Investor Presentaiton

Biohaven partnership blossoms with additional transactions Date June 2018(1) December 2018 March 2019(2) August 2020(3) Funding type Royalty and common equity Common equity Purpose Support Nurtec ODT Phase 3 development Details Total investment Preferred equity Royalty and Launch capital Support Nurtec ODT development and FDA filing Priority review voucher to accelerate Nurtec ODT launch Pipeline funding and commercialization support $100m royalty (2.1% royalty on Nurtec ODT and zavegepant sales up to $1.5bn and 1.5% for sales >$1.5bn) $50m equity investment $37m equity investment (at $37 per share) $125m preferred equity (upfront) Up to $75m preferred equity (on Nurtec ODT FDA approval - optional, not drawn) $250m royalty R&D funding (0.4% royalty on Nurtec ODT, up to 3% zavegepant royalty, and potential zavegepant milestones) $200m launch capital (at $45 per share) $150m $37m Up to $200m Up to $450m Up to ~$835m in total funding across multiple deals to accelerate Biohaven's innovative migraine therapies to patients ROYALTY PHARMA 1. Biohaven press release, June 18, 2018. 2. Biohaven press release, March 18, 2019. 3. Biohaven press release, August 7, 2020. 71

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