Aeon Biopharma, Inc. · AMEX:AEON
Aeon Biopharma — SPAC Merger (December 2022)
37 slides from Aeon Biopharma's SPAC merger presentation, Dec 13, 2022
Slide 1: Overview: Proposed Merger Agreement with Priveterra Acquisition Corp.
Overview: Proposed Merger Agreement with PriveterraAcquisition Corp. (Nasdaq: PMGM)December 2022 AAEON BIOPHARMA
Slide 2: Disclaimer
2 DisclaimerAbout This PresentationThis investor presentation (“Presentation”) does not constitute (i) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Business Combination or (ii) an offer to sell, a solicitation of an offer to buy, or
Slide 3: Disclaimer (Cont'd)
3 Disclaimer (Cont’d)TargetsThis Presentation contains certain long-term financial targets of the Company. Neither Priveterra’snor the Company’s independent auditors have audited, studied, reviewed, compiled or performed any procedures with respect to the targets for the purpose of their inclusion i
Slide 4: Investment Highlights
4 Investment Highlights ABP-450 is the same 900 kDabotulinum toxin approved and marketed for an aesthetic indication; manufacturing site inspected and approved by FDA, EMA and Health Canada Migraine Phase 2 study designed to include both chronic and episodic migraine patients with a streamlined inje
Slide 5: Experienced Management Team
5 Experienced Management TeamLeadership Team with Highly Relevant Industry Experience and Track Record of Success Marc Forth Chad Oh, MD Chief Executive Officer Chief Medical Officer •25+ years of Biopharma experience•Former US Business Lead for BOTOX®Therapeutic•16 years at Allergan dedicated to th
Slide 6: Experienced Advisory Board
6 Experienced Advisory BoardAdvisory Board with Highly Relevant Industry Experience and Track Record of Success Andrew Blumenfeld, MD Michael Camilleri, MD Chris Reist , MD Migraine Gastroparesis Neuro/Psych •Director of the Headache Center of Southern California•Board-certified in Neurology by the
Slide 7: Overview of Priveterra Sponsor Team
7 Overview of PriveterraSponsor Team •Fundamental approach to proprietary investment thesis driven by innovation, transparency, long-term relationships and shareholder values•Strong track record in Life Sciences over the past two decades … building, operating and monetizing investments•Significant M
Slide 8: Advancing Novel Therapies with a Well-Established Neurotoxin
8 Advancing Novel Therapies with a Well-Established NeurotoxinSource: 1. Decision Resources Group Therapeutic Botulinum Toxin Market Analysis Global 2021 Management team with significant neurotoxin and biopharma experience Differentiated business model designed to deliver enhanced value to payorsand
Slide 9: Development Timeline Includes Multiple Clinical Near-Term Milestones
9 Development Timeline Includes Multiple Clinical Near-Term Milestones Chronic Migraine Episodic MigraineIndicationCurrent Phase ABP-450 Cervical DystoniaPhase 2Phase 2Phase 2* 2020 2H 1H 2021 2H 1H 2022 2H 1H 2023 2H 1H 1 2 3 1 1) IND accepted Oct 20202) First patient treated Mar 2021 3) Anticipate
Slide 10: Global Therapeutic Toxin Competitive Landscape
10 AbbVie Inc.Merz PharmaIpsen Group Molecular Size 900 kDa900 kDa150 kDa~400 kDa150 kDa Approved Indications 1.Blepharospasm2.Strabismus3.Cervical Dystonia4.Hyperhidrosis5.Spasticity6.Chronic Migraine7.Overactive Bladder8.Neurogenic Detrusor Overactivity (adult and pediatric)None1.Blepharospasm2.Ce
Slide 11: Global Therapeutic Toxin Market Projected Growth Through 2027
11 Global Therapeutic Toxin Market –9.9% Projected Growth Through 2027Source: Decision Resources Group Therapeutic Botulinum Toxin Market Analysis Global 2021 • Current indications: Organic growth in current indications driven primarily by continued investment in disease awareness and growing patien
