - Antisoma plc GB 4,501.54 * Minority stake 1.767% Completed Capital increase n.a. 181 223,3084 Barclays plc GB Phytopharm plc GB 1,417.62 * Minority stake 5.233% Completed n.a. 19 474,7085 - Dechra Pharmaceuticals plc GB 2,857.34 * Minority stake 0.899% Completed n.a. 334 866,2086 MTI Partners Ltd GB Lein Applied Diagnostics Ltd GB 1,087.24 * Minority stake unknown % Announced Development capital Cash n.a. n.a.

National Endowment for Science GB Venture capitalTechnology and the Arts

87 Standard Life Investments Ltd GB Axis-Shield plc GB 1,748.86 * Minority stake 0.697% Completed n.a. 118 788,4188 - Q-Chip Ltd GB 884,72 Minority stake unknown % Completed Venture capital Cash n.a. n.a.

Development capital - 8th round89 - ReGen Therapeutics plc GB 83,49 Minority stake 6.806% Completed Capital increase - placing Cash n.a. 1 256,8490 - e-Therapeutics plc GB 2 771,36 Minority stake 9.998% Completed Capital increase - placing Cash n.a. 27 263,1691 Pfizer Inc. US ViiV Healthcare Ltd GB n.a. Joint venture 100% Completed n.a. n.a.

GlaxoSmithKline plc GB92 - Mediwatch plc GB 387,60 Minority stake 4.325% Completed Capital increase - placing Cash n.a. n.a.93 - Futura Medical plc GB 1 649,72 Minority stake 7.208% Completed Capital increase - placing Cash n.a. 22 003,0894 Biota Holdings Ltd AU Prolysis Ltd's key assets and programs GB 6 705,77 Acquisition 100% Completed Capital increase - vendor placing Shares n.a. n.a.95 Italian Angels for Growth IT Quotient Diagnostics Ltd GB 1000,00 Minority stake unknown % Completed Venture capital Cash n.a. n.a.

Succès Europe FR Development capital - 5th roundSwiss investor CH

96 Oxfordshire Investment Opportunity GB Anaxsys Technology Ltd GB 1 466,23 Minority stake unknown % Completed Development capital - 1st round Cash n.a. n.a.Network Ltd, TheLondon Business Angels Ltd GB Venture capital

97 TiGenix NV BE OrthoMimetics Ltd GB 16000,00 Acquisition 100% Announced Capital increase - vendor placing Shares n.a. 15 586,4398 Viking Club, The GB Paraytec Ltd GB n.a. Minority stake unknown % Completed Venture capital Cash n.a. n.a.

YFM Group (Holdings) Ltd GB Development capitalYorkshire Association of Business Angels Ltd GB Angel Investment

99 Mr Neil Ewin GB Retrogenix Ltd GB 171,44 Minority stake unknown % Completed Development capital Cash n.a. n.a.Mr Mark Woodward GB Venture capitalMr Nick Stringer GB Angel Investment

100 - Plethora Solutions Holdings plc GB 1 260,75 Minority stake 26.569% Pending - awaiting Capital increase - placing Cash n.a. 8 231,19shareholder approval

101 - 3D Diagnostic Imaging plc GB 848,04 Minority stake 8.737% Announced Capital increase - placing Cash n.a. n.a.102 Bayer MaterialScience AG DE PolyBioMed Ltd GB 1 100,76 Acquisition 100% Completed Cash n.a. 4 381,03103 - Fulcrum Pharma plc GB 6,223.40 * Acquisition unknown stake % Rumour n.a. n.a.104 - EpiStem Holdings plc GB 3,166.25 * Minority stake 9.075% Completed Capital increase - placing Cash n.a. 106 124,62105 Trafalgar Capital Advisers Ltd GB Angel Biotechnology Holdings plc GB 4,437.89 * Minority stake 47.187% Announced Capital increase - private placing Cash n.a. 9 931,90106 Tri Capital Ltd GB NovaBiotics Ltd GB 117,25 Minority stake unknown % Completed Development capital Cash n.a. n.a.

Private Equity107 International Biotechnology Trust plc GB Oxagen Ltd GB 17764,00 Minority stake unknown % Completed Development capital - 3rd round Cash n.a. n.a.

Novartis Venture Fund CH Corporate venturingBessemer Venture Partners US Venture capitalAdvent Venture Partners LLP GBMPM Capital USWellcome Trust Ltd, The GBRed Abbey Venture Partners LLC USSV Life Sciences USOmega Fund Management UK LLP GBAbingworth LLP GBMatrix Corporate Capital LLP GB ReNeuron Group plc GB 5,516.17 * Minority stake 32.037% Announced Capital increase - private placing Cash n.a. 18 527,67

108 Lab 21 Ltd GB Delphic Diagnostics Ltd's GB n.a. Acquisition 100% Completed n.a. n.a.business and assets

109 Sumitomo Chemical Co., Ltd JP Atrium Innovation Ltd GB 8,749.78 * Acquisition 100% Completed n.a. 9 217,31110 Investors FuturaGene plc GB 3 287,56 Minority stake 10.672% Announced Capital increase - placing Cash n.a. 30 151,24

Hartford Growth (Trading) Fund Ltd BS111 - Phytopharm plc GB 27 872,39 Acquisition 72.727% Announced Capital increase - rights issue Cash n.a. 30 468,05112 - Provexis plc GB 2,354.67 * Minority stake 7.692% Announced Capital increase - rights issue Cash n.a. 28 756,89113 Japan Radio Co., Ltd JP

FINANCIAL BIOTRANSACTIONS IN GERMANIC COUNTRIES FOR H2 2009Acquiror Acquiror Target Target All Deal values Deal Deal Deal Deal method Ent. value Estimatedname country name country th EUR type status financing of payment th EUR Ent. value

code code th EUR1 BWT AG AT zeta Holding GmbH AT 35,000.00 * Acquisition Completed Cash n.a. n.a.2 Austria Wirtschaftsservice GmbH AT Savira Pharmaceuticals GmbH AT 1000,00 Minority stake unknown % Completed Development capital - seed Cash n.a. n.a.

Venture capital3 eBioscience Inc. US Bender MedSystems GmbH AT n.a. Acquisition 100% Completed Cash n.a. n.a.4 Life Science Ventures GmbH DE Nabriva Therapeutics AG AT 15000,00 Minority stake unknown % Completed Venture capital Cash n.a. n.a.

