Autoimmune/Inflammatory, Cancer, Gastrointestinal, Other/Miscellaneous

377K VeraCyte shares , per VeraCyte's 12/3/19 8-K | launch of three add'l diag products, per VeraCyte's 12/3/19 8-K | royalty-free

Under the terms of the merger agreement, each share of Foamix stock will be exchanged for 0.5924 of a share
of Menlo common stock and a contingent stock right (“CSR”). The exchange ratio (prior to any adjustment
through the CSR) implies a 18% premium to Menlo shareholders | If one of the Phase III PN trials fails to meet its primary endpoint at or before May 31, 2020, Foamix
shareholders will receive an additional 0.6815 of a share of Menlo common stock for each Foamix share,
increasing pro forma ownership of the combined company by Foamix shareholders to 76%
If both Phase III PN trials fail to meet their primary endpoints at or before May 31, 2020, Foamix
shareholders will receive 1.2082 additional Menlo shares for each Foamix share

$12.5M in Aytu preferred | Aytu assumed Cerecor's 15% royalty obligation to Deerfield, per Cerecor's 9Q19 | Aytu assumed Cerecor's $15M loan obligation to Deerfield, per Cerecor's 9Q19

per 2/20 restatement, 40% of sales above $100-150M threshold in 2022-23 | 0.25shares/Progenics share (21.5% premium) for 35% of combined co; per 2/20 restated, increased to 0.31 shares/Prgenics share and 40% of combined ownership plus CVR

CVR for additional $2/sh upon EMA approval of eptinezumab | $18/sh

$27.50/sh (36% premium) | CVR of $1.50 per share, to be paid upon the regulatory approval of Doptelet (avatrombopag) for the treatment of CIT.

PointR receives 23.3% of combined shares | $15M in add'l equity for dev milestones

80% of Consideration from a Gemcabene Deal | Gemphire owns 3.7% of combined entity

$5M in Altimmune common stock | $8M in future regulatory and clinical milestones payable in cash or common stock

5% royalty, but potential buyouts at $30-40M for Protein product or $10-15M for Steroid product

Additional payments contingent on commercial milestones for the next three years | $100M per Boston Sci's 9Q19

$0.25/CVR in sales milestone | Elanco shares worth $4.75/Aratana sh

$50M upfront, per Meridian's 3Q19 | $50M, per Meridian's 3Q19 | $20M in dev/reg milestones, per Meridian's 3Q19

75% of proceed from sale or license of OXi4503 and CA4P within 4 yrs (see CVR agmt)

$29M in FMV of shares, per Octernal's 6Q19 | 50% of Gross Consideration in SARM or SARD Deal | 5-10% royalty

Cdn$370M | Cdn$49M as milestone for meeting sales goal for 2019

$26.7M (Cdn$35M) | $26.7M (Cdn$35M) in milestones for cultivation yield | Cdn$70M

Autoimmune/Inflammatory, Cancer, Cardiovascular

$9.00 in cash upon FDA approval of
all three of ozanimod (by December 31, 2020), liso-cel (JCAR017) (by December 31,2020) and bb2121 (by March 31, 2021) | $50 cash & 1 BMS sh per Celgene share ($102.43/sh equiv)

Fortress Biotech, Caelum Biosciences

$30M for 19.9% eq of Caelum, per Fortress' 3Q19 | $150-200M acquisition price, depending on accelerated approval prior to acq, plus $50-75M on FDA approval

Aurobindo Pharma, Acrotech Biopharma

$57.4M of Mereo ADRs | 70% of Celgene milestones & 50% of DLL4 or VEGF milestones, up to $80M cap

AMAG is assuming $18.2M in debt and liabilities ($12M under a term loan and up to $6.2M of Perosphere’s other liabilities) | $140M including $40M upon EMA approval; total amount to be reduced if ciraparantag is approved with a boxed warning

Boyce & Bynum Pathology Laboratories

Cancer, Infectious-Bacterial, Transplantation

Cell Therapy - Stem Cells/Factors

4% OS to Bioblast shareholders, with $100M minimum valuation | first $20M of Trehalose transaction, then 50/50 above

Fortress Biotech, Avenue Therapeutics

for 33.3% of OS | purchase of remaining 66.7% contingent on FDA approval | 10-20% of Gross Profits on annual sales above $325M (see CVR agmt)

Central Nervous System, Other/Miscellaneous

$19M on FDA approval of Corplex Donepezil for Alzheimer's by 3/31/20

Central Nervous System, Psychiatric

$575M cash, per Emergent's 9Q18 | 733.3K shares @ $65.28/sh, per Emergent's 9Q18

Tiered royalties from mid-teens to high-twenties, per Sierra's 9Q18 | $195M in agg milestones, per Sierra's 9Q18

Central Nervous System, Other/Miscellaneous

$49.2M per PTC's 2018 10-K | $150M per PTC's 2018 10-K | 3.5M share w $150M FMV, per PTC's 2018 10-K | 2-6% royalty, per PTC's 2018 10-K | $595M per PTC's 2018 10-K

