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  • M a y 2 0 2 0

  • 2

    D ISCLAIMER

    Matters discussed in this presentation may constitute forward-looking statements. The forward-looking statements contained in thispresentation reflect our views as of the date of this presentation about future events and are subject to risks, uncertainties, assumptions, andchanges in circumstances that may cause our actual results, performance, or achievements to differ significantly from those expressed orimplied in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements arereasonable, we cannot guarantee future events, results, performance, or achievements. Some of the key factors that could cause actualresults to differ from our expectations include our plans to develop and potentially commercialize our product candidates; our planned clinicaltrials and preclinical studies for our product candidates; the timing of and our ability to obtain and maintain regulatory approvals for ourproduct candidates; the extent of clinical trials potentially required for our product candidates; the clinical utility and market acceptance of ourproduct candidates; our commercialization, marketing and manufacturing capabilities and strategy; our intellectual property position; and ourability to identify and in-license additional product candidates. For further information regarding these risks, uncertainties and other factorsthat could cause our actual results to differ from our expectations, you should read our Annual Report on Form 20-F for the year endedDecember 31, 2019, as filed with the Securities and Exchange Commission on March 5, 2020 and our other filings we make with theSecurities and Exchange Commission from time to time. We expressly disclaim any obligation to update or revise the information herein,including the forward-looking statements, except as required by law. Please also note that this presentation does not constitute an offer to sellor a solicitation of an offer to buy any securities.This presentation concerns products that are under clinical investigation and which have not yet been approved for marketing by the U.S.Food and Drug Administration. It is currently limited by federal law to investigational use, and no representation is made as to its safety oreffectiveness for the purposes for which it is being investigated. The trademarks included herein are the property of the owners thereof andare used for reference purposes only. Such use should not be construed as an endorsement of such products.This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growthand other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undueweight to such estimates. In addition, projections, assumptions and estimates of our future performance and the future performance of themarkets in which we operate are necessarily subject to a high degree of uncertainty and risk.

  • 3

    FOCUSED ON UNMET NEEDS IN WOMEN’S HEALTH

    LINZAGOLIX OBE022

    Potential to delay preterm birth to improve newborn health and

    reduce medical costs

    Potential to relieve symptoms from heavy menstrual bleeding due to uterine fibroids and pain associated with endometriosis

    NOLASIBAN

    Potential to improve live birth rate following IVF & ET

  • 4

    PHASE 1 PHASE 2 PHASE 3 MARKET SIZE MILESTONES

    LINZAGOLIX(OBE2109)Oral GnRH receptor antagonist

    ~4M women diagnosed and treated in the U.S.

    Positive 24W primary endpoint results Q4:19, 52W results expected Q2:20

    24W primary endpoint data expected Q2:20

    MAA/NDA: Q4:20 / 1H::21

    ~5M women diagnosed and treated in the U.S.

    Ph3 trials initiated Q2:19

    Enrollment of new patients placed on voluntary hold Q1:20 amid COVID-19 pandemic

    Positive Phase 2b results in 2018/19

    OBE022Oral PGF2αreceptor antagonist

    500,000 annual cases in both the U.S and Europe

    Phase 2a results expected2H:20

    Pre-clinical/Phase 1 complete

    NOLASIBANOral oxytocinreceptor antagonist

    Resuming development>2M IVF Global cycles/year

    IMPLANT 2 Ph3 met primary & secondary endpoints

    IMPLANT 4 Ph3 missed primary endpoint

    YuYuan BioScience (PRC): IND submission 2H:20 in China

    MULTIPLE PROGRAMS TO INNOVATE AND DRIVE VALUE

    * Primary and secondary endpoints met

    Uterine Fibroids – Ph3 PRIMROSE 1 U.S.

    Preterm Labor – Ph2a PROLONG

    IVF – Ph3 IMPLANT 2/4 EU

    Uterine Fibroids – Ph3 PRIMROSE 2 EU & U.S. *

    Endometriosis – Ph3 EDELWEISS 2 U.S.

