June 2016

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Forward Looking Statement

This presentation contains "forward-looking" statements within the meaning of Section27A of the Securities Act of 1933, as amended, and Section 21E of the SecuritiesExchange Act of 1934, as amended, that involve risks and uncertainties. These forward-looking statements include statements about our business outlook and strategy, andstatements about historical results that may suggest trends for our business. You canidentify these statements by the use of terminology such as guidance , believe ,expect, will, or similar forward-looking terms. You should not rely on these forward-looking statements as they involve risks and uncertainties and may cause actual results tovary materially from the forward-looking statements. Factors that might contribute to suchdifferences include, among others, economic downturns and the general state of theeconomy, our ability to retain and hire necessary employees; our ability to develop on atimely basis our clinical program; unforeseen changes in expense levels; and competition,which could lead to pricing pressure. For more information regarding the risks anduncertainties that could cause actual results to differ materially from those expressed orimplied in these forward-looking statements, as well as risks relating to our business ingeneral, we refer you to the Risk Factors sections of the companys SEC filings, whichare available on the Securities and Exchange Commissions Web site at www.sec.gov.These forward-looking statements are based on current expectations and the companyassumes no obligation to update this information.

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Right Patient, Right Therapy

Novel treatment of IgA Nephropathy

Ending the burden of enzyme replacement therapy

Systemic Lupus Erythematosus

IgA Nephropathy

EPI due to Cystic Fibrosis

Capsule and Powder for Oral Solution

Subcutaneous

Subcutaneous

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Late Stage Clinical Pipeline

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Pipeline

Phase 1Phase 2Phase 3NDA Submission

Exocrine Pancreatic Insufficiency

Severe Lupus (SLE)

IgA Nephropathy

Sollpura: Billion $ Market Opportunity Worldwide

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$659

60%

20122011

$628

Ex-US (Creon)

56%

40%

$735

2013

44%

54%

46%

US (Creon)

47%

53%

$864

2014

Source: Citibank Historical and projected WW Drug Sales, Creon and Zenpep; EvaluatePharma. AbbVie 2014 Form 10-K on Annual Report, p. 40. Aptalis Pharma Inc. Annual Information, Year ended Sep. 30, 2012, p. 78*Assumption that Creon has ~70% of the WW market is based on ratio of Zenpep/Creon pts by age and dose; Lilly PERT Market Analysis (IMS; 2011); and Aquest EU physician interviews

Worldwide PERT Revenue by Brand($MM)

Creon Revenue by Geography($MM)

2011 2012 2013 2014

$1,234

$941

$1,050

+11.2%

$897

Creon

Zenpep

Other PERTs

70%

70%

70%70%

13%

8%13%

15%

17%

22%17%

15%

2015 US sales: $682

~26k Patients Account for Nearly Half of PERT Revenue

1.Sikkens ECM et al. Best Pract Res Clin Gastroenterol. 2010:24;337-347.2.Dominguez-Munoz JE. Curr Gastroenterol Rep. 2007;9(2):116-122.3.Dominguez-Munoz JE. Gastroenterol Hepatol. 2011;7(6):401-403.4. Lilly PERT Market Analysis June 17, 2011

US PERT Patients4(-162K patients)

49%16%84%

Small patient

size, yet

accounts for

49% of US PERT

revenue

Chronic Pancreatitis/Other Cystic Fibrosis

Current PERT Therapy is Suboptimal

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Porcine Derived

Enteric Coating

Burdensome

13.6 14.115.1

17.018.8

20.1

23.4

20.6

6.7

0-3 4-6 7-9 10-12 13-15 16-18 19-21 22-64 65+

Age

Average Daily Pill Consumption by Age

SOURCE: IMS Rx Database

Biotech Derived Stable in Low pHDry Powder Sachet and Capsule Convenient

10,000 units

40,000 units

Porcine PERT

Lipase (Fat)crystallized and cross-linked to

increase low pH stability

Protease (Protein)crystallized to prevent proteolysis

over product shelf life

Amylase (Carbohydrate)stable at a low pH

Sollpura: Optimizing PERT Treatment

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**

**

0

20

40

60

80

100

control washout Creon Liprotamase

mea

n CF

A (

%)

%CFA in EPI Pigs*

** p

Phase 3 (726) Fixed Dose: Significant Improvement

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21.2

13.8

7.76.0

3.2-0.9

-5

5

15

25

CFA

Sollpura: Safe and Well Tolerated (767)

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Sollpura vs. CFF Registry

SOURCE: Internal data on file

In a global Phase 3 trial (767), Sollpura was equivalent to historical control in the prevention of weight loss.

Phase 3 Registration Study Enrolling

your proposed trial design constitutes an adequate and well-controlled trial, which, if successful, will support approval of the NDA.