Roivant Sciences, Dermavant Sciences

£150 million ($191M) per Dermavant's IPO prospectus | $76M, per Dermavant's IPO prospectus | royalty-free | £100 million ($133M ) upon approval, per Dermavant's IPO prospectus | $61M in add'l dev/reg milestones, per Dermavant's IPO prospectus

$60M for initial option to acquire, per Sarepta's 6Q18 | $165M in acq exercise payments, per Sarepta's 3Q19 | $200M in agg post-acquisition milestones, per Sarepta's 3Q19

$4.46/share in cash at closing | $75M ($2.63/sh) within 5 yrs of closing if 3000 Initial Patient Visits after FDA approval of Product to treat pulmonary arterial hypertension

Maximum of $4.5 billion if global annual net sales exceed $5 billion. | Maximum of $1.4 billion in regulatory milestones for myelofibrosis and other indications.

2018-20 Payout Term Average

2018-20 Payout Term Median

Major Biotech, 2013-19 IPOs

Cell Therapy - Stem Cells/Factors

$150M, net of CDI's cash, per Gilead's 2017 10-K | $322M, per Gilead's 2017 10-K

Endocrinological & Metabolic, Other/Miscellaneous

$10M for option, per Retrophin's 3Q18 | $17M funding, per Retrophin's 3Q18 | $5M dev milestone, per Retrophin's 3Q18 | $65M on exercise of acq option (80% in shares), plus $25M in agg post-exercise milestones, per Retrophin's 3Q18

Liver & Gallbladder Diseases, Psychiatric

$1.52/share (US$42M) | $10M on IV Phase III commencement | $15M on oral Phase III commencement | $50M in sales milestone upon $500M in cumulative Product sales

€115 million (US$137M) | Up to €349 million (US$416M) in clinical, development, regulatory and commercial milestones

Low single-digit royalties | $80M in development, regulatory and commercial milestones

$2.00/Altor share (payable in cash and/or NantCell common stock at the election of each Altor BioScience stockholder) | Two Contingent Value Rights valued at up to $4.00/sh s (payable in cash and/or NantCell common stock at the election of each Altor BioScience stockholder) upon achievement of a regulatory milestone and a sales milestone.

$350K, per Xenon's 6Q17 | $33.6M, per Xenon's 6Q17 | Mid-to-high single digit royalty, per Xenon's 6Q17 | $14.7M, per Xenon's 6Q17

$1.75/sh | $59M (1.87/sh) for $60M annual sales | $64M ($2.03/sh) first label | $31M ($1/sh) 2nd label

$12.6M of combined shares issued to OncoGenex' shareholders, per Achieve's 9Q18 | CVR of 80% of value realized from disposition of apatorsen, but program terminated in 8/17, per Achieve's 9Q18

22M Total Merger Shares, of which 80% paid at closing & balance based on dev milestone | 20% of Total Merger Shares as development Milestone Shares | 4.8M Soleno shares issued @ $3.85/sh FMV per Soleno's 2018 10-K

Other/Miscellaneous, Respiratory

$60M, per Translate Bio's IPO prospectus | 32.3M common shs with FMV of $41.1M, per Translate Bio's IPO prospectus | $8.5M for 6M add'l eq shares, per Translate Bio's IPO prospectus | Mid-single percentage royalty, per Translate Bio's IPO prospectus | $10M for non-CF MRT Product approval, per Translate Bio's IPO prospectus

Equity value of approximately $62.5M upfront | $140M in development & regulatory milestones | $10M for add'l partnership

10M warrant shares @ $1.50/sh | 8% royalty, subject to $160M cap

$21 for Remetinostat and $100M for birinapant | 5-10% earn-out royalty for birinapant | $7M for SHP-141 (Remetinostat) | $25M for birinapant

$28.35/sh in cash for 18.94M shares | $18.07/sh CVR for $1B in annual sales | $31.77/sh in CVR for Ph III, submission and US approval of cenicriviroc

Monoclonals, Recombinant DNA

3,257K Leap shares @ $9.90/sh, per Leap's 3Q17 | 2% royalty, per CVR agmt

Sorrento Therapeutics, Scintilla Pharmaceuticals

Integra Lifesciences, Derma Sciences

Up to $13.25M each year in 2017 and 2018 | 1.8 million shares of Derma Sciences common stock, valued at $7.5 million based on VWAP price of $4.1692 as of 7/26/16 | Regulatory milestone payments in 2016 and/or 2017 in aggregate up to $30M, payable in up to 35% common stock at Derma Sciences’ discretion

Cardiovascular, Central Nervous System, Respiratory

$23.5M based on cumulative sales milestones of liquid ursodeoxycholic acid in PBC | Up to $35M in development and commercialization milestones for additional indications

$200M in cash including contingent considerations of up to $90M in undisclosed milestones

$1.5 billion upon approval of acalabrutinib for any indication in the US, or the end of 2018, whichever comes first | $3B for remaining 45%

$300M in upfront and near-term milestones, additional development, regulatory and sales milestones totaling $1.775 billion

Major Biotech, Top Pharma

Autoimmune/Inflammatory, Hematologic, Ophthalmic, Other/Miscellaneous

Sellas Life Sciences Group, Galena Biopharma