    Endometriosis – Ph3 EDELWEISS 3 EU & U.S.

    Endometriosis – Ph2b EDELWEISS*

    Preterm Labor – Ph1

    IVF – Ph 1/2 in China

  • 5

    52020 MAJOR CATALYSTS

    COVID-19: Top priority is safety of patients, employees, healthcare professionals Voluntary hold on enrollment of new patients in Phase 3 EDELWEISS trials No impact on timing of PRIMROSE or PROLONG trial readout

    Phase 3 linzagolix trials in uterine fibroids 12 month PRIMROSE 2 and 6 month primary endpoint PRIMROSE 1 readout in Q2:20 MAA filing planned late 2020

    Phase 2a OBE022 in preterm labor PROLONG PART B readout in 2H:20

    Linzagolix regional commercial partnership 2020 corporate objective Maximize best in class potential

    Nolasiban development in IVF proceeding in China Partner YuYuan Bioscience submitting IND 2H:20 Assessing higher and longer exposure to nolasiban

  • Linzagolix (OBE2109)

    D O S E - D E P E N D E N T E S T R O G E N S U P P R E S S I O N TO T R E AT U T E R I N E F I B R O I D S A N D E N D O M E T R I O S I S

  • 7

    L INZAGOLIXD O S E - D E P E N D E N T R E D U C T I O NO F E S T R O G E N TO T R E AT U T E R I N EF I B R O I D S & E N D O M E T R I O S I S GnRH

    Uterus

    2. Prevents receptor activation by endogenous GnRH

    1. Linzagolix binds competitively to pituitary gland GnRH receptors

    4. Gonadotropin suppression leads to dose-dependent decrease in serum estradiol concentration

    Anterior pituitary

    gland

    Hypothalamus

    3. Rapid suppression of LH and FSH

    Ovary

    FSH, LH

    Estradiol

    Linzagolix

  • 8

    L INZAGOLIXO P T I M A L P R O F I L E TO A C H I E V E C L I N I C A L O U T C O M E SW I T H O N C E - D A I LY D O S I N G

    Note: The data on this page are not from head-to-head comparisons.* ABT is not co-formulated with linzagolix to allow for use with or without according to physician choice; ** ABT is co-formulated with relugolix

    Linzagolix Orilissa (Elagolix) Relugolix

    Dose options

    Endometriosis 75 mg

    200 mg with ABT*

    150 mg

    200 mg BID without ABT40 mg with ABT**

    Uterine Fibroids100 mg

    200 mg with ABT*300 mg BID with ABT 40 mg with ABT**

    Dosing frequency / day QD QD or BID QD

    PK Characteristics

    Half-Life 14-15 hours 2-6 hours 37-42 hours

    Bioavailability > 80% 30 – 50% 11%

    Food Effect No No Yes

    CYP3A4 induction(ABT, contraception) No Yes No

  • 9

    UTERINE F IBROIDS A L A R G E M A R K E T W I T H U N M E T N E E D

    Total U.S. costs estimated at up to

    from direct costs, lost workdays and complications

    $34B /yr9million

    women in the U.S. suffer from fibroids

    70%+of women have

    fibroids by age 50

    Qualityof Life

    Premenopausal women may experience heavy menstrual bleeding, anemia, bloating, infertility, pain and swelling

    600,000Hysterectomies are performed

    annually in the U.S.

    300,000Are because of uterine fibroids

    > 4millionwomen in the U.S. are

    treated annually for fibroids

  • 10

    L INZAGOLIX D E L I V E R I N G T H E F U L L P O W E R O F T H E G n R H A N TA G O N I S T C L A S S

    The only GnRH antagonist offering two dosing options to treat MORE women with uterine fibroids

    Linzagolix 200 mg with ABT, first choice for its outstanding efficacy

    Linzagolix 100 mg without ABT, first choice when ABT is a potential safety, tolerability or preference issue*

    1

    2

    * Thromboembolic history or risk, CV history or risk , breast cancer history or risk, intolerance to ABT, patient preference, …

