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Evotec SE Investor Presentation 2009

Jul 15, 2009

151_ip_2009-07-15_576bc5fe-ca50-44a5-b645-742c69322eb6.pdf

Investor Presentation

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Company Presentation June 2009

With a world-leading discovery process, we create high-value alliances to bring innovative drugs to patients

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 our expectations and assumptions concerning regulatory, clinical and business strategies, the progress of our clinical development programs and timing of the results of our clinical trials, strategic collaborations and management's plans, objectives and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: risks that the Company may be unable to reduce its cash burn through recent restructuring and cost containment measures; risks that product candidates may fail in the clinic or may not be successfully marketed or manufactured; risks relating to our ability to advance the development of product candidates currently in the pipeline or in clinical trials; our inability to further identify, develop and achieve commercial success for new products and technologies; the risk that competing products may be more successful; our inability to interest potential partners in our technologies and products; our inability to achieve commercial success for our products and technologies; our inability to protect our intellectual property and the cost of enforcing or defending our intellectual property rights; our failure to comply with regulations relating to our products and product candidates, including FDA requirements; the risk that the FDA may interpret the results of our studies differently than we have; the risk that clinical trials may not result in marketable products; the risk that we may be unable to successfully secure regulatory approval of and market our drug candidates; and risks of new, changing and competitive technologies and regulations in the U.S. and internationally.

The list of risks above is not exhaustive. Our most recent Annual Report on Form 20-F, filed with the Securities and Exchange Commission, and other documents filed with, or furnished to the Securities and Exchange Commission, contain additional factors that could impact our businesses and financial performance. 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 is based.

Strong roots in drug discovery

Corporate history

We discover new drugs

Evotec today

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Agenda

  • zDiscovery Alliance Business (DAB)
  • zProduct Development Programs
  • zStrategy & Corporate Background
  • zOutlook & Next Steps

Pharma's productivity need is driving growth in drug discovery

Market environment

*Including animal models and clinical research organizations

**Based on current technology capabilities; major competitors: Wuxi Pharma, BioFocus, AMRI, many very fragmented players, et.al.

Core competence – discovery process from target to IND

Integrated drug discovery platform

Working with partners on diseases with high unmet medical need, e.g.

  • zAlzheimer's disease
  • Huntington's disease
  • zPain
  • zInflammation
  • zHIV
  • zOncology
  • zMultiple sclerosis
  • zMale contraception

Partner of choice – Strong project delivery and technology leadership leads to solid revenue growth

Evotec unique selling proposition

* 37 lead series; 20 preclinical candidates;15 clinical compounds ** Approx. 25 – 35% profitability

Strategic alliances to increase the probability of success

Shared programs (examples)*

Scope of alliance

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Building on strength of discovery alliance business

DAB strategy

* Fragment based drug discovery

Why our discovery business is highly attractive?

Value proposition

  • zKnowledge-based discovery business represents high entry barrier
  • zLong-term contracts and recurring business secure stable revenue base
  • zHigh market growth driven by pharma pipeline need and innovation
  • zOutsourcing allows for higher flexibility within pharma
  • zHighly fragmented market without clear industry leader
  • zSolid profitability

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Rheumatoid Arthritis & Treatment Resistant Depression represent highly attractive product candidates in development

Core pipeline programs

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Only strongest programs supported in clinical development

*Partnered with Roche

**Potential other indications

***No further investments as Evotec alone;

High unmet medical need & unique competitive position in treatment-resistant depression (TRD)

EVT 100 series*: Selective antagonists of NMDA receptor NR2B subtypes

  • More than 120 m depressed patients in US/EU
  • 1/3 of patients don't respond to 1st antidepressant
  • Significant side effects of all existing interventions
  • O Advantages over non-selective NMDA antagonists (e.g. ketamine and memantine) due to better side effect profile
  • EVT 101: one of the very few orally available subtype selective antagonists in development
  • EVT 103: highly attractive follow-on compound
  • O Potential in a number of other indications (e.g. Alzheimer's disease)

Selective antagonists of NMDA receptor subtypes containing the NR2B unit

  • * EVT 101 is a high affinity, selective antagonist of N-methyl-D-aspartate (NMDA) receptor subtypes containing the NR2B subunit; it binds preferentially to the activated form of the receptor (activity-dependent); it modulates channel activity by inhibiting channel opening probabilit y
  • ** Definition CPMP Guidelines: TRD "Consecutive treatment with 2 products of different classes, used for a sufficient length of time at an adequate dose, fail to induce an acceptable effect" (Cave pseudo-resistance!)