Deputy Director, FDA

Creon/Zenpep(maintain current PERT)

Dose Optimization

Cystic Fibrosis

CFTR Potentiators OK

N126

7 years old

CFA 80%

Treatment

8 weeks

Pancreaze

BaselineCoefficient of fat absorption (CFA)

Primary endpointCoefficient of fat absorption (CFA)

12 week extension

period

Weight, BMI, safety

Screening

3 weeks

12

92% Power

Non-inferiority margin: 15%

Standard deviation: 18%

Sachet Study: Pediatric CF Patients

Evaluate efficacy, safety and ease-of-use of optimized Sollpura; data for pediatric approval for patients

Initiate Enrollment Q1 16 (EU) Q2 16

Complete Enrollment Q4 16 Q4 16

Topline Data Q4 16 / Q1 17 Q4 16 / Q1 17

Near-term, large commercial opportunity ($1 billion+ market)

Novel, non-porcine, stable and soluble PERT

126 patient FDA approved registration study, enrolling

54 patient pediatric study with sachet

Two non-enterically coated formulations capsule and sachet

Highlights

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Late Stage Clinical Pipeline

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Pipeline

Phase 1Phase 2Phase 3NDA Submission

Exocrine Pancreatic Insufficiency

Severe Lupus (SLE)

IgA Nephropathy

16Company estimates"Belimumab (Benlysta): A Breakthrough Therapy for Systemic Lupus Erythematosus." Pharmacy and Therapeutics

Positioning for Success in Severe Lupus Patients

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MILD55,000

MODERATE65,000

SEVERE30,000

30,000 40,000Patients

Marina

Alopecia

Proteinuria

32mg prednisone / day

SELENA-SLEDAI: 23

Patient 1:

Annual Cost of Treatment: $35k/patient

150k-300k Patients

Blisibimod: Best-in-Class BAFF Inhibitor

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Peptibody, with high affinity for human BAFF

Blisibimod KD = 1 pM

Belimumab KD = 250-350 pM

4 BAFF binding domains versus belimumabs two

Binds both soluble and membrane-bound BAFF

Lower molecular weight provides more drug per 200mg weekly dose

64 kD vs 147 kD (belimumab)

2012 Hsu A novel modality of BAFF-specific inhibitor AMG623 peptibody reduces B-cell number and improves outcomes in murine models of autoimmune disease

Benlysta Sales Strong and Show Continued Increase

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$8

$45

$69 $79

$101

$120 $132

$153 $166

$185

1H 11 2H 11 1H 12 2H 12 1H 13 2H 13 1H 14 2H 14 1H 15 2H 15

+41%CAGR

Benlysta Historical WW Sales ($MM) ~95% US

HGSI/GSK quarterly reports (GBP = 1.6 average $USD)

11.8%P

PEARL-SC Phase 2: Demonstrated SRI-6 Response

In the PEARL-SC trial to identify an effective and safe dose for future phase 3 studies and explore key inclusion criteria and clinical endpoints, Blisibimod showed

strong benefit over placebo and by Week 24, there was a 15.9% improvement.

SOURCE: Internal data on file

N=48N=47

14.9

21.3

27.7

31.9 31.9

38.3

12

31.3

37.5

41.7

52.154.2

Week 4 Week 8 Week 12 Week 16 Week 20 Week 24

Placebo Blisibimod 200mg QW

SRI-6 in SS>10 + steroids

PEARL-SC Phase 2: Positive Patient Reported Outcomes

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Patients randomized to blisibimod reported significantly better FACIT-fatigue scores compared with placebo.

3.1

*6*6.5 6.2 6.7

6.9*7.5

8.6 9

11.6

0

2

4

6

8

10

12

0 4 8 12 16 20 24 28 32 36 40 44 48 52

Mea

n ch

ange

fro

m b

asel

ine

Study Week

placebo pooled blisibimod pooledblisibimod 200mg QW minimally important diff

Study Week 4 8 12 16 20 24 28 36 44 52

Number of subjects

Placebo Pooled 258 245 240 236 232 229 189 142 73 37

Blisibimod Pooled 267 254 246 246 240 239 191 132 70 44

Blisibimod 200QW 87 85 83 81 79 80 64 45 25 14

*Systemic Lupus Responder Index (SRI) is a composite endpoint comprised of a >6 point improvement in the SELENA-SLEDAI clinical assessment instrument AND no new BILAG 1A or 2B organ domain flares AND no worsening in Physicians Global Assessment (PGA) (< 0.3 increase)Study used imbalanced randomization (approximately 5:4 Active:Placebo) to maximize collection of safety data.

52 Weeks Treatment

Severe Lupus PatientsN=442

(~260 patients met

criteria)

84% Powerp

*Systemic Lupus Responder Index (SRI) is a composite endpoint comprised of a >6 point improvement in the SELENA-SLEDAI clinical assessment instrument AND no new BILAG 1A or 2B organ domain flares AND no worsening in Physicians Global Assessment (PGA) (< 0.3 increase)Study used imbalanced randomization (approximately 5:4 Active:Placebo) to maximize collection of safety data.

