BerGenBio

Investor Presentation • Dec 14, 2017

First-in-class medicines to treat aggressive cancers

DNB Nordic Healthcare day 2017

14th December 2017 Richard Godfrey, CEO

Disclaimer

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Corporate snapshot

Background

Leaders in developing therapeutics

that target AXL, a protein that makes cancers and their environment highly aggressive and which is associated with poorer outcomes across many cancers

Diversified pipeline, lead drug is tested in several indications of high unmet medical need and large market potential

Promising efficacy with sustained treatment benefit and confirmed favourable safety

Companion diagnostic supported by biomarker tests

BGB324

First-in-class highly selective small molecule AXL inhibitor

Broad phase II clinical programme in NSCLC, TNBC, AML/MDS, melanoma

Pipeline

BGB324

AXL antibody

AXL ADC (partnered)

Immunomodulatory small molecules

OSE:BGBIO

Raised NOK400m in IPO on OSE in April '17

NOK1,000m market cap (Dec13th 2017)

Corporate

35 staff

Headquarters and research in Bergen, Norway; Clinical Trial Management in Oxford, UK

BerGenBio is developing AXL inhibitor drugs to treat aggressive cancers

BGB324 Phase II clinical trials AXL inhibition as cornerstone for cancer therapy

Recent highlights from clinical studies:

• BGBC003 Leukaemia
• BGBC004 & BGBIL005 Lung cancer

BGBC003

Relapsed & refractory AML and high risk MDS

Relapsed/refractory AML & MDS – Blood cancer, difficult to treat malignancies, predominantly elderly frail patient population.

8

Clinical Trial data for R/R AML patients from ASH December 2017

BerGenBio BGB324 19% 37 patients all comers, elderly R/R patients
et al1 Pratz TAK-659 9% 31 patients investigational FLT-3 and SYK inhibitor
et al4 Daver FLX925 0% 51 patients Dual FLT3 and CDK4/6 Single agent
Dawson et al6 GSK525762 11% 46 patients BET inhibitor
et al5 DiNardo Ivosidenib (AG-120) 258 patients – selected mutant IDH1 (mIDH1) inhibitor 30% for mlDH1 mutation
Goldberg et al2 24 patients Venetoclax* + hypomethylating agent (HMA) or low dose 28% cytarabine (LDAC) Combination
Rausch et al3 27 patients Venetoclax + HMA or LDAC 22%

*Venetoclax + LDAC received breakthrough designation in 1st line AML (July 2017)

9 (1) ASH 2017 abstract 2622 (2) ASH 2017 abstract 1353 (3) ASH 2017 abstract 1356 (4) ASH 2017 abstract 1343 (5) ASH 2017 abstract 725 (6) ASH 2017 abstract 1377

Superior early monotherapy efficacy with favourable safety in R/R AML & high risk MDS reported at ASH 2017

19% Response Rate (CRi + PR)

• 2 CRi

• 5 PRs

An additional 7 patients were stable > 4 months

Well tolerated

Correlation with predictive biomarker candidates

BerGenBio AML blood based biomarkers predict patients benefitting from BGB324 therapy

BGBC003: Phase II trial in AML and MDS – remains ongoing.

BGBC003 Phase II – AML/high risk MDS as monotherapy and in combination with decitabine or azacitidine

BGBC005

NSCLC patients, last line setting BGB324 + chemo (docetaxel)

BGB324 + docetaxel in NSCLC patients (last line setting)

NSCLC Patients Mostly diagnosed at late stage, 70% mortality within 1y

BGBIL005 – patient population

Heavily pre-treated patient population:

• All failed at least 1 line of chemo
• Most received prior immunotherapy without sustained benefit
• Most patients are metastatic
• No more treatment options remain

Best response (CT scan every 6 weeks)

BGBIL005, Patient case # 004: PR on BGB324 + docetaxel after failure on chemo and IO

Age, ethnicity & sex	63 year old Caucasian female
Histologic diagnosis	NSCLC
Stage	IV
Sites	Lung, lymph, lung metastasis
Mutations	None (EGFR wt, ALK negative)
Previous lines of therapy	CARBOPLATIN/PACLITAXEL CARBOPLATIN/PEMETREXED PEMBROLIZUMAB
Current status	Ongoing, C5

BGBIL005, Patient case # 006: PR on BGB324 + docetaxel after failure on chemo and IO

Age, ethnicity & sex	53 year old Asian male
Histologic diagnosis	NSCLC
Stage	IV
Sites	Lung, lymph, liver, brain
Mutations	None (EGFR wt, ALK negative)
Previous lines of therapy	CISPLATIN/PEMETREXED CISPLATIN VINORELBINE NIVOLUMAB
Current status	Ongoing, C5