Novartis Venture Fund CH Development capitalWellcome Trust Ltd, The GBHBM Partners AG CHNomura Phase4 Ventures Ltd GB

5 Edmond de Rothschild Investment Partners SAS FR PDC Biotech GmbH AT 4,000.00 * Minority stake unknown % Completed Development capital - 1st round Cash n.a. n.a.MIG Verwaltungs AG DE Venture capital

6 Baxter International Inc. US Avir Green Hills Biotechnology AG AT n.a. Minority stake unknown % Completed Corporate venturing Cash n.a. n.a.BAST AG Value & Invest Development AT Venture capitalArax Private Equity 2008 GmbH & Co KG AT Development capital

7 Hypo Equity Management AG AT Innovacell Biotechnologie AG AT 3000,00 Minority stake unknown % Completed Capital increase - private placing Cash n.a. n.a.Fides Privatstiftung AT Development capitalBuschier GmbH AT Venture capitalDr Gerd Holzknecht AT

8 Tirol province AT Innovacell Biotechnologie AG AT 2530,00 Minority stake unknown % Completed Capital increase - private placing Cash n.a. n.a.Österreichische Forschungsförderungsgesellschaft mbH AT





FINANCIAL BIOTRANSACTIONS IN GERMANIC COUNTRIES FOR H2 2009Acquiror Acquiror Target Target All Deal values Deal Deal Deal Deal method Ent. value EstimatedAcquiror Acquiror Target Target All Deal values Deal Deal Deal Deal method Ent. value Estimatedname country name country th EUR type status financing of payment th EUR Ent. value

code code th EUR9 Heidelberg Innovation GmbH DE mtm Laboratories AG DE 39000,00 Minority stake unknown % Completed Development capital - 3rd round Cash n.a. n.a.

Wellington Partners Venture Capital GmbH DE Private EquitySwissfirst Bank AG CHHBM BioVentures AG CHMannheim LLC USHBM Partners AG CHGilde Healthcare Partners BV NLNexus Medical Partners USNational Technology Enterprises Company KWLBBW Venture Capital GmbH DE

10 UCB SP GmbH DE Schwarz Pharma AG DE 21,423.00 * Acquisition increased from Completed Cash n.a. 5 693 624,9599.59% to 100%

11 Agennix AG DE GPC Biotech AG DE 35,732.00 * Acquisition 100% Completed Capital increase - vendor placing Shares n.a. 5615,0012 - Biofrontera AG DE 1800,00 Minority stake 16.349% Completed Capital increase - rights issue Cash n.a. 32 055,40

Capital increaseHeidelbergCapital Asset Management GmbH DE Accovion GmbH DE n.a. Institutional buy-out unknown Completed Private Equity n.a. n.a.

majority stake %13 Institut Stvolovykh Kletok Cheloveka OAO RU SymbioTec GmbH DE 1,000.00 * Minority stake 25.01% Completed n.a. 6 592,4914 Private equity fund SymbioTec GmbH DE n.a. Minority stake 18.8% Completed Private Equity n.a. n.a.15 Ascenion GmbH DE Kinaris Biomedicals GmbH DE n.a. Minority stake unknown % Completed n.a. n.a.16 BC Partners Ltd GB SynLab GmbH DE n.a. Minority stake 40% Pending - awaiting Private Equity n.a. n.a.

New bank facilitiesregulatory approval

17 - ItN Nanovation AG DE 1,018.00 * Minority stake 4.349% Completed Capital increase Cash n.a. 23 342,6818 - Adinotec AG DE 2,000.00 * Minority stake 33.333% Announced Capital increase - rights issue Cash n.a. 10 029,0619 Amola GmbH DE Adinotec AG DE 4000,00 Minority stake 20.513% Announced Capital increase - converted debt Converted Debt n.a. 23 528,8320 Thermo Fisher Scientific Inc. US B.R.A.H.M.S. Holding GmbH DE 330000,00 Acquisition 100% Completed Debt assumed 330000,00 n.a.

Deferred paymentCash

21 - Wilex AG DE n.a. Minority stake unknown % Completed n.a. n.a.22 Deutsche Effecten- & Wechsel- DE Sloning Biotechnology GmbH DE n.a. Minority stake unknown % Completed Private Equity Cash n.a. n.a.

Beteiligungsgesellschaft AGHBM BioVentures AG CH Development capitalKfW Bankengruppe DELBBW Venture Capital GmbH DE

23 Yorkville Advisors LLC US Sygnis Pharma AG DE 10,000.00 * Minority stake 17.533% Rumour Capital increase - private placing Cash n.a. 48 089,3124 SKion GmbH DE Altana AG DE 158327,00 Acquisition increased from Announced Cash n.a. 1 924 075,03

91.691% to 100%25 Lonza Group AG CH Cilian AG DE n.a. Minority stake unknown % Completed Capital increase - private placing Other n.a. n.a.26 VI Partners NO Activaero GmbH DE 10700,00 Minority stake unknown % Completed Development capital - 1st round Cash n.a. n.a.

BioMedPartners AG CH Venture capitalVesalius Biocapital Partners S.a.r.l LUAbalis Finance AG CH

27 BB Biotech AG CH Probiodrug AG DE 36,000.00 * Minority stake unknown % Completed Development capital - 2nd round Cash n.a. n.a.Life Sciences Partners BV NL Venture capitalHBM BioVentures AG CHEdmond de Rothschild Investment Partners SAS FRTVM Capital GmbH DEBiogen Idec New Ventures USGoodvent Beteiligungsmanagement GmbH & Co. KG DECFH Beteiligungsgesellschaft mbH DEPrivate Investors

28 Existing Investors CEVEC Pharmaceuticals GmbHDE 4000,00 Minority stake unknown % Completed Venture capital Cash n.a. n.a.Sparkasse Köln-Bonn DE Development capitalNRW.Bank DEPrivate InvestorsCreathor Venture Management GmbH DEInstitutional InvestorsKfW Mittelstandbank DE

29 CTI Clinical Trial and Consulting Services US CRS Clinical Research DE n.a. Acquisition Completed n.a. n.a.Services Andernach GmbH

30 CRS – Staff Leasing Services DE31 - Agennix AG DE n.a. Minority stake unknown % Rumour Capital increase Cash n.a. n.a.32 - Wilex AG DE 14,125.00 * Minority stake 20% Announced Capital increase - rights issue Cash n.a. 58503,0033 BioM AG DE KINAXO Biotechnologies GmbH DE n.a. Minority stake unknown % Completed Venture capital Cash n.a. n.a.