  • 11

    PRIMROSE 1 & 2 P H A S E 3 C L I N I C A L T R I A L S F O R T H E T R E AT M E N T O F U T E R I N E F I B R O I D S

    The trial was powered under the assumption of a 30% placebo response rate based on historical studies

    PRIMROSE 1100% U.S. sites

    PRIMROSE 270% European sites30% U.S. sites

    Main Study (N=500, 100/arm) Follow up

    24 Weeks

    Primary Endpoint:Responder-HMB Reduction

    Q4:19/Q2:20

    Placebo + placebo add-back

    100 mg + placebo add-back

    100 mg + add-back

    200 mg + placebo add-back

    200 mg + add-back

    Placebo + placebo add-back

    100 mg + placebo add-back

    100 mg + add-back

    200 mg + placebo add-back

    200 mg + add-back

    28 Weeks24 Weeks

    Screening

    Screening Follow-up100 mg + add-back

    200 mg + add-back

    100mg + placebo add-back

    200 mg + add-back

    200 mg + add-back

    Follow-up100 mg + add-back

    200 mg + add-back

    100 mg + placebo add-back

    200mg + add-back

    200 mg + add-back

    Placebo + placebo add-back

    8-14 Weeks

    Aiming to support the registration of two regimens of administration

  • 12

    PRIMROSE 2 D E M O G R A P H I C A N D B A S E L I N E C H A R A C T E R I S T I C S

    * Anemia = hemoglobin value is less than 12.0 g/dL** MBL: Menstrual Blood Loss – upper limit of normal is 80 mL/month

    Full Analysis Set

    Placebo

    n=102

    Linzagolix100 mg

    n=97

    Linzagolix100 mg + ABT

    n=101

    Linzagolix200 mg

    n=103

    Linzagolix200 mg + ABT

    n=98

    Total

    n=501

    Age (years) - mean (SD) 42.9 (5.3) 43.4 (5.4) 42.5 (5.1) 42.7 (5.8) 43.1 (4.8) 42.9 (5.3)

    BMI (kg/m2 ) - mean (SD) 26.83 (5.42) 27.44 (5.67) 27.22 (5.82) 26.82 (5.55) 26.80 (5.47) 27.02 (5.57)

    Hb < 10 g/dL – n(%) 14 (13.7) 21 (21.6) 16 (15.8) 18 (17.5) 24 (24.5) 93 (18.6)

    Hb < 12 g/dL – n(%)* 51 (50.0) 61 (62.9) 59 (58.4) 57 (55.3) 56 (57.1) 284 (56.7)

    MBL** (mL) at baselinemean (SD) 218 (128) 246 (161) 193 (92) 219 (136) 212 (142) 218 (134)

    95% Caucasian / 5% Black

  • 13

    PRIMROSE 2P R I M A RY E N D P O I N T A C H I E V E D F O R B O T H TA R G E T D O S I N GR E G I M E N S – R E S P O N D E R * A N A LY S I S

    Error bars are 95% CI

    * Primary endpoint is the proportion of women with menstrual blood loss ≤ 80 mL (by alkaline hematin method) and ≥ 50% reduction from baseline

    PRO

    POR

    TIO

    N O

    F W

    OM

    EN

    100

    80

    60

    40

    20

    0

    29.4%

    56.7%

    93.9%

    Placebo Linzagolix 100mg

    Linzagolix 200mg + ABT

    P

  • 14

    PRIMROSE 2 S I G N I F I C A N T A M E N O R R H E A * R AT E F O R B O T H TA R G E T D O S E S

    Note: Error bars are 95% CI

    PRO

    POR

    TIO

    N O

    F W

    OM

    EN

    WIT

    H A

    MEN

    OR

    RH

    EA

    100

    80

    60

    40

    20

    0 11.8%

    34.0%

    80.6%

    Placebo Linzagolix100mg

    Linzagolix200mg + ABT

    p

  • 15

    KEY SECONDARY ENDPOINTS ACHIEVED

    Key Secondary Endpoints Measurement p-value

    Reduction in menstrual blood loss

    • Time to reduced menstrual blood loss (i.e., ≤80 mL and ≥50% reduction from baseline) up to Week 24