BGBIL005, Patient case # 002: SD on BGB324 + docetaxel after failure on chemo and IO

Age, ethnicity & sex	75 year old Caucasian male
Histologic diagnosis	NSCLC
Stage	IV
Sites	Lung, lymph
Mutations	CAM5.2, MIB-1
Previous lines of therapy	CARBOPLATIN/PACLITAXEL/BEVACIZUMAB PEMETREXED NIVOLUMAB
Current status	Off study, alive

BGBIL005, Patient case # 005: SD on BGB324 + docetaxel after failure on chemo and IO

Age, ethnicity & sex	63 year old Hispanic male
Histologic diagnosis	NSCLC
Stage	IV
Sites	Lung
Mutations	None (EGFR wt, ALK negative)
Previous lines of therapy	NIVOLUMAB/IPILIMUMAB NIVOLUMAB CARBOPLATIN/PEMETREXED
Current status	Off study, alive

BGBIL005: Phase I/II trial in NSCLC, BGB324 with docetaxel – remains ongoing.

BGBIL005 Phase I/II – NSCLC (2nd line – progressed/treatment-refractory disease) – Investigator-sponsored study

Sponsor Investigator: Dr David Gerber, UTSW Dallas

"The vast majority of my lung cancer patients progress onto chemotherapy, combining this with BGB324 may significantly improve the performance of the chemo and could lead to meaningful disease modification in some patients."

BGB324 is an AXL inhibitor to target aggressive cancers…

Aggressive cancers

Time after diagnosis (years)

Strong AXL expression correlates with poor survival rate Broad evidence of AXL linked with poor prognosis5

Astrocytic brain tumors	Melanoma
Breast cancer	Mesothelioma
Gallbladder cancer	NSCLC
GI	Pancreatic cancer
• Colon cancer	Sarcomas
• Esophageal cancer	• Ewing Sarcoma
• Gastric cancer	• Kaposis sarcoma
Gynaecological	• Liposarcoma
• Ovarian cancer	• Osteosarcoma
• Uterine cancer	Skin SCC
HCC	Thyroid cancer
HNC	Urological
Haematological	• Bladder cancer
• AML	• Prostate cancer
• CLL	• RCC
• CML

BGB324: selective AXL inhibitor, restores sensitivity to immune cell attack and therapy, prevents spread

BGB324 targets immunosuppression and therapy resistance

Which cancers are we targeting

Most common tumours express high AXL levels

AXL low = Higher survival; AXL high = Poor survival

Low Axl expression2

High Axl expression2

Companion diagnostic in development to identify AXL positive patients

Advancing a broad clinical development pipeline

Targeting cancers with an addressable market of USD 11bn

Most common tumours express high AXL levels

And…it's a simple pill taken once a day

BGB324 ongoing clinical trials Reporting interim response & safety data on a regular basis

Milestones 2017 & 2018

Significant value drivers expected over the next 12 months:

üInterim clinical data from 6 ph2 trials H1'18

üFinal readout from 4 phase 2 trials in H2

üInitiation of AXL antibody BGB149 clinical trials in H2

Key financials

Key Figures (NOK million)	Q3 2017	Q3 2016	YTD2017	YTD2016	FY 2016
Operating revenues
Operating expenses	- 36.6	- 16.3	- 136.2	- 103.5	- 131.6
Operating profit (loss)	-36.6	-16.3	-136.2	-103.5	-131.6
Profit (loss) after tax	-35.4	-15.4	-134.6	-101.9	-129.8
Basic and diluted earnings (loss) per share (NOK)	-0.71	-45.64	-3.06	-339.63	-419.68
Net cash flow in the period	-41.1	82.1	237.3	113.2	87.8
Cash position end of period	399.2	187.2	399.2	187.2	161.8

• OPEX sequentially increased by 8% in Q317 over Q217 as recruitment to our clinical studies is ramping up

• Robust cash position gives runway to deliver key clinical read outs on our ongoing clinical studies.

Summary and outlook / Investment case

First-in-class AXL inhibitors for aggressive cancers with addressable market in excess of \$11bn

BGB324 in multiple Phase II programmes with interim data readout @ ASCO 2018

Well resourced & experienced organisation to deliver pipeline and milestones

Clear strategy to develop and commercialise assets

Thank you.

For further information please visit www.bergenbio.com

Developing first-in-class Axl inhibitors to treat aggressive cancer