Max-Planck-Gesellschaft zur Förderung der Wissenschaften DE Development capitalKfW Mittelstandbank DEProf Dr Axel Ullrich DEDr Hellmut Kirchner DEMountain Partners AG CHHigh-Tech Gründerfonds GmbH & Co. KG DELeifina GmbH & Co. KG DEConmit Invest GmbH DEMr Manfred Ferber DE

34 - Biofrontera AG DE 7,171.00 * Minority stake 33.333% Announced Capital increase - rights issue Cash n.a. 42 558,7735 KfW Bankengruppe DE Elara Pharmaceuticals GmbH DE 2600,00 Minority stake unknown % Completed Development capital - 1st round Cash n.a. n.a.

EMBL Ventures GmbH DE Venture capitalWagnisfinanzierungsgesellschaft für DETechnologieförderung in Rheinland-Pfalz mbh

36 GlaxoSmithKline Biologicals BE Intercell Biomedical Research AT 28089,00 Minority stake 1.856% Completed Capital increase - private placing Cash n.a. 1 353 360,95& Development AG





FINANCIAL BIOTRANSACTIONS IN SWITZERLAND FOR H2 2009


code code th EUR

1 Novartis AG CH Speedel Holding AG CH 258,872.96 * Acquisition increased from Completed Cash n.a. 670 865,0161.4% to 100%

2 Shareholders Ypsomed Holding AG CH 63 404,27 Minority stake 11.111% Completed Capital increase - converted debt Cash n.a. n.a.Mr Willy Michel CH Capital increase - rights issue Converted DebtTechpharma Management AG CH

3 Novartis Venture Fund CH Symetis SA CH 15 126,46 Minority stake unknown % Completed Development capital Cash n.a. n.a.Banexi Ventures Partners SA FR Venture capitalAravis General Partner Ltd CHTruffle Venture FRBioMed Invest AG CHVinci Capital SA CHWellington Partners GmbH DE

4 Zeria Pharmaceutical Co., Ltd JP Tillotts Pharma AG CH 89 067,02 Acquisition 100% Announced n.a. n.a.5 - Nano Bridging Molecules SA CH n.a. Minority stake unknown % Completed Development capital - 2nd round Cash n.a. n.a.

Venture capital6 - Mepha Pharma AG CH 460,409.46 * Acquisition 100% Rumour n.a. n.a.7 - Mondobiotech Holding AG CH n.a. Initial public offering 2.31% Completed n.a. n.a.

on SIX Swiss Exchange8 - Mondobiotech Holding AG CH n.a. Acquisition 59.042% Announced Capital increase - rights issue n.a. n.a.9 Lonza Custom Manufacturing CH Lonza Group AG's exclusive synthesis operations CH n.a. Acquisition Completed n.a. n.a.10 Lonza Group AG's biopharma operations CH11 - Addex Pharmaceuticals SA CH n.a. Minority stake unknown % Completed n.a. n.a.12 Vanguard Group Inc., The US Acino Holding AG CH n.a. Minority stake unknown % Completed n.a. n.a.13 Defi Gestion SA CH Endosense SA CH 25 119,15 Minority stake unknown % Completed Development capital - 2nd round Cash n.a. n.a.

GIMV NV BE Venture capitalNeomed Management AS NOVI Partners NOEdmond de Rothschild FRInvestment Partners SASYsios Capital Partners SGECR SA ESSectoral Asset Management Inc. CA

14 Galenica AG CH OM Pharma CH n.a. Acquisition 100% Completed n.a. n.a.15 Arpida AG CH Evolva AG CH n.a. Acquisition 100% Pending - awaiting Capital increase - vendor placing Shares n.a. n.a.

shareholder approval16 Auriga Partners SA FR Evolva AG CH 18,536.39 * Minority stake unknown % Completed Development capital - 2nd round Cash n.a. n.a.

Dansk Innovationsinvestering P/S DK Venture capitalNovartis BioVentures CHAravis General Partner Ltd CHVinci Capital SA CHAstellas Venture Management LLC USRenaissance PME CHSunstone Capital A/S DKWellington Partners Ltd GB

17 Alcon Inc. CH ESBATech AG CH 403,457.60 * Acquisition 100% Announced Earn-out n.a. n.a.Cash

18 Novartis Venture Fund CH Covagen AG CH n.a. Minority stake unknown % Completed Development capital Cash n.a. n.a.MP Healthcare Venture Management Inc. US Venture capital

19 Advent Venture Partners LLP GB Biocartis SA CH 10000,00 Minority stake unknown % Completed Development capital - 1st round Cash n.a. n.a.Aescap Venture Management BV NL Venture capitalKBC Private Equity NV BEBiovest Comm.VA BEBenaruca SA LU

20 SHS Gesellschaft für DE SpineLab AG CH n.a. Minority stake unknown % Completed Venture capital Cash n.a. n.a.Beteiligungsmanagement mbH

Development capital21 Acino Holding AG CH Adipra AG CH 1 393,04 Acquisition 100% Completed n.a. n.a.22 Tilocor Life Sciences LU Xigen SA CH 13 403,29 Minority stake unknown % Completed Development capital - 2nd round Cash n.a. n.a.

Venture capital23 - Euroderm AG CH 1,162.85 * Minority stake 3.846% Announced Capital increase - private placing Cash n.a. n.a.

Capital increase - rights issue24 VenTech SA FR Covagen AG CH n.a. Minority stake unknown % Completed Development capital Cash n.a. n.a.

Venture capital25 Venture Plus GmbH & Co Fonds 2 KG DE AmVac AG CH 1,989.95 * Minority stake unknown % Announced Development capital Cash n.a. n.a.

Venture capital26 Venture Plus GmbH & Co Fonds 2 KG DE AmVac AG CH 994,97 Minority stake unknown % Completed Development capital Cash n.a. n.a.

Venture capital27 Sanofi-Aventis SA FR Helvepharm AG CH n.a. Acquisition 100% Announced n.a. n.a.28 BB Biotech AG CH Molecular Partners AG CH 30 423,82 Minority stake unknown % Completed Venture capital Cash n.a. n.a.