52 Weeks Treatment

Enriched Lupus PatientsN300

85% Power

p

$1 billion market opportunity in patients with SLE

Best-in-Class BAFF inhibitor

Enriched patient population with increased likelihood of response to BAFF inhibition

Highlights

Company estimates

Initiate Enrollment Complete Q2 16

Complete Enrollment Q3 15 Q4 17

Topline Data Q3 16 Q1 19

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Late Stage Clinical Pipeline

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Pipeline

Phase 1Phase 2Phase 3NDA Submission

Exocrine Pancreatic Insufficiency

Severe Lupus (SLE)

IgA Nephropathy

Most common cause of primary glomerulonephritis

High unmet medical need 15-50% progress to ESRD in 10-

20 years

No approved Rx therapy

Accelerated development path (proteinuria endpoint)

Pursuing orphan indication in the US

IgA Nephropathy: Accelerated Development Pathway

26Moriyama T, Tanaka K, Iwasaki C, Oshima Y, Ochi A, et al. (2014) Prognosis in IgA Nephropathy: 30-Year Analysis of 1,012 Patients at a Single Center in Japan. PLoS ONE 9(3): e91756. doi:10.1371/journal.pone.0091756

Serum BAFF Correlates with Severity of IgA Nephropathy

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healthy control

Seru

m B

AFF

(ng

/ml)

0

2

4

6

8

10

12

14

Mild Moderate

N=55 N=26 N=127

p

Decreased Proteinuria Improves Survival in IgAN

28KDIGO Kidney Disease: Improving Global Outcomes

Reich 2007

Effect of Proteinuria on Renal Survival in IgA Nephropathy

Surv

ival

from

rena

l fai

lure

Years

3 g/day

1.0

0.9

0.8

0.7

0.6

0.5

0.4

0.3

0.2

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Reduction in proteinuria corresponds to KDIGO* treatment goal associated with favorable long-term prognosis.

PEARL-SC Phase 2: Blisibimod Reduced Proteinuria

* p

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8-Week InductionMaintenance up to 96 weeks or Elective DiscontinuationIgA

NephropathyN=57

Biopsy Proven

18 65 years

Proteinuria 1-6g/24h

>90 days ACE/ARB

Blood Pressure 150/90

eGFR>30(*40)

Complete Response

Phase 2 Proof-of-Concept Study for the Treatment of IgAN

Primary Endpoint Partial & Complete Response

Secondary Endpoints Change in Proteinuria Serum creatinine total B cells (CD19+/CD20+) Activated B cells (CD19+/CD38+/CD138-) Plasma cells Immunoglobulin A, G, M (IgA, IgG,IgM), Complement C3 and C4

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Interim Analysis Complete

Initial Data(Urinary protein response rates) Q2 16

Final Data(eGFR) Q4 16

First potential disease-modifying therapy for IgAN

High unmet medical need with no currently approved therapies

Orphan approval opportunity

Accelerated development path (proteinuria endpoint)

Insight into biomarkers associated with SLE

Highlights

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Capital Structure and Financial Statistics

Exchange NASDAQ: ANTH

Market Capitalization ~$148mm

Shares Outstanding ~40mm

Cash as of March 31st, 2016 $36.9mm

Total Outstanding Debt $0

As of June 1st, stock price of $3.62 per share

Financial Overview

Significant market potential Completed enrollment data in H2 2016 Enrolled severe and responsive patient population Responder population defined by 5 randomized controlled

trials with BAFF inhibitors cohort provides data in H2 2016 First potential disease modifying approach Completed interim futility analysis Orphan market in US, large global market

Large commercial opportunity Phase 3 and pediatric programs completing Q4 16 / Q1 17 Small registration trial (n = 126) Soluble, stable, fewer pills Convenient sachet and capsule formulation

Well Positioned for Market Success

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Slide Number 1Forward Looking StatementSlide Number 3Late Stage Clinical PipelineSollpura: Billion $ Market Opportunity Worldwide~26k Patients Account for Nearly Half of PERT RevenueCurrent PERT Therapy is SuboptimalSollpura: Optimizing PERT TreatmentSollpura: Comparable Efficacy to Creon in PigsPhase 3 (726) Fixed Dose: Significant ImprovementSollpura: Safe and Well Tolerated (767)Slide Number 12Slide Number 13Slide Number 14Late Stage Clinical Pipeline Positioning for Success in Severe Lupus PatientsBlisibimod: Best-in-Class BAFF InhibitorBenlysta Sales Strong and Show Continued IncreasePatient Selection Translates to Greater Treatment EffectPEARL-SC Phase 2: Demonstrated SRI-6 ResponsePEARL-SC Phase 2: Positive Patient Reported OutcomesChablis-SC1: Right Therapy for the Right PatientChablis 7.5: Enhanced Patient SelectionSlide Number 24Late Stage Clinical PipelineIgA Nephropathy: Accelerated Development PathwaySerum BAFF Correlates with Severity of IgA NephropathyDecreased Proteinuria Improves Survival in IgANPEARL-SC Phase 2: Blisibimod Reduced ProteinuriaPhase 2 Proof-of-Concept Study for the Treatment of IgANPhase 2 Proof-of-Concept Study for the Treatment of IgANSlide Number 32Financial OverviewWell Positioned for Market SuccessSlide Number 35