Investor Presentaiton

Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Advancing our partners' core mission with win-win solutions Structure Potential benefits to partner . Diversification of asset portfolio Non-dilutive funding for business growth and investment Existing royalties • • Upfront capital today in exchange for a long-dated stream of payments CYSTIC FIBROSIS FOUNDATION Memorial Sloan Kettering Cancer Center UCLA NYU gsk Synthetic royalties • • Launch & development capital M&A Funding for completion of development and commercialization of portfolio Retain operational control of development programs biohaven Lower cost of capital than issuing equity • Launch funding offers flexible, patient, long-term alternative financing • Lower cost of capital than selling equity and less restrictive than debt ☐ pharmaceuticals Immunomedics bio cryst Cytokinetics Pfizer sanofi biohaven pharmaceuticals Cytokinetics Morphosys • Monetize non-strategic passive royalties to reduce net M&A price Capital provided through purchase of royalties and supplemental funding Illorphosys astellas Quest Perrigo Diagnostics™ ROYALTY PHARMA 32

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