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Evotec SE Investor Presentation 2008

Jun 12, 2008

151_ip_2008-06-12_82ba78ed-f9fb-4b7e-84ca-3baf7b45986c.pdf

Investor Presentation

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Evotec AGJune2008

Forward-looking statements

Information set forth in this presentation contains forward-looking statements, which involve a number of risks and uncertainties. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of our products, the anticipated benefits of the merger, including future financial and operating results, the combined company's plans, objectives, expectations and intentions, the anticipated timing and results of the combined company's clinical and pre-clinical programs, and other statements that are not historical facts. We caution readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. These include risks and uncertainties relating to: our failure to successfully integrate the businesses; unexpected costs or liabilities resulting from the merger; the risk that synergies from the merger may not be fully realized or may take longer to realize than expected; disruption from the merger making it more difficult to maintain relationships with customers, employees or suppliers; competition and its effect on pricing, spending, third-party relationships and revenues; the need to develop new products and adapt to significant technological change; implementation of strategies for improving internal growth; use and protection of intellectual property; general worldwide economic conditions and related uncertainties; future legislative, regulatory, or tax changes as well as other economic, business and/or competitive factors; and the effect of exchange rate fluctuations on our international operations. T he list of risks above is not exhaustive. Our Registration Statement on Form F-4, as amended, filed with the Securities and Exchange Commission in connection with the merger, and other filings and items furnished with the Securities and Exchange Commission, contain additional factors that could impact our businesses and financial performance following the merger. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement i s based.

Evotec highlights

  • z Global CNS discovery and development company
  • z Attractive CNS pipeline with compounds in blockbuster indications
  • z Financials:
  • € 33 m in partnership revenues
  • € 119 m cash (Mar 31, 2008)
  • z440 employees
  • zFrankfurt SE and NASDAQ listed

Pipeline

Multi-faceted pipeline, many clinical opportunities

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Lead compound: EVT 201 in Insomnia

  • z Small molec ule partial positive allosteric modulator (pPAM) of GABA Areceptors
  • z Addresses limitations of market-leading insomnia drugs
  • z Proof-of-concept established
  • Strong Phase II data from two studies in
    • 149 elderly (Study EVT 2005), and
    • 67 adult insomniacs (Study EVT 2004)
  • Strong Phase I and I/II safety and tolerability data from a total of 153 subjects
  • zPartner-ready, best-in-class opportunity

EVT 201 fulfills majority of unmet clinical needs

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EVT 201 profile + mode of action: Potential for new gold standard

pPAM mechanism of action shows strong potential to become a leading insomnia therapy

EVT 201 pPAM

Advantage over current therapy

  • Limited potentiation even at high doses2Risk of side effects
  • 3Ideal half life
  • Only minimal difference of PK between elderly and adults 4 Drug of choice for elderly
  • Minimal variability of receptor potentation at therapeutic doses 5 Risk of side effects

pPAM + Ideal Half Life = New Gold Standard

Study results show strong efficacy in the following six areas

  • zSignificantly reduced Wake After Sleep Onset (WASO)
  • zStrong effect on sleep onset (LPS)
  • zReduced wake time in second half of the night
  • zReduced daytime sleepiness
  • zMinimal residual sedation at either dose
  • zImproved categorical ratings of sleep quality

Total Wake Time hour-by-hour

Study EVT 2004, objective efficacy f rom polysomnography

EVT 201 significantly reduced Total Wake Time each hourexcept of hour 7 (where p=0.058)

Hour-by-hour WASO analysis Cross-study comparison with Ambien CR, Study EVT 2005

WASO Chang e fromBL ( Av nig hts 1, 6 & 7)

WASO Chang e from BL ( Av night s 1& 2)

  • z EVT 201 produces a consistent reduction in WASO throughout the night, in contrast to AmbienCR
  • z Ambien CR lab el notes "increased wakefulness at the end of the night compared to placebo treated patients"

*Source: Am J Geriatr Psy chiatry 16 (Jan 2008) Study entry criteria: Entry crit eria PSG WASO>40min; TST 3-7 hr; n=1 06 pl acebo; n=9 9 AmbienCR

Daytime sleepiness Multiple Sleep Latency Test (MSLT), Study EVT 2005

Multiple Sleep Latency Test (MSLT)

Error bars represent 95% confidence interval

pPAM with ideal GABAAreceptor potentiation + ideal half life

EVT 201 receptor potentiation stays above 50% (area of action) and below 100% (increase in risk of side effects). Ideal half life ensures this effect over the whole night.

