Keryx Biopharmaceuticals — Merger or Acquisition (November 2018)
19 slides from Keryx Biopharmaceuticals's merger presentation, Nov 16, 2018
Slide 1: Creating a Financially Strong Company Focused on Kidney Disease Therapeutics
Creating a Financially Strong Company Focused on the Development and Commercialization of Therapeutics for Patients with Kidney Disease November 16, 2018 Filed by Akebia Therapeutics, Inc. Pursuant to Rule 425 under the Securities Act of 1933 Commission File No.: 001-36352 Subject Company: Keryx Bio
Slide 2: Forward-Looking Statements
Forward-Looking Statements These materials contain forward-looking statements within the meaning of the federal securities law. Such statements are based upon current plans, estimates and expectations that are subject to various risks and uncertainties. The inclusion of forward-looking statements sh
Slide 3: Additional Information About Akebia Therapeutics, Inc.
Additional Information About Akebia Therapeutics, Inc. Akebia Therapeutics, Inc. is a biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on delivering innovative therapies to patients with kidney disease through hypoxia-inducible factor biology. For more information, please
Slide 4: Proposed Merger Creates a Leader in Kidney Disease Therapeutics
Proposed Merger Creates a Leader in Kidney Disease Therapeutics 2.2 million CKD patients in the US with potential to be treated by combined drug portfolio1; US CKD patient population is expected to grow2 >$250 million Expected cost savings4 $431 million Combined cash position3 Subject to vadadustat’
Slide 5: Akebia Business Description
Business Description Vadadustat Phase 3 Clinical Trials Overview Akebia Overview Status: Public (Nasdaq: AKBA) Headquarters: Cambridge, MA Employees: ~140 Clinical stage biopharmaceutical company, focused on the treatment of kidney disease through the biology of hypoxia inducible factor Lead product
Slide 6: Keryx Business Description
Business Description Quarterly Net Product Sales ($ in millions) Sources: FactSet (November 2018), Keryx Biopharmaceuticals, Inc. public filings. Keryx Overview Status: Public (Nasdaq: KERX) Headquarters: Boston, MA Employees: ~200 Commercial stage biopharmaceutical company, focused on the treatment
Slide 7: Transaction Summary
Transaction Summary Terms Stock for stock merger Each share of Keryx common stock to be converted into 0.37433 shares of Akebia common stock Ownership Akebia stockholders to own 49.4% of the pro forma company and Keryx stockholders to own 50.6% (based on fully diluted market capitalizations at signi
Slide 8: Akebia Board of Directors Unanimously Approved the Transaction
Akebia Board of Directors Unanimously Approved the Transaction Transaction was the result of a deliberate, thoughtful process, thorough due diligence, and extensive negotiations that commenced in December 2017 Board was fully engaged throughout the process Transaction Committee, consisting of indepe
Slide 9: Rigorous and Objective Process Led by a Highly Engaged Board
Source: Akebia’s definitive proxy statement/prospectus filed with the SEC on October 30, 2018 Note: The events above represent a summary of the background of the merger; please refer to definitive proxy statement/prospectus filed with the SEC on October 30, 2018 for the full details Rigorous and Obj
Slide 10: An Experienced and Independent Transaction Committee
…and an Experienced and Independent Transaction Committee Scott Canute Director Since 2016 Dr. Michael Clayman Director Since 2014 Dr. Maxine Gowen Director Since 2014 Dr. Duane Nash Director Since 2013 Michael Wyzga Director Since 2014 30+ years of experience in biopharmaceutical industry Director
Slide 11: Historical Exchange Ratio and Keryx Price Range Benchmarks
Historical Exchange Ratio Keryx Price Range Benchmarks Source: FactSet as of June 27, 2018 (unless otherwise indicated) Based on Akebia’s closing share price as of June 27, 2018 and the transaction exchange multiplier of 0.37433x Displayed range represents a composite of the maximum and minimum disc
Slide 12: Strong Strategic and Financial Fit
Strong Strategic and Financial Fit Leading Renal Company Portfolio A Phase 3, investigational oral drug for anemia due to chronic kidney disease; and other preclinical compounds under development Auryxia, an FDA-approved drug in two chronic kidney disease related indications FDA-approved drug genera
Slide 13: Potential to Deliver Innovative Therapies for Kidney Disease Patients
Potential to Deliver Innovative Therapies to Advance Care for Kidney Disease Patients Iron deficiency anemia (NDD CKD) Anemia due to CKD (DD&NDD) – In development, subject to regulatory approval Hyperphosphatemia (DD CKD) Approved and Target Indications + The combined company will continue to identi
Slide 14: Combined Company Portfolio
© Combined Company Portfolio UINICAL| PHASE PHASE 3 PRODUCT 3 : Auryxiaw Hyperphosphatemia in 00-CKO (ferric citrate) aersecie PHASE 1 PHASE 2 PHASE 3 TARGETED TIMING PIPELINE ANEMIA IN CKD ~ VADADUSTAT Program NDD-cKD cr mnostcr Soe « cammanen any @AkCbIa PRO:TECT Conversion f D \ Fullenrotiment: 2
Slide 15: Transaction Has Potential to Enhance Capital Resources and Increase Value
Transaction Has Potential to Enhance Capital Resources and Increase Value for Akebia Shareholders in the Near-, Mid- and Long-Term Strong pro forma cash and cash equivalent position with $431 million as of Q3 2018 (unaudited) Akebia gains access to FDA-approved renal asset Improves company financial
Slide 16: Diverse and Experienced Board Committed to Creating Shareholder Value
Diverse and Experienced Board Committed to Creating Shareholder Value John P. Butler Scott A. Canute Adrian Adams Cynthia Smith Dr. Maxine Gowen Continuing Akebia Directors New Independent Chairperson Michael Rogers Jodie Morrison Michael T. Hefferman Dr. Steven C. Gilman Mark Enyedy Continuing Kery
Slide 17: Experienced, Highly-Skilled and Diverse Leadership Team
Experienced, Highly-Skilled and Diverse Leadership Team Karen Tubridy SVP, Chief Development Officer Former Chief Development Officer at Eleven Biotherapeutics Former SVP, Clinical Development and Medical Affairs at Inspiration Biopharmaceuticals Former Clinical Operations and Regulatory Affairs, Tr
Slide 18: The Transaction Was Well Received by Wall Street Analysts
Source: Wall Street Research Note: Permission to use quotes was neither sought nor obtained The Transaction Was Well Received by Wall Street Analysts Morgan Stanley (9/7/18) “We see logic in the transaction as there should be synergy between the two companies. If vadadustat is able to succeed in its
Slide 19: An Attractive Combination for All Stakeholders
An Attractive Combination for All Stakeholders Strong strategic and financial fit Complementary portfolio, infrastructure and teams Financial strength due to pro forma cash and cash equivalents position and revenue-generating, FDA-approved asset Unanimous support from independent, experienced Board
Keryx Biopharmaceuticals — Merger or Acquisition (November 2018) on 6ix