Index Venture Management SA CH Development capital - 2nd roundJohnson & Johnson Development USCorporationEssex Woodlands Health Ventures LP USEndeavour Vision SA CH





FINANCIAL BIOTRANSACTIONS IN NORDIC COUNTRIES FOR H2 2009Acquiror Acquiror Target Target All Deal values Deal Deal Deal Deal method Ent. value Estimatedname country name country th EUR type status financing of payment th EUR Ent. value

code code th EUR1 H Lundbeck A/S DK NeuronIcon ApS DK n.a. Acquisition 100% Completed n.a. n.a.2 - TopoTarget A/S DK 17,811.30 * Acquisition 50% Completed Capital increase - rights issue Cash n.a. 21 159,223 GlaxoSmithKline plc GB NeuroSearch A/S DK 5 001,21 Minority stake 2.077% Completed Capital increase - private placing Cash n.a. 212 924,134 Investors Affitech A/S DK 3 600,43 Minority stake 15.104% Completed Capital increase - private placing Cash n.a. 19 160,245 - IPC International A/S DK 11,279.81 * Minority stake unknown % Completed Capital increase - private placing Cash n.a. n.a.6 - IPC International A/S DK n.a. Planned IPO unknown stake % Rumour n.a. n.a.7 Johnson & Johnson Development Corporation US NeuroSearch A/S DK 10 003,24 Minority stake 3.588% Completed Capital increase - private placing Cash n.a. 250 922,738 Shareholders BioPorto A/S DK 2,043.46 * Minority stake 9.09% Completed Capital increase - private placing Cash n.a. 20 745,659 Consortium Aresa A/S DK 402,99 Acquisition 52.07% Completed Cash n.a. -415,13

Absolut Invest Fondsmæglerselskab A/S DK10 - Aresa A/S DK n.a. Planned IPO unknown stake % Rumour n.a. n.a.11 - Bavarian Nordic A/S DK 3 221,60 Minority stake 1.281% Completed Cash n.a. 162 614,6812 - LifeCycle Pharma A/S DK n.a. Minority stake unknown % Completed n.a. n.a.13 - Aresa Biodetection ApS DK n.a. Acquisition 100% Rumour n.a. n.a.14 - Aresa A/S DK n.a. Minority stake unknown % Rumour Capital increase Cash n.a. n.a.15 - NeuroSearch A/S DK 59,544.12 * Minority stake 30% Announced Capital increase - rights issue Cash n.a. 170 614,3816 - Bavarian Nordic A/S DK 40,318.10 * Minority stake 18.509% Rumour Capital increase Cash n.a. 128 973,0317 - Genmab A/S DK n.a. Minority stake unknown % Completed n.a. n.a.18 - BioTie Therapies Oyj FI 14,868.00 * Minority stake 30.3% Completed n.a. 48 774,3119 Charles River Laboratories International Inc. US Cerebricon Oy FI n.a. Acquisition 100% Completed n.a. n.a.20 Yorkville Advisors LLC US BioTie Therapies Oyj FI 20,000.00 * Minority stake unknown % Announced Capital increase - private placing Cash n.a. n.a.21 - Oasmia Pharmaceutical AB SE 5,861.44 * Minority stake 6.667% Completed Capital increase - rights issue Cash n.a. 90 449,5322 Investors Oasmia Pharmaceutical AB SE 8,130.23 * Minority stake unknown % Announced Capital increase - private placing Cash n.a. n.a.23 Swedfund International AB SE Global Medical Investments SE n.a. Joint venture 100% Completed n.a. n.a.

Elekta AB SE24 - Meda AB SE n.a. Minority stake unknown % Completed n.a. n.a.25 Investors Tripep AB SE 274.36 * Minority stake 20.287% Completed Capital increase - private placing Cash n.a. 1 050,6026 Laboratorio Reig Jofré SA ES Bioglan AB SE 7 441,80 Acquisition 100% Completed n.a. 7 381,3027 Volvo Technology Transfer AB SE Powercell Sweden AB SE 15 853,05 Minority stake unknown % Completed Private Equity Cash n.a. n.a.

Midroc New Technology AB SE Development capitalOCAS Ventures BE

28 - Tripep AB SE 272,90 Minority stake 16.866% Announced Capital increase - rights issue Cash n.a. 778,5029 Investors Oasmia Pharmaceutical AB SE 8,850.63 * Minority stake unknown % Withdrawn Capital increase - private placing Cash n.a. n.a.30 Accelerator Nordic AB SE PledPharma AB SE n.a. Minority stake unknown % Completed Capital increase Cash n.a. n.a.31 Mr Leif Pihlqvist SE IDL Biotech AB SE 119.54 * Acquisition increased from Completed n.a. 1 676,42

53.938% to 60.97%32 Accelerator Nordic AB SE Spago Imaging AB SE n.a. Minority stake unknown % Completed Capital increase - placing Cash n.a. n.a.33 - Genovis AB SE 687,87 Minority stake 33.333% Completed Capital increase - rights issue Cash n.a. 2 457,9034 - Karo Bio AB SE n.a. Minority stake unknown % Completed n.a. n.a.35 Investors Moberg Derma AB SE 3 478,36 Minority stake unknown % Completed Capital increase - private placing Cash n.a. n.a.36 Shareholders37 - Artimplant AB SE n.a. Minority stake unknown % Completed n.a. n.a.38 - Artimplant AB SE n.a. Minority stake unknown % Completed n.a. n.a.39 E. Öhman J:or Fondkommission AB SE Ortivus AB SE n.a. Minority stake unknown % Completed n.a. n.a.40 Nordnet Pensionsförsäkring AB SE Karo Bio AB SE n.a. Minority stake unknown % Completed n.a. n.a.41 - Ortivus AB SE 1,464.85 * Minority stake 11.107% Completed n.a. 11 061,7842 Shareholders A+ Science Holding AB SE n.a. Acquisition 51% Announced n.a. n.a.43 - Karo Bio AB SE n.a. Minority stake unknown % Completed n.a. n.a.44 MGA Holding AB SE Toul Meditch AB SE n.a. Acquisition 73% Completed n.a. n.a.45 Pilum AB SE Hyheat AB SE 172.10 * Minority stake 29% Announced Capital increase - vendor placing Shares n.a. 589,0346 Pilum AB SE Hyheat AB SE n.a. Minority stake unknown % Rumour Capital increase - private placing Cash n.a. n.a.

