Life Science Investing in Greece Opportunities and Perspectives

1
Life Science Investing in GreeceOpportunities
and Perspectives

• Salvatore DOrsa
• Investment Director

Athens 17th June 2004
Merlin Biosciences Limited 33 King Street St.
James London, SW1Y 6RJ Tel [phone]
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Life Sciences in Greece The Infrastructure

• 14 Universities operating in the fields of human
  and veterinary
• diagnostics, therapeutic systems, immunology and
  bioinformatics
• 4 High quality scientific institutions
• The Hellenic Pasteur Institute
• The Alexander Fleming Foundation for Basic
• Biological Research
• The Institute of Molecular Biology and
• Biotechnology
• The Ioannina Biomedical Research Institute
• 3 Science Parks
• The Technology Park of Thessaloniki
• The Science and Technology Park of Crete
• The Patra Science Park

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Life Sciences in Greece The Challenges

• Develop intellectual property protection
• Facilitate technology transfer
• Attract international private finance in
  competition with European peers
• Retain skilled management
• Raise visibility put Greece on the EU life
  sciences map

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Market Update on the EU Biotech Sector

• UK Biotech Index up 25 in the last twelve months
• IPO window is selectively open in some countries
• Consolidation ongoing
• Good biotech companies are raising VC finance
• Leading venture capital funds are raising finance
  
• Funds still cautious in certain countries (i.e.
  France and Germany)

Source Bloomberg UK Biotech Index Jan 2003-Jun
2004
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Life Sciences in Greece Investment Opportunities

• Drug discovery and development
• Speciality pharmaceuticals
• Generics
• Medical devices
• Diagnostics
• Enabling tools, IT and data services

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Life Sciences in Greece Attractive for Venture
Investing

• Greek Development Law supports incentives in
• manufacturing innovative products
• providing high technology services
• software development
• RD applications
• In Biotechnology incentives are targeted to
• hiring experienced RD personnel
• developing incubators
• promoting industrial research
• commercialising applied RD
• promoting technology transfer.
• Source ELKE, Hellenic Centre for Investment

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The Merlin Funds

• Merlin is a specialist in life science
  venture capital managing funds in excess of 450m

Merlin committed
Merlin delivered
Fund I 1997 vintage

• UK focus
• Concept and early-stage
• 8-10 companies
• 5-7 year hold

• 8 UK companies
• 22 products in clinical trials
• 6 are ready for exit

Fund II 2000 vintage

• European focus
• Early- to mid-stage
• 20-25 companies
• 3-5 year hold

• 23 European companies
• 44 products in clinical trials
• gt11 are ready for exit

Fund III 2002 vintage

• European focus
• Mid- to late-stage
• Value investing
• 8-10 companies
• 3-5 year hold

• 6 European companies
• All good value
• All with revenue/uplift

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The Merlin Venture Team

• Professor Sir Christopher Evans OBE, DSc
  ChairmanFounder of Merlin in 1996 and has over
  twenty-five years experience in life sciences. He
  was the founder of Chiroscience, Celsis,
  Enzymatix, and several other companies.
• Mr Mark Clement Chief ExecutiveCo-founder and
  Finance Director of Celsis International plc and
  has over twenty years in life sciences. He
  founded and ran a corporate finance consultancy
  for several years, and is a Chartered Accountant
  and Fellow of the Securities Institute. He has a
  BSc Honours in Economics from the University of
  Birmingham.
• Mr Salvatore D'OrsaWas a healthcare investment
  banking associate at Goldman Sachs International.
  He also worked in the corporate headquarters of
  SmithKline Beecham. He has an MBA from the
  Harvard Business School and a BS with honours in
  Business Administration from Bocconi University,
  Milan.
• Mark DochertyWorked previously at Arthur
  Andersen and is a Chartered Accountant. He has a
  BEng (Hons) in Mechanical Engineering from
  Sheffield University.

Mr Jeff Iliffe Finance DirectorCo-founder and
Finance Director of Enviros Group Limited and the
life sciences corporate broking team at WestLB
Panmure. He is a Chartered Accountant and has a
BSc Honours in Accounting and Financial Analysis
from the University of Warwick. Mr Niilo
SantasaloWas a senior investment banker at PCA
Corporate Finance and in business development in
life science companies. He has an MBA in Strategy
and Finance from Helsinki University of
Technology, as well as a BSc (Eng) from Helsinki
Institute of Technology. Dr Rony DouekWas
a Senior Associate at Apax Partners. He has also
worked at Procter Gamble, for McKinsey and in
the Investment Banking team of Goldman Sachs. He
has an MBA from the Harvard Business School, a
PhD and MEng (Hons) in Chemical Engineering from
Imperial College London. Mr Jason
RushtonWas a management consultant with PA
Consulting in the Healthcare Group. He also
worked in drug discovery with Eli Lilly. He has
an MSc in Immunology and a BSc (Hons) in Anatomy
from the University of Birmingham.
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Merlin Portfolio Company Examples
Regenerative medicine
Drug development
Performance EnhancedMedicines
Cardiac monitoring
Reproductive healthcare
Vaccines
Vascular therapy
Chemical genomics
Cancer and chronic infectious disease
Bio-therapeutics
Biomedical technology
DNA biopharmaceuticals
Drug discovery in pain and obesity
Cancer vaccines
Anti-infectives
Cancer therapy
Drug delivery
Drug design
Cancer therapeutics
Pain management
Chemical proteomics
Antibody therapies
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Life Science Investing in GreeceOpportunities
and Perspectives

• Salvatore DOrsa
• Investment Director

Athens 17th June 2004
Merlin Biosciences Limited 33 King Street St.
James London, SW1Y 6RJ Tel [phone]