6/24/2008Page 13

Only minimal difference of PK between elderly and adults support EVT'201 use in elderly

6/24/2008Page 14

EVT 201 shows strong superiority in majority of categories...

Onset Maintenance Risk of
Residual
effects		 $t\frac{1}{2}$ PK in
Elderly		 Comment
Ambien CR
$\alpha$ 1 selective full agonist
at bdz site		 PK variable
especially in elderly
Lunesta
Non-selective full
agonist at bdz site		 $\Box$ Metallic taste
1 in 3 patients
Rozerem
Melatonin M1 agonist		 $\blacksquare$ Poor subjective efficacy
Silenor $\leftarrow$ Hangover due to long half life
Eplivanserin
5-HT 2A		 Effects on patient reported
sleep quality appear modest
Almorexant
Orexin antagonist		 Safety of MoA yet to be
proven
EVT 201
$\alpha$ 1 preferring Partial
agonist of bdz site		 pPAM translates into
superior clinical profile

PositiveNegative

Source: Evotec in-house research and analysis, publicly available data

Expected differentiation on efficacy & safety

  • z Integration of sleep onset, maintenance and minimal hangover = strong efficacy profile
  • z Reduced daytime sleepiness in elderly = ideal drug in the elderly
  • z pPAM pharmacology
  • = potential for superior safety profile

Best-in-class potential on efficacy & safety for young and elderly

EVT 302: Phase II program in Smoking Cessation

  • z Orally active, potent, highly selective MAO-B inhibitor in development for Smoking Cessation
  • z Potential for
  • Enhanced efficacy
  • Competitive safety & tolerability profile
  • z Validating MOA data in addiction &neurodegeneration
  • Phase II in smoking cessation (selegiline, lazabemide)
  • Phase III in Alzheimer's Disease
  • z Status
  • Phase II started
  • Phase I safety + Positron Emission Tomography (PET) studies successfully completed

Smoking Cessation: Enormous market potential

Underdeveloped market with significant growth in 2007 and strong US dominance…

Source: MIDAS Sales Data, IMS Health, J uly 2007, C op yrig ht ©, re printe dwith p ermission.

Few compounds in development with vary different MoAs…

…with only two favorable compounds available

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MAO-B Inhibitor

A significant potential for a compelling profile in Smoking Cessation

EVT 302 ongoing trials

zPhase II craving study

  • Influence on craving / withdrawal after short-term deprivation of cigarettes
  • Randomized, double-blind, 3-way cross-over of single doses (nicotine + placebo)
  • Secondary outcome: Effect when combined with Nicotine Replacement Therapy
  • Read-out: Q3 2008
  • z Tyramine interaction study
  • Double-blind, placebo-controlled, 60 subjects, against Selegiline
  • To demonstrate lack of tyramine interaction (cheese and wine effect, cardiovascular liability)
  • Read-out: 2008

EVT 302 trial plans Design in progress

  • z 8 weeks treatment in smokers withdrawing from cigarettes
  • 4 groups in parallel design – estimated patient number 400
  • EVT 302 once daily, placebo, with and without Nicotine Replacement Therapy
  • z Commonly used endpoints
  • 4 week quit rate + 7 day prevalence quit rate
  • Responder rates
  • Markers of consumption and subjective assessments of craving and mood etc
  • zTo be conducted in Germany
  • z Clinical phase of study commences mid 2008 – subject to usual approvals
  • Headline data H1 2009

EVT 101: Oral NR2B subtype selective NMDA receptor antagonist

zEVT 101

  • NR2B subtype selective
  • Hypothesis: Better side effect profile, better efficacy in Alzheimer's
  • z Memantine
  • Non-selective NMDA antagonist
  • Alzheimer's disease
  • Reached blockbuster sales in year 3
  • zPeri-operative, neuropathic pain potential

zStatus

  • Phase I successfully completed
  • Phase Ib studies preliminary results
  • Phase II POC study planned for 2008