Nykomb Synergetics Technology Holding AB SE Private EquityMr Mats Westermark SEMr Hans-Erik Hansson SE

47 - Diamyd Medical AB SE 20,959.38 * Minority stake 21.875% Completed Capital increase - rights issue Cash n.a. 87 983,3148 Tonicton Group AB SE Conpharm AB SE 243.31 * Minority stake 10.47% Completed n.a. 1 748,5349 - Biovitrum AB SE n.a. Minority stake unknown % Completed n.a. n.a.50 Novartis AG CH AstraZeneca AB SE 7,961,928.10 * Acquisition unknown stake % Rumour n.a. n.a.51 Pite Energi AB SE Meva Innovation AB SE n.a. Minority stake 20% Completed n.a. n.a.52 Accelerator Nordic AB SE AddBio AB SE n.a. Minority stake unknown % Completed Capital increase Cash n.a. n.a.53 Invesco Perpetual Income Fund GB AstraZeneca AB SE n.a. Minority stake unknown % Completed n.a. n.a.54 SamInvest Mitt AB SE UniTech Pharma AB SE 1,563.96 * Minority stake unknown % Completed Private Equity Cash n.a. n.a.

ShareholdersInvesta Företagskapital AB SEScandinavian Biopharma Holding AB SE

55 Banco Fonder AB SE Meda AB SE n.a. Minority stake unknown % Completed n.a. n.a.Swedbank Robur Fonder AB SE

56 - Opcon AB SE n.a. Minority stake unknown % Completed n.a. n.a.57 Investors Opcon AB SE 11 837,39 Minority stake 10.191% Completed Capital increase - private placing Cash n.a. 126 918,43

Institutional Investors58 Mr Carl-Magnus Adolfsson SE Conpharm AB SE n.a. Minority stake 6.12% Completed n.a. n.a.59 - Karo Bio AB SE 16,327.47 * Minority stake 25% Pending - awaiting Capital increase - rights issue Cash n.a. 41 697,46

shareholder approval60 Fouriertransform AB SE Powercell Sweden AB SE 5 880,88 Minority stake unknown % Completed Capital increase - private placing Cash n.a. n.a.61 Consepio SE Probi AB SE n.a. Minority stake unknown % Completed n.a. n.a.62 - Biolin Scientific AB SE 2,309.32 * Minority stake 16.667% Announced Capital increase - rights issue Cash n.a. 15 211,9763 Natumin Pharma AB SE Ambria Dermatology AB SE 3,136.47 * Acquisition 100% Completed n.a. 2 857,8264 Biovitrum AB SE Swedish Orphan International AB SE 334,698.21 * Acquisition 100% Pending - awaiting Capital increase - vendor placing Shares n.a. 333 332,64

regulatory approval65 - Biovitrum AB SE 145,229.58 * Acquisition 66.667% Pending - awaiting Capital increase - rights issue Cash n.a. 173 650,58

shareholder approval66 Reynolds American Inc. US NicoNovum AB SE n.a. Acquisition 100% Rumour n.a. n.a.67 - Micropos Medical AB SE n.a. Planned IPO unknown stake % Announced Capital increase Cash n.a. n.a.68 Nordnet Pensionsförsäkring AB SE Diamyd Medical AB SE 2,362.93 * Minority stake increased from Completed n.a. 150 680,22

4.611% to 6.1%69 Investors Oasmia Pharmaceutical AB SE 4 210,71 Minority stake 4.573% Completed Capital increase - private placing Cash n.a. 94 608,42

Institutional Investors70 Karolinska Development AB SE Lipidor AB SE n.a. Minority stake unknown % Completed Private Equity Cash n.a. n.a.71 Skandinavisk Fondkommission AB SE Genovis AB SE 174,53 Minority stake 7.9% Completed Capital increase - private placing Cash n.a. 2 600,0772 - Tripep AB SE 1,698.79 * Minority stake 50% Announced Capital increase - rights issue Cash n.a. 3 082,4373 - Biovitrum AB SE n.a. Minority stake unknown % Completed n.a. n.a.74 - Eurocine Vaccines AB SE 3,820.09 * Minority stake 19.116% Rumour Capital increase Cash n.a. 16 898,0375 Sanofi-Aventis SA FR Zealand Pharma A/S DK 100,000.00 * Minority stake 19.9% Rumour n.a. 474 338,75





FINANCIAL BIOTRANSACTIONS IN THE BENELUX FOR H2 2009


code code th EUR

1 - Movetis NV BE 97,750.00 * Planned IPO 37.935% on Announced Capital increase - rights issue Cash n.a. 233 045,13Euronext Brussels

2 Unknown bidder BE Corden PharmaChem NV BE n.a. Acquisition 100% Completed n.a. n.a.3 Novasep SAS FR Henogen SA BE n.a. Acquisition 100% Completed n.a. n.a.4 AFFIX Corporate Finance NV BE Eurogentec SA BE 1,600.00 * Minority stake unknown % Completed Private Equity Cash n.a. n.a.5 ING Investment Management LLC US OncoMethylome Sciences SA BE n.a. Minority stake unknown % Completed n.a. n.a.6 Bioclinical Inc. US Agfa HealthCare's BE n.a. Acquisition Completed n.a. n.a.

CardioNow unit 100%7 - UCB SA BE 500000,00 Minority stake unknown % Completed Capital increase - convertible bond issue Cash n.a. n.a.8 Mr Thierry Bogaert BE Devgen SA BE 14963,00 Minority stake 8.925% Completed Capital increase - private placing Cash n.a. 155 803,66

OGBBA van Herk BV NLBiovest Comm.VA BE

9 - Movetis NV BE n.a. Minority stake unknown % Rumour Capital increase - private placing n.a. n.a.10 - Nanocyl SA BE 6000,00 Minority stake unknown % Rumour Capital increase - private placing Cash n.a. n.a.11 Solvay SA BE Umicore SA BE 2,527,200.00 * Acquisition 100% Rumour n.a. 2860598,00

- Ablynx NV BE n.a. Minority stake unknown % Rumour Capital increase n.a. n.a.12 Institutional Investors BE Galapagos NV BE 18177,00 Minority stake 9.091% Completed Capital increase - private placing Cash n.a. 174315,0013 - MedHold BE n.a. Acquisition 100% Rumour n.a. n.a.14 - ThromboGenics NV BE 42469,00 Minority stake 9.091% Completed Capital increase - private placing Cash n.a. 408 233,3315 MP Healthcare Venture Management Inc. US Pronota NV BE 1300,00 Minority stake unknown % Completed Development capital - 2nd round Cash n.a. n.a.

