Investor Presentaiton

Royalty Pharma begins long-term partnership with Biohaven Nurtec ODT an attractive opportunity Significant unmet need in migraine Nurtec ODT, an oral CGRP inhibitor, developed by Biohaven for the treatment of migraine Clear efficacy data from two positive Phase 3 trials (1) Rapid onset of pain relief with one dose Sustained benefit through 48 hours (2) Extensive diligence enabled Royalty Pharma comfort on long-term safety profile and market potential Migraines are characterized by disabling headaches and reduced functionality Estimated to affect ~15% of the US population costing $27bn annually (3) Major limitations to generic migraine therapies Triptans: inadequate relief, many patients are contraindicated NSAIDs: potential GI/CV side effects ☐ Opioids: risk of abuse/misuse Partnership begins with $150m investment in 2018 to acquire royalties on Nurtec, zavegepant and Biohaven equity CGRP: calcitonin gene-related peptide; NSAID: non-steroidal anti-inflammatory drug; Gl: gastrointestinal; CV: cardiovascular ROYALTY PHARMA 1. Biohaven press release, March 26, 2018. 2. Biohaven Research & Development Day presentation, November 2018. 3. Biohaven company presentation, May 2021. 70

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