Slide 12: Strategy Provides Value to Payors and Physicians Alike
12 Strategy Provides Value to Payors and Physicians Alike Deliver Value to Physician•Consistent, predictable reimbursement•Flexibility with payor Deliver Value to Payor•Potential to offer financial incentives, including rebates Exclusive Therapeutic Focus Expected to Allow Traditional Pharma Pricing
Slide 13: Pricing Strategy
13 Pricing Strategy Net Price Net PriceAestheticTherapeutic •Net Price –expected to be the same as or better than the market leader •Potential for Rebates –to payors and/or physicians same as or higher than market leader, supporting more spend to build market share Discounts Rebate Applying Traditio
Slide 14: Key Value Inflection Points
14 Key Value Inflection Points Original BLA for therapeutic usesProduct platformTake share of established markets, enter new indications First launch in established marketExpansion of treatment optionsAdoption facilitated by established 900 kDabotulinum toxin complex Replicate success in identified
Slide 15: Migraine (prophylaxis)
Migraine(prophylaxis) AAEON BIOPHARMA
Slide 16: Migraine Market an Attractive Opportunity Despite Competition
16 •Botox® in chronic migraine returned to double digit growth after a brief flat period due to CGRP launches and COVID challenges•Botox®only has a claim for chronic migraine vs. CGRPs with both chronic and episodic indicationsMigraine Market an Attractive Opportunity Despite Competition Sources: 1.
Slide 17: Normalized Botox and CGRPs in Preventive Migraine Treatment
17 CGRPs saw AN INCREASE in the OVERALL claims volume (~6%) in Q2’22 compared to 4% Decrease in Q1’22 Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4'2021Q1'2022Q2'2022 Normalized Botox394,761395,718398,877392,160407,430409,350417,789400,488385,84
Slide 18: Botox Resumed Growth Among Patients Switching from a Previous Brand
18 After Brief Decline During COVID, Botox Resumed Growth Among Patients Switching from a Previous Brand Definitions: •Patient cohort -Patients with at least 1 migraine diagnosis code and at least 1 treatment code on or after first diagnosis code•Look Back= 365 days, Grace=30 days Source: Symphony H
Slide 19: Migraine Phase 2 Study Design
19 •n = 765•60 sites in US, Canada & Australia•Includes both chronic & episodic migraine patients•2 doses; 3 arms•2 injection cycles•~6-month duration•Novel injection paradigm–22 injections (low dose) vs. 31 Botox Primary: •Number of headache days per month compared to baseline•Incidence of TEAEs th
Slide 20: Cervical Dystonia
CERVICAL DYSTONIA AAEON BIOPHARMA
Slide 21: Cervical Dystonia Opportunity for ABP-450
21 Cervical Dystonia Opportunity for ABP-450 Source: Company estimates based on 2017 US Census Projections; Defazio, Descriptive Epidemiology of Cervical Dystonia (2013);and Richardson, American Academy of Neurology -Dystonia Treatment (2017). •Potential for efficient development•Potential to allow
Slide 22: Cervical Dystonia Phase 2 Study Design - Dose Ranging
22 •n = 60•40 sites in US •3 doses; 4 arms•1 injection in randomized portion•4 injections in OLE•20-week primary endpoint•72 weeks total Primary: •Safety of ABP-450 Secondary: •Change in TWSTRS•PGI-C and CGI-C•PGI-S and CGI-S Exploratory: •C-SSRS•Dysphagia ScoreCervical Dystonia Phase 2 Study Design
Slide 23: Discussion and Conclusions
23 Discussion and Conclusions•Phase 2 trial met primary and other key endpoints, supporting the safety and efficacy of ABP-450 in reducing signs and symptoms associated with CD.•ABP-450 demonstrated adverse event rates similar to, or lower than, other botulinum toxin products for the treatment of CD
Slide 24: Competitive Profile