Private Equity16 Nivelinvest SA BE Promethera Biosciences BE 5300,00 Minority stake unknown % Completed Development capital - 1st round Cash n.a. n.a.

SRIW SA BE Venture capitalLife Sciences Research Partners VZW BE Angel InvestmentVesalius Biocapital Partners S.a.r.l LUCapital & Croissance BELRM NV BEVives SA BE

17 - TiGenix NV BE 25,000.00 * Minority stake unknown % Rumour Capital increase Cash n.a. n.a.18 Institutional Investor Pharming Group NV NL 70000,00 Minority stake unknown % Completed Capital increase - convertible bond issue Cash n.a. n.a.

Abbott Laboratories Inc. US Solvay Pharma BV NL 5,200,000.00 * Acquisition 100% Announced Cash n.a. 5199996,00Earn-outOther

19 Cell Signaling Technology, Inc. US BIOKÉ BV NL n.a. Acquisition 100% Completed n.a. n.a.20 YA Global Master SPV Ltd Pharming Group NV NL 400,00 Minority stake 0.707% Completed Capital increase - private placing Cash n.a. 73 833,09

- Crucell NV NL 1,853.00 * Minority stake 0.165% Completed Cash n.a. 1 012 812,30- Pharming Group NV NL n.a. Minority stake unknown % Rumour n.a. n.a.

21 Index Venture Management SA CH ProFibrix BV NL 7 668,18 Minority stake unknown % Completed Venture capital Cash n.a. n.a.Gilde Healthcare Partners BV NL Development capital - 2nd round

22 YA Global Master SPV Ltd Pharming Group NV NL 400,00 Minority stake 0.676% Completed Capital increase - private placing Cash n.a. 76 427,6023 Life Sciences Partners BV NL arGEN-X BV NL 12500,00 Minority stake unknown % Completed Venture capital Cash n.a. n.a.

Flanders Interuniversity Institute for BE Development capital - 1st roundBiotechnologyCrédit Agricole Private Equity SA FRKBC Private Equity NV BEForbion Capital Partners NLErasmus MC Biomedical Fund BV NLBioGeneration Ventures BV NLThuja Capital BV NL

24 YA Global Master SPV Ltd Pharming Group NV NL 1000,00 Minority stake 1.555% Completed Capital increase - private placing Cash n.a. 81 564,6825 Life Science Ventures GmbH DE Agendia BV NL 15 671,61 Minority stake unknown % Completed Development capital - 5th round Cash n.a. n.a.

Gilde Healthcare Partners BV NL Private EquityING Corporate Investments Participaties BV NLVan Herk Biotech BV NLVlugtinvest BV NL

26 - QIAGEN NV NL 437,058.00 * Minority stake 13.756% Announced Capital increase - private placing Cash n.a. 3 616 287,3127 JHC Nederland BV NL Crucell NV NL 301,800.00 * Minority stake 17.973% Completed Capital increase - private placing Cash n.a. 1 568 967,45

Earn-out28 YA Global Master SPV Ltd Pharming Group NV NL 1500,00 Minority stake 2.566% Completed Capital increase - private placing Cash n.a. 75 712,7429 YA Global Master SPV Ltd Pharming Group NV NL 100,00 Minority stake 0.171% Completed Capital increase - private placing Cash n.a. 75 735,5330 Sanofi-Aventis SA FR Kernpharm BV NL n.a. Acquisition 100% Completed n.a. n.a.31 Alafi Capital Co. US KREATECH Biotechnology BV NL 2000,00 Minority stake unknown % Completed Development capital Cash n.a. n.a.

Life Sciences Partners BV NL Venture capitalInvestor

32 Stichting Pensioenfonds ABP NL Movetis NV BE n.a. Minority stake unknown % Completed n.a. n.a.33 - Galapagos NV BE n.a. Acquisition unknown stake % Rumour n.a. n.a.34 Forbion Capital Partners NL Amsterdam Molecular NL 5000,00 Minority stake unknown % Completed Private Equity Cash n.a. n.a.

Therapeutics (AMT) Holding BVCapital increase - convertible bond issue

35 - OctoPlus NV NL 4040,00 Minority stake 9.667% Completed Capital increase - private placing Cash n.a. 60 273,66





FINANCIAL BIOTRANSACTIONS IN SPAIN FOR H2 2009


code code th EUR1 Novartis Venture Fund CH Cellerix SL ES 27,000.00 * Minority stake 25% Completed Venture capital Cash n.a. 91 060,18

VenTech SA FR Development capitalLife Sciences Partners BV NL Corporate venturingRoche Venture Fund, The CHYsios Capital Partners SGECR SA ESGenetrix SL ES

2 Carafal Investment SLU ES Natracéutical SA ES 3000,00 Minority stake 2% Completed Cash n.a. 232162,003 Natra SA ES Natracéutical SA ES n.a. Minority stake 2% Rumour n.a. n.a.4 Naturex SA's ingredients division FR Natracéutical SA's ingredients division ES 38000,00 Acquisition 100% Announced Debt assumed 38000,00 n.a.

OtherCash

5 - Laboratorios Farmacéuticos ROVI SA ES 4,274.00 * Minority stake 1.1% Completed Cash n.a. 395 181,466 Istituto Ganassini SpA IT Dermofarm SA ES n.a. Acquisition 50% Completed n.a. n.a.7 - Zeltia SA ES 15,965.00 * Minority stake 2% Rumour Capital increase Cash n.a. 844327,008 - Natracéutical SA ES 1,175.00 * Minority stake 0.715% Completed Cash n.a. 246 497,669 Grupo Plafin SAU ES Almirall SA ES 26,139.00 * Acquisition increased from Completed Cash n.a. 2 304 100,62

69.753% to 70.958%Todasa SAU ES

10 Mr Daniel Bravo Andreu ES Almirall SA ES 103,018.00 * Minority stake 4.749% Rumour Cash n.a. 2 304 145,6911 Carafal Investment SLU ES Natracéutical SA ES 1516,00 Minority stake 1.05% Completed n.a. 226 542,9512 Carafal Investment SLU ES Natracéutical SA ES 1,920.00 * Minority stake 1% Rumour n.a. 274162,0013 Gestamp Enerthi Solar SL ES Antibióticos SA ES n.a. Acquisition 100% Completed n.a. n.a.14 Mondragón Corporación Cooperativa Inversiones ES Biobide SL ES 1500,00 Minority stake unknown % Completed Capital increase - private placing Cash n.a. n.a.