    • Number of days of uterine bleeding for the last 28-day interval prior to Week 24

    p < 0.001

    p < 0.001

    Amenorrhea • Percentage at Week 24• Time to amenorrhea up to Week 24

    p < 0.001p < 0.001

    Improvement in anemia • Hemoglobin level at week 24 in anemic subjects (defined as subjects with Hb < 12 g/dL at baseline)

    p < 0.001

    Reduction in pain • Change from baseline pain score at week 24 p < 0.001

    Reduction in volume • Fibroid volume change from baseline at Week 24o 100mg without ABTo 200mg with ABT

    • Uterine volume change from baseline at Week 24

    p < 0.055p < 0.008p < 0.001

    Improvement in quality of life • Change from baseline health-related quality of life (UFS-QoL*) at Week 24 p < 0.001

    * UFS-QoL = Uterine Fibroids Symptoms and Health-Related Quality of Life questionnaire

  • 16

    PRIMROSE 2 PA I N R E D U C T I O N A N D PAT I E N T S AT I S FA C T I O N F O R B O T H TA R G E T D O S E S

    Note: Error bars are 95% CI; * p

  • 17

    EFF ICACY DATA FROM RECENT TRIALS OF GnRH ANTAGONISTS IN UTERINE F IBROIDS

    Source: Company information –Note: NR = not reported.² PRIMARY ENDPOINT: Proportion of women with menstrual blood loss ≤ 80 mL (by alkaline hematin method) and ≥ 50% reduction from baseline

    Linzagolix Relugolix Elagolix

    PRIMROSE 2 LIBERTY 1 LIBERTY 2 ELARIS 1 ELARIS 2

    Mean Age (y) 43.1 41.3 42.1 42.6 42.5

    Baseline Menstrual Blood Loss (mL per cycle) 212 229 227 238 229

    DoseRegimen

    200mg + ABTOnce daily

    40mg + ABTOnce daily

    300mg + ABTTwice daily

    Responder² Rate (RR) (%) 93.9 73.4 71.3 68.5 76.5

    Placebo-adjusted RR (%) 64.5 54.8 56.5 60.0 66.0

    Amenorrhea (%) 80.6 52.3 50.4 48.1 52.9

    Placebo-adjusted RR (%) 68.8 46.8 - 43.7 48.2

    PainFibroid VolumeUterine VolumeMenstrual Blood LossAnemiaQuality of Life

    NRNRNR

    NRNRNR

    Caution advised when comparing across clinical trials. Below data are not head-to-head comparison, and no head-to-head trials have been completed, nor are underway

  • 18

    SUMMARY OF ADVERSE EVENTS

    Treatment emergent adverse events, n (%)

    Placebo

    n=105

    Linzagolix100 mg

    n=99

    Linzagolix100 mg + ABT

    n=102

    Linzagolix200 mg

    n=104

    Linzagolix200 mg + ABT

    n=101

    Total

    n=511

    Subjects with at least one TEAE

    47 (44.8) 50 (50.5) 45 (44.1) 62 (59.6) 51 (50.5) 255 (49.9)

    Vascular disorders* 6 (5.7) 15 (15.2) 12 (11.8) 36 (34.6) 14 (13.9) 83 (16.2)

    * Vascular disorders include hot flushes, hypertension, flushing, varicose veins

    Most common TEAEs (>5%)

    ‒ Hot flushes (13.9%)‒ Anemia (10.4%)‒ Headache (6.8%)

  • 19

    PRIMROSE 2 TRIAL B M D % C H A N G E F R O M B A S E L I N E AT W E E K 2 4

    Mean % change in BMD from baseline to 24 weeks

    * ABT: Add Back Therapy (estradiol + norethindrone acetate)

    -5

    -4

    -3

    -2

    -1

    0

    1

    2

    Lumbar Spine Total hip Femoral neck

    200mg + ABT

    200mg

    100mg + ABT

    100mg

    Placebo

    Error bars are 95% CIs

    100mg 200mg + ABT

    Patients in the trial received no vitamin D or calcium supplementation

  • 20

    PRIMROSE 2N O D I F F E R E N C E E X P E C T E D B E T W E E N G n R H A N TA G O N I S T SI N T E R M S O F B M D I M PA C T

    Source: Company information.