24 Competitive Profile AEON will be the second competitor in migraine prevention, the single largest toxin therapeutic indication for the market leader (45% of therapeutic toxin sales). Therapeutic only focus provides pricing flexibility without the negative impact of heavy discounting from aestheti
Slide 25: Financial Overview
DO AEON BIOPHARMA Financial Overview
Slide 26: Transaction Details
26 Transaction DetailsPro Forma Valuation Illustrative share price$10.00Pro forma shares outstanding (M)47.550Equity Value$475.5Net Cash (assumes no redemptions)(273.7)Enterprise Value$201.8($ in millions except per share values)Pro Forma Ownership58.0%SPAC Public Shareholders7.3%Sponsor Equity34.7%
Slide 27: "Pay for Performance" Earnout Structure
27 “Pay for Performance” Earnout StructureEarnout Structure Aligns AEON and Sponsor Incentives with Public Market InvestorsNote: CM = Chronic Migraine, EM = Episodic Migraine, CD = Cervical Dystonia. Please refer to “ Forward-Looking Statements” in the slide titled "Disclaimer" for important informa
Slide 28: AEON Target Financial Profile in 2035
28 11%89% 5%95%AEON Target Financial Profile in 2035Source: Company targets as of 10/20/22.1. Midpoint sales of $1.5B assumes ~1.2M addressable toxin patients in chronic and episodic migraine receiving 2.5 treatmentsper year (2 vials per treatment) at an average selling price of $656/vial with AEON'
Slide 29: CNS Peer Set Valuation Benchmarking
29 CNS Peer Set Commercial NeurotoxinProducts SubsetValuation Benchmarking($ in millions) Source: Company press releases and S&P Capital IQ as of 12/09/22.Note: Primarily includes companies with recently commercialized products in the following indications: Schizophrenia, Narcolepsy, MDD, Migraine,
Slide 30: Investment Highlights
30 Investment Highlights ABP-450 is the same 900 kDabotulinum toxin approved and marketed for an aesthetic indication; manufacturing site inspected and approved by FDA, EMA and Health Canada Migraine Phase 2 study designed to include both chronic and episodic migraine patients with a streamlined inj
Slide 31: Appendix
DO AEON BIOPHARMA Appendix
Slide 32: Intellectual Property Considerations for ABP-450
32 Intellectual Property Considerations for ABP-450High Barriers for New Entrants to Effectively Compete1. Countries include United States, Canada, South Africa, Australia, Russia, European Union, United Kingdom. 3 4 2 9 Exclusive Licensing & Supply Agreement •Under agreement, Daewoongmanufactures a
Slide 33: Gastroparesis Opportunity for ABP-450
33 Gastroparesis Opportunity for ABP-450Source: 1. https://www.fda.gov/media/129880/download 2. Company estimates based on 2017 US Census Projections; Syed, Epidemiology and Diagnosis of Gastroparesis in the United States: A Population-based Study. (2019); and Parkman, Clinical features of idiopathi
Slide 34: Injections in the Pylorus and Pyloric Sphincter Region
34 Injections in the Pylorus and Pyloric Sphincter RegionProvides an Opportunity for a Targeted Treatment for GastroparesisSclerotherapy needle Esophagogastroduodenoscopy Plan to administer injections of ABP-450 using a standard sclerotherapy needle in the pylorus and pyloric sphincter region Esopha
Slide 35: Risk Factors
35 Risk FactorsSummaryofRiskFactorsThe Company’s business is subject to numerous risks and uncertainties that represent challenges that the Company faces in connection with the successful implementation of its strategy and the growth of its business. Below is an appendix to this Presentation which i
Slide 36: Risk Factors (Cont'd)
36 Risk Factors (Cont’d)13.ABP-450, if approved in any currently proposed or future therapeutic indications, will face significant competition and our failure to effectively compete may prevent us from achieving significant market penetration and expansion.14.If approved, ABP-450 may face competitio
Slide 37: Thank You
THANK YOU DoAEON BIOPHARMA