Investor Presentaiton

Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Providing needed capital for M&A transactions Challenge Our solution Mid-cap M&A Cash flow constraints historically have meant equity is the primary funding source Enable delivery of cash through synthetic royalty creation, third-party royalty monetization and/or launch and development capital Large pharma M&A Non-strategic assets at target companies may significantly increase acquisition price Reduce net price of acquisition by monetizing non-strategic royalty assets at target companies acquired by large pharma Divestitures Increasing FTC scrutiny of M&A transactions may reduce attractiveness of target due to regulatory concerns Finance the acquisition of assets that must be divested due to anti-trust concerns Examples orphosys Constellation PHARMACEUTICALS ROYALTY PHARMA FTC: Federal Trade Commission astellas (OSI) pharmaceuticals Emerging opportunity 41

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