EVT 101: 4 week Phase Ib higher repeat dose cognition study shows good brain penetration

  • z No significant adverse events or concerns from all safety monitoring assessments
  • z EVT 101 continues to be well tolerated with longer treatment at higher doses
  • z Brain penetration (CSF levels) assessed in a subgroup receiving EVT 101 daily for 8 days

Concentrations reached in the CSF extrapolated to produce significant level of block of the NR2B receptor

Significantly greater than extrapolated level of block for therapeutic dose of Memantine

EVT 101: Brain imaging fMRI study in healthy volunteers completed

  • zStudy completed at Institute of Psychiatry London
  • z Single dose of placebo, 8, 15 mg EVT 101 given to 19 healthy subjects
  • EVT 101 well tolerated with no significant adverse effects

Signals for efficacy in two disease applications:

zAlzheimer's Disease:

z Modulation of the activity of specific brain regions (memory retrieval network) during the performance of cognitive tasks

zPain:

z Increase in baseline regional blood flow in brain area involved in pain processing (anterior cingulate cortex – rich in NR2B receptors)

Provides first evidence of effect upon brain in man

VR1 - VanilloidReceptor 1 antagonist

Potential for safe, best-in-class analgesic, non-addictive, minimal side effects

  • zClinical & preclinical validation for pain
  • zCompetitive R&D activity
  • z Potentially ideal drug profile…
  • Strong analgesic
  • Non-addictive
  • Minimal side effects
  • z Broadly applicable analgesic
  • Inflammatory, OA, & neuropathic pain
  • Chronic and acute pain
  • z … with potential in other indications
  • Urinary incontinence
  • Asthma and others

VR1 - Vanilloid Receptor 1 antagonist Exclusive worldwide collaboration

  • zPooled program signed Q2 2005
  • zUS\$ 20m + lic. fees & research funding
  • z US\$ 170m + milestones
  • US\$ 1.5m milestone payment (2006)
  • US\$ 4.5m milestone payment (2007)
  • zDouble-digit royalties on w/w net sales
  • z Two-year joint research effort
  • Extended for additional year, April 2007
  • zMultiple clinical candidates
  • z Pfizer has exclusive rights to develop and commercialize products
  • Expect Phase I studies in mid 2008

P2X7 receptor antagonist Potential best-in-class molecule

  • z Strong industry interest
  • Best-in-class opportunity
  • z Multiple large potential indications
  • Pain, RA, IBD, COPD
  • zClinical candidate & back-up series
  • zPlanned Phase I in 2008
  • zPartnering opportunity

P2X2/3 receptor antagonist Potential 1st-in-class molecule

  • zValidated for multiple pain types
  • zStrong industry interest: 1st-in-class
  • zLead series with superior properties
  • z Multiple large potential indications
  • Inflammatory pain
  • Neuropathic pain
  • Urinary incontinence
  • zPlanning Phase I in 2009

High-value and strategic partnerships: Milestones expected in 2008, 2009

Post-merger partnership profile

Research results for a top quality customer network

Financials 2007

Evotec Group (in €m)

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* As restated

** ChemicalDevelopment Business (CPD) only 11 months

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Financial guidance 2008 (incl. Renovis)

Combined newsflow2008

Partnership EVT 201

  • EVT 302: - Initiate Ph II quit rate study
  • Ph II craving data
  • -Tyramine interaction data

EVT 101: Initiate Phase II POC

  • VR1: Initiate Phase I
  • P2X7: Initiate Phase I

NASDAQ listing 9

Merger close 9

EVT 101: - Ph Ib fMRI cognition data9 - Ph Ibhigher repeat dose data

EVT 302: -Ph I safety data 9

H1 2008

  • Single / repeat dose PET data 9
  • Initiate Ph II craving study 9

6/24/2008Page 37

A compelling CNS investment

  • zGlobal CNS pure play
  • z Lead insomnia compound EVT 201
  • Partner-ready, best-in-class
  • z Broad and deep pipeline, with clinical momentum
  • Proprietary and partnered
  • zFully integrated discovery-through-development core competencies
  • zMultiple partners generating collaborative revenues: Roche, BI, Pfizer, CHDI
  • z Strong pro-forma cash position of €119 m (31/3/2008); Nasdaq liquidity

Tomorrow's Drugs Today™

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