    PRIMROSE 2 –OVERALL

    POPULATION*

    PRIMROSE 1 US only*

    ELARIS-I (EGX)

    ELARIS-2(EGX)

    LIBERTY 1(RGX)

    LIBERTY 2(RGX)

    Subjects (n) 501 526 308 283 255 254

    Black (%) 5.2% 64.3% 68/66% 67/66% 42/41% 42/42%

    Age (mean year/SD) 42.9 (5.3) 41.6 (5.9) 41/42 42/42 42/41 42/42

    Weight (kg/SD) 74.06 (15.90) 91.48 (19.78)

    BMI (mean /SD) 27.02 (5.57) 32.70 (6.84) 34/33 34/33 32/31 32/3124 Week BMD Change (%, spine) -1.31% - -0.76% -0.61% -0.36% -0.13%

    * PRIMROSE Trials no Vitamin D/Calcium supplementation

    • Blacks have higher BMD and are more resistant to BMD loss than Caucasians• Higher body weight and BMI are protective against BMD loss• Vitamin D/Calcium supplementation reduces BMD loss at 12 months by an estimated 0.5%*

  • Linzagolix Potentially Best Meets the Needs of Women and Clinicians

    Market survey results

  • 22

    Method Discreet choice modeling based on the responses of 101 U.S. patients with symptomatic uterine fibroids

    MARKET FEEDBACKW H AT M AT T E R S F O R U T E R I N E F I B R O I D S PAT I E N T S ?

    Source: AplusA US patient research (n = 101), Oct-Dec 2019

    Pain Reduction

    Bleeding Reduction

    Needfor ABT Amenorrhea

    HotFlushes

    DailyIntake

    0.0 0.0 0.0 0.0 0.0 0.0

    In 8 /10 pts

    In 6 /10 pts

    In 4 /10 pts

    In 8 /10 pts

    In 6 /10 pts

    In 4 /10 pts

    No need

    Required

    In 8 /10 pts

    In 6 /10 pts

    In 4 /10 pts

    In 1 /10 pts

    In 3 /10 pts

    In 5 /10 pts

    QD

    BID

    Gain in utility

    values from the

    least to the most

    positive perceived

    levels

    The ‘full package’ is required to win1

    ABT matters for women2

    Rank ordered perceived incremental value of the tested component levels in UF patients choice

    Utility values are calculated for each attribute level to express their perceived relative value for patients when choosing the UF treatment they would prefer to receive instead of the current/latest one

    Nearly 1/3 of women suffering from HMB due to uterine fibroids would prefer to avoid ABT

  • 23

    MARKET RESEARCHW H AT M AT T E R S F O R C L I N I C I A N S ?

    AplusA US clinician research (n = 131), Oct-Dec 2019

    Method Discrete choice modeling based on the responses of 131 US gynecologists

    Price is key driver1

    Bleeding outranks pain2

    Perceived incremental value of the tested components levels in UF treatment choice

    YearlyCost

    Bleeding Reduction

    Pain Reduction

    HotFlushes

    Needfor ABT

    DailyIntake

    0.0 0.0 0.0 0.0 0.0 0.0

    $5 000

    $6 250

    $7 500

    $8 750

    $10 000

    In 8 /10 pts

    In 6 /10 pts

    In 4 /10 pts

    No need

    Required

    In 8 /10 pts

    In 6 /10 pts

    In 4 /10 pts

    In 1 /10 ptsIn 3 /10 pts

    In 5 /10 pts

    QD

    BID

    Gain in utility

    values from the worst to

    best perceived

    levels ABT less influential3

    Incremental utility values for each attribute are calculated for each attribute level to express the perceived incremental value for physicians when going from one level to the next one for this attribute when choosing a GnRH analogue