Diputación Foral de Gipuzkoa ESEusko Jaurlaritza - Gobierno Vasco ES

15 - Archivel Farma SL ES 1000,00 Minority stake unknown % Completed Capital increase Cash n.a. n.a.16 Axis Participaciones Empresariales SGECR SA ES ERA Biotech SL ES 3750,00 Minority stake unknown % Completed Development capital - 2nd round Cash n.a. n.a.

Private Investors Venture capitalCrédit Agricole Private Equity SA FRUninvest SGECR SA ESbcnHighgrowth ES

FINANCIAL BIOTRANSACTIONS IN ITALY FOR H2 2009


code code th EUR

1 - Cell Therapeutics Europe Sede Secondaria IT 752,72 Acquisition 100% Completed n.a. n.a.2 Corden Pharma SpA IT AstraZeneca SpA's Caponago IT n.a. Acquisition 100% Completed n.a. n.a.

production plant3 - Pierrel SpA IT 2,498.00 * Minority stake 3.448% Completed Capital increase - rights issue Cash n.a. 96 194,804 Mediolanum Farmaceutici SpA IT Neopharmed Srl IT n.a. Acquisition 100% Completed n.a. n.a.5 Bausch & Lomb Inc. US Tubilux Pharma SpA's commercial assets IT n.a. Acquisition 100% Completed n.a. n.a.6 Lima LTO SpA IT Biosuma Srl IT n.a. Acquisition 100% Completed n.a. n.a.7 Investors Istituto di Ricerche di Biologia IT n.a. Acquisition 100% Announced n.a. n.a.

Molecolare Pietro Angeletti8 - Générale de Santé SA's Fleming labs IT n.a. Acquisition 100% Rumour n.a. n.a.9 Cosmo Pharmaceuticals SpA IT BioXell SpA IT 24,231.51 * Acquisition 100% Announced Capital increase - vendor placing Cash n.a. -14 267,4910 Shares11 Ibsa Farmaceutici Italia Srl IT Bouty Healthcare SpA IT 7,208.00 * Minority stake 25.84% Completed n.a. 32 703,8712 Investors Newron Pharmaceuticals SpA IT 5 225,17 Minority stake 6.765% Completed Capital increase - private placing Cash n.a. 36 880,3313 - Bouty Healthcare SpA IT n.a. Minority stake unknown % Completed n.a. n.a.14 Ibsa Farmaceutici Italia Srl IT Bouty Healthcare SpA IT 20686,00 Acquisition increased from 25.838% to 100% Announced Cash n.a. 32 702,12

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FINANCIAL BIOTRANSACTIONS IN EASTERN EUROPE FOR H2 2009Acquiror Acquiror Target Target All Deal values Deal Deal Deal Deal method Ent. value Estimatedname country name country th EUR type status financing of payment th EUR Ent. value

code code th EUR1 - Bosnalijek dd BA 5,694.77 * Minority stake 8.5% Rumour n.a. 78 211,452 - Imunološki Zavod dd HR n.a. Minority stake unknown % Rumour Capital increase Cash n.a. n.a.3 Hospira Inc. US Pliva dd's biopharmaceuticals division HR n.a. Acquisition 100% Announced n.a. n.a.4 Teva Pharmaceutical Industries Ltd IL PLIVA - Lachema AS CZ 783.82 * Acquisition increased from 97% to 100% Announced n.a. 24 771,165 MUDr Dana Sinaglova sro CZ Medicon Laboratory CZ n.a. Acquisition 100% Completed n.a. n.a.6 Erba Diagnostics Mannheim GmbH DE PLIVA-Lachema AS's diagnostic business CZ n.a. Acquisition 100% Completed n.a. n.a.7 Alpha medical AS SK AeskuLab Holding AS CZ n.a. Acquisition 100% Completed n.a. n.a.8 Hendrix Genetics BV NL Integra AS CZ n.a. Minority stake unknown majority stake % Completed n.a. n.a.9 Erba Diagnostics Mannheim GmbH DE PLIVA-Lachema Diagnostika SRO CZ n.a. Acquisition 100% Completed n.a. n.a.

Yhtyneet Medix Laboratoriot Oy FI Nova Vita Kliinik AS EE n.a. Acquisition 58% Announced n.a. n.a.Quattromed HTI Laborid OÜ EE Nova Vita Kliinik AS EE n.a. Minority stake 31.63% Announced n.a. n.a.Pharmagora SA GR Sante Hellas SA GR 375,00 Acquisition 100% Announced n.a. 538,00

10 - Alapis SA GR n.a. Minority stake unknown % Completed n.a. n.a.11 - Alapis SA GR 3,213.00 * Minority stake 0.547% Completed n.a. 1 275 075,7412 Medimec SA GR PNG Gerolymatos SA's diagnostics business GR n.a. Acquisition 100% Announced n.a. n.a.13 HB19 Investments SIA LV Olainfarm AS LV 2,727.65 * Acquisition 26.17% Completed n.a. 24 699,8914 Ms Helena Livsica LV Rigas Farmaceitiska Fabrika AS LV 278.88 * Minority stake 32.866% Completed n.a. 847,5415 Templeton Asset Management Ltd US Grindeks AS LV n.a. Minority stake unknown % Rumour n.a. n.a.16 Koncernas Achemos Grupe UAB LT Klaipedos Juru Kroviniu Kompanija AB LT 354,21 Acquisition increased from 92.774% Completed Cash n.a. 48447,00

to 93.516%17 Watson Pharmaceuticals Inc. US Arrow International Ltd MT 1,160,842.88 * Acquisition 100% Completed Capital increase - vendor placing Cash n.a. n.a.

