Strictly private and confidential

From PhD Project to Billion Dollar Deal

Per Norlén, CEO7th December 2016

Alligator develops agonistic antibodies for tumor directed immunotherapy

2001

2008

2012

2013

2015

Strategic focus on immuno-oncology

FIND® and foundation of Alligator

Focus extended to bispecific antibodies

ALLIGATOR-GOLD® antibody library

ADC-1013 entering clinical phase I & major out-licensing deal

3

Source: Citi Research: “Immunotherapy - The Beginning of the End for Cancer”, A Baum, 22 May 2013; Bristol –Myers Squibb; Merck;

GlobalData

Sales of existing immuno-oncology treatments Projected immuno-oncology market development

Rapid development within the field of immuno-oncology

US$ Billion

The I/O market holds the largest upside potential within the global pharmaceutical market

1 126

942

566

360

706

960

1 369

2 634

2011 2012 2013 2014 2015

Yervoy® Opdivo® Keytruda®

21.5%

35.8%

42.8%

US$ Million

Treatment costs at ~150,000 annually per patient Market potential at US$ ~30 billion within 5-7 years

3

30

2015 2023E

4

Immuno-oncology – using the immune system to kill cancer

Dendritic

cellT-cell

Metastases

Tumor

Cancer immunotherapy switches the balance from immunosuppression to immune activation,

resulting in immune-mediated tumor eradication

5

Metastases

Tumor

Immune

activation

S Y S T E M I C I M M U N O - A C T I V A T I O N T U M O R - D I R E C T E D I M M U N O - A C T I V A T I O N

Tumor-directed immunotherapy

General immune activation with severe toxicity Tumor-selective immune activation with less toxicity

Alligator drug development pipeline

6

All product candidates suitable for combination therapy with other I-O drugs, e.g. anti-PD-1 and anti-PD-L1

RESEARCH PRE-CLINICAL DEVELOPMENT PHASE I PHASE II

TNFR-SF: Tumor Necrosis Factor Receptor-Superfamily

TAA: Tumor-Associated Antigen

ND: Not Disclosed

*Partnered with Janssen Biotech Inc., developed as JNJ-64457107

ADC-1013* (CD40)

ATOR-1015 (OX40/CTLA-4)

ATOR-1016 (TNFR-SF/TAA)

(TNFR-SF)

(TNFR-SF/ND)

lab book notes, page 58, 1999 Nov 11

B44

ADC-1013 – First experiment in 1999

Lead Optimization of CD40 Antibody

Affinity maturation using FIND®. Affinity improved from 1 to 0.01 nM.

Increased tumor retention through elevation of isoelectric pointAffinity/Off-rate

Binding maximum

ADC-1013

B44

9

Source: Pardoll, Nature Reviews Cancer, 2012

Mode of Action Co-stimulating receptors

CD40 is a key immuno-oncology target

CD40 is a promising target for combination with T-cell activating antibodies such as PD-1

ANTIGEN-PRESENTING CELL T CELL

CD40

ADC-1013

ANTIGEN-PRESENTING CELL

+PDL1 or PDL2

PDL1 or PDL2

CD80 or CD86

CD80 or CD86

B7RP1

B7-H3

B7-H4

HVEM

MHC class I or II

CD137L

OX40L

CD70

CD40

GAL9

T CELL

+

–

+

–

+

–

–

–

–

–

+

+

+

–

–

?

PD1

CD28

CTLA4

ICOS

?

?

BTLA

KIR

TCR

LAG3

CD137

OX40

CD27

CD40L

TIM3

A2aR

Peptide

Adenosine

T-cell

Dendritic

cell

10

Source: Company information

ADC-1013 clinical trial

40 patients with solid

tumors

5 clinical sites in UK,

DK and SE

Safety and tolerability

Primary

endpoint

PK & PD

Immunogenicity

Clinical efficacy

Secondary

endpoints

Dosing &

administration

FiH, first dose April 2015

Dose escalation

Intra-tumoral & intravenous

Source: Company information

Partnership with Janssen

Source: Company information

Royalty / Milestone potential

Exclusive world-wide license

Alligator continues as sponsor for the ongoing Phase I clinical trial

Additional Phase I study initiated by Janssen

All development costs covered by Janssen

Description of agreement

Up-front payment plus additional milestones of up to US$ 700 million

Tiered high single digit to low double digit royalties on all future sales

ADC-1013 out-licensing – success factors

Strong scientific rationale, internal

expertise and scientific collaborations

Well positioned: potential for first in class

and best in class

Extensive pre-clinical data package

Data package included all data

likely to be requested, including

strong benchmark data

Solid intellectual property

High quality development, no shortcuts

Timing and guts

Strictly private and confidential

Thank You!