  • 24

    L INZAGOLIX S T U D Y R E S U LT S & M A R K E T S U RV E Y S C O N F I R M P O T E N T I A L B E S T- I N -C L A S S

    The only GnRH antagonist offering two dosing options to treat MORE women with uterine fibroids

    Linzagolix 200 mg with ABT, first choice for its outstanding efficacy

    Linzagolix 100 mg without ABT, first choice when ABT is a potential safety, tolerability or preference issue*

    1

    2

    * Thromboembolic history or risk, CV history or risk , breast cancer history or risk, intolerance to ABT, patient preference, …

  • 25

    ENDOMETRIOSISA N E M O T I O N A L LY A N D P H Y S I C A L LY PA I N F U L C O N D I T I O N

    Total U.S. costs estimated at up to

    $22B /yr5 million

    women in the U.S. are treated annually for endometriosis

    Qualityof LifePremenopausal women may experience pelvic pain, pain during intercourse and defecation, infertility and emotional distress

    10%Endometriosis affects up to

    in the general population

    50% in the infertile population60% in patients with chronic pelvic pain

    176 millionwomen worldwide suffer

    from endometriosis

    60%of women will feel symptoms

    by age 16

  • 26

    L INZAGOLIX D E L I V E R I N G T H E F U L L P O W E R O F T H E G N R H A N TA G O N I S T C L A S S

    * Thromboembolic history or risk, CV history or risk , breast cancer history or risk, intolerance to ABT, patient preference, …

    The only GnRH antagonist offering two dosing options to treat MORE women with uterine fibroids

    Linzagolix 200 mg with ABT, first choice for its outstanding efficacy

    Linzagolix 75 mg without ABT, first choice when ABT is a potential safety, tolerability or preference issue*

    1

    2

  • 27

    0

    20

    40

    60

    80

    100

    120

    25mg 50mg 75mg 100mg 200mg

    (whiskers represent 10% / 90% percentile)

    EDELWEISS PHASE 2BD O S E - D E P E N D E N T S U P P R E S S I O N O F E 2

    Endometriosis PatientsWeek 24 Modeled E2 Data

    Linzagolix Daily Dose (mg) for 24 Weeks

    Linzagolix 75mg

    Linzagolix200mg

    E2 concentration

    (pg/ml)

    (whiskers represent 10% / 90% percentile)

    Target Range

    E2 range: Symptom relief without BMD harm

  • 28

    PHASE 2B EDELWEISS TRIALE N D O M E T R I O S I S PAT I E N T S

    **BMD: Bone Mineral Density* Titration after 12 weeks based on E2 serum level at weeks 4 and 8

    MAIN STUDY FOLLOW UP

    Enrollment 328 patients, ~65/arm 50 sites in U.S. (n=177)14 sites in EU (n= 151)

    PRIMARY ENDPOINT: VRS PAIN SCORE RESPONDER RATE

    SECONDARY ENDPOINT: BMD**

    8–14 WEEKS

    LEAD-IN

    50mg daily

    100mg daily

    200mg daily

    75mg daily

    75mg daily*

    PLACEBO

    12 WEEKS 12 WEEKS 24 WEEKS

    50mg daily

    200mg daily

    75mg daily

    *Titrated dose 50-100mg

    100mg daily

    OPTIONAL EXTENSION:6M + 6M FOLLOW-UP

    FOLLOW-UP

  • 29

    PHASE 2B EDELWEISS TRIALK E Y D O S E S M E T E F F I C A C Y E N D P O I N T S

    Potential point of differentiation as 75mg partial suppression dose is nearly as effective as

    200mg full suppression dose

    Overall Pelvic Pain (%) Responder (0-3 VRS)