Earn-outShares

18 Biomar SA PL Instytut Biotechnologii Surowic i SA PL 211,15 Minority stake 2.04% Completed n.a. 9 790,53Szczepionek Biomed

19 - Celon Pharma Sp zoo PL n.a. Planned IPO unknown stake % Rumour Capital increase Cash n.a. n.a.20 A&D Pharma Holdings NV NL Ozone Laboratories Polska Sp zoo PL n.a. Acquisition 100% Rumour n.a. n.a.21 - Nepentes SA PL 1 525,55 Minority stake 1.911% Completed Cash n.a. 75 805,7022 Zaklady Farmaceutyczne Polpharma SA PL Bioton SA PL n.a. Minority stake unknown % Rumour n.a. n.a.23 LaborMed Pharma SA RO Ozone Laboratories Srl's Ozone brand RO n.a. Acquisition 100% Announced Private Equity n.a. n.a.24 Sanofi-Aventis Europe FR Zentiva SA RO 2,361.96 * Acquisition increased from 74.909% Completed Cash n.a. 50 427,47

to 78.311%25 Antibiotice SA RO Institutul Cantacuzino RO n.a. Acquisition 100% Rumour n.a. n.a.26 LaborMed Pharma SA RO PlantMed SRL RO n.a. Acquisition 100% Rumour n.a. n.a.27 FI&P Holdings CY Farmak VAT UA n.a. Acquisition 52% Completed n.a. n.a.28 - Dnepropetrovskaya Biologicheskaya Fabrika GP UA n.a. Acquisition 100% Rumour n.a. n.a.29 - Gozhulevskaya Biologicheskaya Fabrika UA n.a. Acquisition 100% Rumour n.a. n.a.30 - Novogaleshchinskaya Biologicheskaya Fabrika UA n.a. Acquisition 100% Rumour n.a. n.a.31 - Khersonskaya Biologicheskaya Fabrika GP UA n.a. Acquisition 100% Rumour n.a. n.a.32 - Kharkovskaya Biologicheskaya Fabrika GP UA n.a. Acquisition 100% Rumour n.a. n.a.33 Alza UA Kharkivske Pidpriyemstvo po Vyrobnytstvu UA n.a. Acquisition 19.717% Completed n.a. n.a.

Imunobiolohichnykh ta Likarskykh Preparativ Biolik ZAT34 - Kharkivske Pidpriyemstvo po Vyrobnytstvu UA n.a. Minority stake 13.315% Completed n.a. n.a.

Imunobiolohichnykh ta Likarskykh Preparativ Biolik ZAT35 - Kharkivske Pidpriyemstvo po Vyrobnytstvu UA n.a. Minority stake 7.336% Completed n.a. n.a.

Imunobiolohichnykh ta Likarskykh Preparativ Biolik ZAT36 Crystal Promotion Ltd VG Kharkivske Pidpriyemstvo po Vyrobnytstvu UA n.a. Minority stake 24.647% Completed n.a. n.a.

Imunobiolohichnykh ta Likarskykh Preparativ Biolik ZAT37 - Ukrayinskyy Naukovo-Doslidnyy Instytut UA n.a. Minority stake 49.998% Completed n.a. n.a.

Silovoyi Elektroniki Peretvoryuvach VAT

FINANCIAL BIOTRANSACTIONS IN ISRAEL FOR H2 2009Acquiror Acquiror Target Target All Deal values Deal Deal Deal Deal method Ent. value Estimatedname country name country th EUR type status financing of payment th EUR Ent. value

code code th EUR1 - D-Pharm Ltd IL 5 053,02 Initial public offering unknown stake % on TASE Completed Capital increase Cash n.a. n.a.2 Investors BioLineRx Ltd IL 9,023.24 * Minority stake 26.075% Completed Capital increase - rights issue Cash n.a. 21 204,72

Shareholders Capital increase3 - D-Pharm Ltd IL 10 286,50 Minority stake unknown % Completed Capital increase - rights issue Cash n.a. n.a.4 D-Partners IL Angioslide Ltd IL 5 725,15 Minority stake unknown % Completed Development capital Cash n.a. n.a.

Ofer Hi Tech Ltd IL Private EquityAgate Medical Investments LP IL

5 - ITGI Medical Ltd IL 1 588,09 Minority stake unknown % Completed Capital increase - rights issue Cash n.a. n.a.6 Elron Electronic Industries Ltd IL Bio-Pure Technology Ltd IL 8 390,14 Minority stake unknown % Completed Development capital - 2nd round Cash n.a. n.a.

US Venture Partners US Venture capitalPitango Venture Capital ILAurum Ventures MKI Ltd IL

7 - MacroCure Ltd IL 5 582,03 Minority stake unknown % Completed Venture capital Cash n.a. n.a.Development capital

8 Shareholders Medigus Ltd IL 2 230,55 Minority stake 19.017% Rumour n.a. n.a.9 - Immunovative Therapies Ltd IL 1 394,89 Minority stake unknown % Rumour Development capital Cash n.a. n.a.

Venture capital10 - Medigus Ltd IL 1 263,25 Minority stake 4.481% Completed Capital increase - public offer Cash n.a. n.a.11 - Kamada Ltd IL n.a. Minority stake unknown % Rumour Capital increase - convertible bond issue Cash n.a. n.a.12 - Colbar LifeScience Ltd IL 13,585.04 * Acquisition 100% Rumour n.a. n.a.13 - Medigus Ltd IL 1 082,79 Minority stake 6.932% Completed Capital increase - rights issue Cash n.a. n.a.14 Existing Investors Cell Cure Neurosciences Ltd IL 541,39 Minority stake unknown % Completed Development capital Cash n.a. n.a.

Hadasit Bio-Holdings Ltd IL Venture capital15 Teva Pharmaceutical Industries Ltd IL MultiGene Vascular Systems Ltd IL 5 718,85 Minority stake unknown % Announced Corporate venturing Converted Debt n.a. n.a.

Ofer Hi Tech Ltd IL Venture capital CashPrivate Investors Development capitalAviv Venture Capital ILDFJ Tamir Fishman Ventures IL

16 Teva Pharmaceutical Industries Ltd IL MultiGene Vascular Systems Ltd IL 22,202.58 * Minority stake unknown % Rumour n.a. n.a.17 Meitav Capital IL D-Medical Industries Ltd IL 3 067,90 Minority stake unknown % Announced Development capital Cash n.a. n.a.

Altshuler Shaham Ltd IL Venture capitalBarak Capital Ltd IL

18 Clal Biotechnology Industries Ltd IL Thrombotech Technologies Ltd IL 537,88 Institutional buy-out unknown stake % Completed Development capital Cash n.a. n.a.Ofer Hi Tech Ltd IL Venture capitalHadasit Bio-Holdings Ltd IL Corporate venturing

19 - BiogenCell Ltd IL 668,18 Minority stake unknown % Completed Development capital Cash n.a. n.a.Venture capital

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