SYNTARA LIMITED — Major Shareholding Notification 2018

Apr 4, 2018

Form 604Corporations Act 2001Section 671BNotice of change of interests of substantial holder
To Company Name/Scheme		Pharmaxis Ltd
ACN/ARSN		082 811 630
1. Details of substantial holder (1)Name		Biotechnology Value Fund II, L.P.					BVF Partners LP on its own behalf and on behalf of BVF Inc., Mark N. Lampert and Biotechnology Value Fund, L.P. and
ACN/ARSN (if applicable)
There was a change in the interests of thesubstantial holder on:
				23/3/2018 and 03/04/2018 (both dates inclusive)
The previous notice was given to the company on			30/08/2017
The previous notice was dated			30/08/2017
2. Previous and present voting power				relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:Previous notice		Present notice	The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a
	Class of securities (4)			Person's votes	Voting power (5)	Person's votes	Voting power (5)
Fully Paid Ordinary Shares (note: this rowrelates only to BVF Partners LP, BVF Inc.,and Mark N. Lampert, and includes thevotes and voting power in the next tworows)				63,823,669	19.97%	68,885,856	21.54%
	Fully Paid Ordinary Shares (note: this rowrelates only to Biotechnology Value Fund,L.P. in respect of its registered holdings)				9.24%	31,937,097	9.99%
Fully Paid Ordinary Shares (note: this rowrelates only to Biotechnology Value Fund II,L.P. in respect of its registered holdings)				19,006,208	5.95%	21,124,986	6.61%
3. Changes in relevant interests				scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:			Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or
	Date ofchange	Person whoserelevant interestchanged		Nature ofchange (6)	Considerationgiven in relationto change (7)	Class andnumber ofsecuritiesaffected	Person's votesaffected
		AVE Partners LP RVF

23/3/2018	BVF Partners LP, BVFInc. and Mark N. Lampertand Biotechnology ValueFund II LP	On Market purchase offully paid ordinary shares	$19,277.97	62,187 fully paidordinary shares	62.187
3/4/2018	BVF Partners, L.P., BVFlinc. and Mark N. Lampert,and Biotechnology Value On Market purchase ofFund, L.P.	fully paid ordinary shares	$794,611.95	2,407,915 fully paidordinary shares	2,407,915
3/4/2018	BVF Partners LP, BVFInc. and Mark N. Lampert,land Biotechnology ValueFund II LP	On Market purchase offully paid ordinary shares	$678,675.03	2,056,591 fully paidordinary shares	2.056.591
3/4/2018	BVF Partners, L.P., BVFInc. and Mark N. Lampert,BVF Partners OS, Ltd.,and Biotechnology ValueTrading Fund OS, L.P.	On Market purchase offully paid ordinary shares	$176,713.02	535,494 fully paidordinary shares	535,494

4. Present relevant Interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevantinterest	Registeredholder ofsecurities	Personentitledto beregisteredas holder (8)	Nature ofrelevantinterest (6)	Class andnumber ofsecurities	Person's votes
BVF Partners,L.P.	Biotechnology ValueFund, L.P.Biotechnology ValueFund II, L.P,Biotechnology ValueTrading Fund OS, L.P.,Investment 10 LLC, MSIBVF SPV, LLC, as pertheir relevant interestsbelow.	BiotechnologyValue Fund-L.P.BiotechnologyValue Fund II,L.P,BiotechnologyValue TradingFund OS, L.P.,linvestment 10LLC, MSI BVFSPV, LLC, as pertheir relevantinterests below.	Relevant interest arisesunder section 608(1)(b) ofthe Corporations Act 2001(Cth) (Corporations Act)by virtue of BVF Partners,L.P. (i) acting as generalpartner of, and/or (ii) actingas investment manager of,respectively, the registeredholders of the securities.whereby it holds theauthority to cast votes inrespect of the securities.	68,885,856 fully paidordinary shares	68,885,856
BVF Inc. andMark N.Lampert	Biotechnology ValueFund, L.P.Biotechnology ValueFund II, L.P,Biotechnology ValueTrading Fund OS, L.P.,Investment 10 LLC, MSIBVF SPV, LLC, as pertheir relevant interestsbelow.	BiotechnologyValue Fund, L.P.BiotechnologyValue Fund II,L.P.BiotechnologyValue TradingFund OS, L.P.,Investment 10LLC, MSI BVFSPV, LLC, as perltheir relevantinterests below.	Relevant interest arisesunder section 608(3)(b) ofthe Corporations Act aseach of BVF Inc. and MarkN. Lampert controls BVFPartners, L.P.	68,885,856 fully paidordinary shares	68,885,856
BVF PartnersOS Ltd.	Biotechnology ValueTrading Fund OS, L.P.	BiotechnologyValue TradingFund OS, L.P.	Relevant interest arisesunder section 608(1)(b) ofthe Corporations Act byvirtue of BVF Partners OS.Ltd. acting as generalpartner of BiotechnologyValue Trading Fund OS,L.P., a registered holder ofsecurities, whereby it holdsthe authority to cast votes inrespect to the securities.	5,749,771 fully paidordinary shares	5,749,771
BiotechnologyValue TradingFund OS, L.P.	Biotechnology ValueTrading Fund OS, L.P.	BiotechnologyValue TradingFund OS, L.P.	Relevant interest arisesunder section 608(1)(a) ofthe Corporations Act asholder of the securities	5,749,771 fully paidordinary shares	5,749,771
BiotechnologyValue Fund,L.P.	Biotechnology ValueFund, L.P.	BiotechnologyValue Fund, L.P.	Relevant interest arisesunder section 608(1)(a) ofthe Corporations Act asholder of the securities	31 937 097 fully paidordinary shares	31,937,097
BiotechnologyValue Fund II.L.P.	Biotechnology ValueFund II, L.P.	BiotechnologyValue Fund II,L.P.	Relevant interest arisesunder section 608(1)(a) ofthe Corporations Act asholder of the securities	21,124,986 fully paidordinary shares	21,124,986
Investment 10LLC	Investment 10 LLC	Investment 10LLC	Relevant interest arisesunder section 608(1)(a) ofthe Corporations Act asholder of the securities	3,454,908 fully paidordinary shares	3.454.908
MSI BVF SPV,LLC	MSI BVF SPV, LLC	MSI BVF SPV,LLC	Relevant interest arisesunder section 608(1)(a) ofthe Corporations Act asholder of the securities	6,619,094 fully paidordinary shares	6,619,094

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

andNameapplicable)	ACN/ARSN	(if	Nature of association
Not applicable			Not applicable

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
BVF Partners LPBiotechnology Value Fund, L.P.Biotechnology Value Fund II, L.P.BVF Inc.	One Sansome Street, 30th FloorSan Francisco, California 94104United States of America
BVF Partners OS, LtdBiotechnology Value Trading Fund OS.L.P.	PO Box 309Ugland HouseGrand Cayman, KY1-1104Cayman Islands
linvestment 10 LLC	900 North Michigan Avenue, Suite 1100Chicago, Illinois 60611United States of America
IMSI BVF SPV, LLC	c/o Magnitude Capital, L.L.C.601 Lexington Avenue, 59th FloorNew York, NY 10022
Mark N. Lampert	c/o BVF IncOne Sansome Street, 30th FloorSan Francisco, California 94104United States of America

Signature

print name	BVF Partners LP BY BVF Inc., its general partner, BY Mark N. Lampert,President	capacity	General Partner andAttorney-in-Fact for theSubstantial Holders
sign here		date	5/4/2018

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