    28,50

    68,258,3

    78,9 84,1

    Week 12 Week 24

    Plc 75mg 200mg

    Dysmenorrhea (%)

    Non-menstrual Pelvic Pain (%)

    Responder (0-3 VRS)

    Responder (0-3 VRS)

    34,5

    61,570,8

    56,3

    77,3

    Week 12 Week 24

    Plc 75mg 200mg

    37,1

    58,572,9

    47,7

    72,7

    Week 12 Week 24

    Plc 75mg 200mg

    ***

    *** ***

    *

    * p value

  • 30

    PHASE 2B EDELWEISS TRIAL S U S TA I N E D I M P R O V E M E N T I N O V E R A L L E N D O M E T R I O S I S S Y M P TO M S ( P G I C )

    PGIC (%)% Much and very much improvement (%)

    * p value

  • 31

    PHASE 2B EDELWEISS TRIAL 7 5 m g E F F E C T I V E W I T H O U T S I G N I F I C A N T LY A F F E C T I N G B M D

    -4

    -3

    -2

    -1

    0

    1

    2

    Lumbar Spine Total hip Femoral neck

    200mg

    100mg

    75mg FD

    50mg

    Placebo

    Mean % change in BMD from baseline to 24 weeks (12 weeks for placebo)

    * ABT: Add Back Therapy (estradiol + norethindrone acetate)

    75mg 200mg

    Error bars are 95% CIs

  • 32

    PHASE 3 ENDOMETRIOSIS TRIALS E D E LW E I S S 2 A N D 3

    MAIN STUDY FOLLOW UP

    11±5 WEEKS 6 MONTHS TREATMENT 6 MONTHS EXTENSION STUDY 6 MONTHS

    CO-PRIMARY ENDPOINT:DYS/ NMPP RESPONDER ANALYSIS

    LEAD-IN

    INITIATED 1H:19

    200mg daily + ABT

    75mg daily

    PLACEBO

    75mg daily

    200mg daily + ABT

    75mg daily

    200mg daily + ABT

    FOLLOW-UP

  • 33

    Differentiated regimen offering compelling

    commercial proposition

    LINZAGOLIX A S I G N I F I C A N T O P P O R T U N I T Y

    LINZAGOLIX is the only GnRH antagonist intended to be developedas two different, SIMPLE & WELL TOLERATED regimens for both indications

    Commercial launches in 2022

    Potentially best-in-class GnRH antagonist

    Large markets with significant unmet need in U.S.

    ~ 4M treated for heavy menstrual bleeding resulting from uterine fibroids ~ 5M treated for endometriosis associated pain

    Best-in-class response for HMB control in uterine fibroids and pain control in endometriosis with full suppression option

    Only option under development for women with uterine fibroids who cannot or do not want to take ABT in both indications

    Convenient, oral, once-daily dosing

    1

    2

    3

    Strong IP: exclusivity beyond 2036

    33

    Commercialization through partnership under assessment

  • OBE022

    P O T E N T I A L TO D E L AY P R E T E R M B I R T H TO I M P R O V E N E W B O R N H E A LT H A N D R E D U C E M E D I C A L C O S T S

  • 35

    PRETERM DELIVERY: L IFE ALTERING & COSTLY

    Preterm birth is the

    TREMENDOUS MEDICAL & SOCIETAL COST

    1 in 10babies are born premature Prematurity related deaths in 2015

    35

    of death of children under 5 years of age

    LEADING CAUSE

    more than

    1 million

    Average cost for a preterm infant (U.S.)