Compelling scientific evidence of EVT 101 in TRD

Scientific rationale

  • O NMDA-mediated glutamate neurotransmission is involved in depression
  • Studies show abnormal glutamate neurotransmission in Major Depressive Disorder
  • Preclinical data for NR2B antagonists & other agents affecting NMDA receptors in models of depression indicate potential efficacy
  • O Positive results of studies with Ketamine (nonselective antagonist) in TRD
  • Low doses of memantine (non-selective) did not show positive results in depressed patients
  • O Positive findings with other studies (NR2B selective, i.v. only) in TRD**
  • O Evidence from brain imaging for effect of EVT 101 in brain areas associated with treatment response in depression (anterior cingulate cortex)
  • fMRI data with EVT 101

*1. Maeng et al , Current Psychiatry Reports (2007), 9, 467–474 ** e.g. Pfizer :CP-101,606 study

Short infusion of ketamine produces long-lasting antidepressant effect*

Short-term \$65m option, total alliance exceeding \$300m value

Roche development alliance in TRD

USP's of alliance

  • z Phase II development of EVT 101 in treatment-resistant depression
  • z Next generation compound EVT 103 entering Phase I studies
  • z Roche has a short window for buyback option for entire EVT 100 family post Phase II
  • z If Roche does not exercise the buyback, Evotec will get rights to all indications under revised terms

Key commercials

  • z Roche has committed to fund clinical development of EVT 101 & EVT 103
  • z\$10m upfront received
  • z \$65m due with option exercise + up to \$220m in development and sales milestones
  • zPotential deal value exceeding \$300m
  • z Scalable double-digit commercial payments

Proof-of-concept in late 2010 / early 2011

EVT 100 - next steps

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High need for novel drugs in Rheumatoid Arthritis

EVT 401: A selective P2X7receptor antagonist

OCurrent focus is on Rheumatoid Arthritis (RA)

  • Chronic disease, inflammation, pain & joint destruction
  • Common and difficult to treat - leading to disabilities
  • Approx. 1% of global population are affected (5% woman older than 50)
  • O A novel approach for an oral drug for disease modification in inflammation
  • O Restricted cellular distribution reduces side effect potential Cells of immune & hematopoietic lineage
  • O Involved in multiple signaling pathways - broad antiinflammatory potential
  • Mediates release of pro-inflammatory cytokines IL-1 β & IL-18; MMP-9 release, caspase-1 activation, pore formation & necrotic cell death
  • O Status: Phase I SAD completed, preparations for PII initiated
  • 2nd after P2X7antagonist of AstraZeneca

P2X7is an ATP-gated ion channel

High need for novel oral therapeutics – several compounds in development

Market overview – Rheumatoid Arthritis

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Agenda

  • zDiscovery Alliance Business (DAB)
  • zProduct Development Programs
  • zStrategy & Corporate Background
  • zOutlook & Next Steps

Evotec Action Plan 2012 leads to sustainable business with significant upside

Strategic building blocks – Evotec 2012

Better risk balance for path to profitability

Key financials overview (in € m)

Strong team committed to innovation and shareholder value

Team Overview

  • OListing places: Frankfurt, NASDAQ
  • O52 week high/low: € 1.57 / € 0.54

Top Management

  • O Werner Lanthaler (CEO) Intercell AG; Mc Kinsey & Co; Federation of Industrialists
  • O Klaus Maleck (CFO) Mc Kinsey &Co, Novartis, BioGeneriX
  • O Mario Polywka (COO) 15 years Evotec & OAI
  • O John Kemp (R&D) Roche; Evotec Neurosciences; Merck & Co.

Supervisory Board

  • O Flemming Ornskov Bausch & Lomb
  • O Corey Goodman Ex Pfizer
  • O Hubert Birner TVM Capital
  • O Peter Fellner Vernalis
  • O Mary Tanner Peter J. Solomon
  • O Walter Wenninger Ex Bayer
  • O Heinz Riesenhuber Honorary Chairman
  • O William Jenkins Chairman of the Scientific Advisory Board

Agenda

  • zDiscovery Alliance Business (DAB)
  • zProduct Development Programs
  • zStrategy & Corporate Background
  • zOutlook & Next Steps

Strong news flow to come

Selected next milestones

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Why this might be the end of the valley?

Investment rationale

  • zSolid liquidity of more than € 65m by end 09 provides downside protection
  • z Restructuring measures implemented to increase cash reach comfortably beyond 2012
  • z Planned focus and expansion of Discovery Alliance Business to > € 60 million in 2011
  • zEVT 100 Roche deal – \$65 million milestone opportunity (2010/2011)
  • zPotential of remaining clinical assets
  • zPreclinical assets available for partnering

For more Information be invited to: www.evotec.comYour contact:Dr Werner LanthalerChief Executive OfficerP: +49.(0)40.56081-242 [email protected]

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