    $50K Average cost per survivor infant born 24-26 weeks

    $195K

    B A B I E S S U RV I V I N G P R E M AT U R E B I R T H FA C E G R E AT E R R I S K O F N E O N ATA L C O M P L I C AT I O N S A N D L I F E L O N G D I S A B I L I T I E S

    U.S. economic burden

    $26B+ $16.9B+ U.S. Infant medical

    care costs

  • 36

    MODE OF ACTION OF PGF 2α RECEPTOR ANTAGONIST TO CONTROL PRETERM LABOR

    PGE2 PGF2α

    PGHS -1/2 = COX1/2

    EP1EP3

    EP2EP4 FP

    PGH2

    contractrelaxcontract

    Selectively blocks the PGF2αreceptor

    Has the potential to treat preterm labor with improved safety over NSAIDs

    OBE022

    UTERUS:

    Phospholipids

    Arachidonic Acid

    x

  • 37

    OBE022P R O L O N G P H 2 A S T U D Y PA R T B

    Study design:Double-blind, randomized Atosiban + OBE022 versus Atosiban + Placebo

    24-month Infant FU

    Q1:18

    Final Part B: Main analysis

    2H:20 2H:22

    Endpoint:Complete 7 days of dosing without delivery

    Main Study completion

    ~120 patients

    Dosing: 7 days up to 60 patients

    Followed thru delivery

    Interim Update 60 patients

    Interim Update 30 patients

    IDMC Reviews

  • 38

    F INANCIAL OUTLOOK 2020/21 Achievements Key Milestones

    M a r c h 3 1 , 2 0 2 0 C A S H :

    $62 million

    E X P E C T E D C A S H R U N WAY:

    Q3:21 including credit facility

    PRIMROSE 1 and 2 Completion Uterine Fibroid regulatory filings (EU & US) PROLONG readout Nolasiban phase 1 trial results

    in China

    Ongoing Activities EDELWEISS 2 and 3 continuation Nolasiban phase 2 initiation in China Preparing commercialization of linzagolix

    through partnership(s)

    F I R S T L I N Z A G O L I XC O M M E R C I A L L A U N C H :

    EU Q1:22

    Slide Number 1disclaimerFocused on unmet needs in women’s health�Multiple programs to innovate AND drive value2020 Major catalystsLinzagolix (OBE2109)Linzagolix�Dose-dependent Reduction�of Estrogen to Treat Uterine�Fibroids & Endometriosis Linzagolix�optimal profile to Achieve clinical outcomes�with once-daily dosingUterine fibroids �A Large Market With Unmet Need�Linzagolix �delivering the full power of the GnRH antagonist classPrimrose 1 & 2 �Phase 3 clinical trials for the Treatment of Uterine FibroidsPRIMROSE 2 �Demographic and Baseline CharacteristicsPrimrose 2�Primary endpoint achieved for BOTH target Dosing�Regimens – Responder* analysisPRIMROSE 2 �SIGNIFICANT Amenorrhea* rate for both target DOSES KEY SECONDARY ENDPOINTS ACHIEVEDPrimrose 2 �PAIN REDUCTION and patient satisfaction for BOTH target DOSES Efficacy data from Recent trials of GnRH antagonists in uterine fibroidsSUMMARY OF ADVERSE EVENTSPrimrose 2 trial �BMD % change FROM BASELINE at week 24PRIMROSE 2�No difference expected between GnRH antagonists�in terms of BMD impactLinzagolix Potentially Best �Meets the Needs of Women and CliniciansMarket feedback�what matters for uterine fibroids patients?MARKET RESEARCH�what matters for clinicians?Linzagolix �study results & market surveys confirm potential best-in-classEndometriosis�An emotionally and physically Painful conditionLinzagolix �delivering the full power of the GnRH antagonist classEDELWEISS Phase 2b�dose-dependEnt suppression of e2Phase 2b EDELWEISS trial�endometriosis patientsPhase 2b EDELWEISS trial�key doses met efficacy endpointsPhase 2b EDELWEISS trial �sustained improvement in overall endometriosis symptoms (PGIC)Phase 2b EDELWEISS trial �75mg effective without significantly affecting BMDPhase 3 Endometriosis trials �EDELWEISS 2 and 3Linzagolix �a significant opportunityOBE022Preterm DELIVERY: Life altering & costlyMode of action of Pgf2 receptor antagonist to control preterm laborOBE022�PROLONG Ph2a Study Part B financial outlook