Slide 1: Anchored Spin-Off Investor Presentation
ANCHORED SPIN-OFF INVESTOR PRESENTATION March 2022
Slide 2: Legal Disclaimers
2 LEGAL DISCLAIMERS About this Presentation This presentation is for informational purposes only to assist interested parties in making their own evaluation with respect to a proposed business combination (the Business Combination) between Avista Public Acquisition Corp. II (APAC) and OmniAb, Inc. (
Slide 3: Legal Disclaimers: Important Information and Where to Find It
3 LEGAL DISCLAIMERS Important Information and Where to Find It In connection with the proposed transaction, OmniAb will file a registration statement on Form 10 registering shares of OmniAb common stock and APAC will file with the SEC a registration statement on Form S-4 registering shares of APAC c
Slide 4: OmniAb + Avista: A Combination of Two Leading Life Sciences Franchises
4 OMNIAB + AVISTA A COMBINATION OF TWO LEADING LIFE SCIENCES FRANCHISES Platform Track Record People Source: Company materials and filings. (1) Total of $8 billion equity invested includes ~$3 billion from co-investors / co-sponsors. Total of 42 healthcare companies includes transactions at DLJMB, a
Slide 5: Adding a Leading Drug Discovery Platform to Avista's Pharma Services Portfolio
5 ADDING A LEADING DRUG DISCOVERY PLATFORM TO AVISTA’S PHARMA SERVICES PORTFOLIO Discovery Early-Stage Research & Development Late-Stage Development & Commercialization • Built capabilities and competitive strengths to become partner of choice ‒ BI designed to yield industry’s most diverse sets of h
Slide 6: Transaction Overview: Sources and Uses, Pro Forma Ownership
6 ($m) Sources Uses APAC Cash $236 Cash to Balance Sheet $250 Avista Minimum Commitment 15 Estimated Transaction Fees 16 Ligand Contribution 15 Total $266 Total $266 75.0% 20.3% 4.7% Ligand Shareholders APAC Shareholders Avista Shares ($m, except per share amount) Share Price $10.00 Pro Forma Shares
Slide 7: Key Market Comparables Suggest Substantial Value Creation Opportunity
7 $1,961 $835 $4,844 $2,216 $567 $2,095 $1,878 $1,301 $3,726 $2,616 $1,313 $1,203 KEY MARKET COMPARABLES SUGGEST SUBSTANTIAL VALUE CREATION OPPORTUNITY Source: Company materials, filings, and FactSet as of 03/18/22. (1) Includes 248 active programs with downstream economics. (2) Includes total progr
Slide 8: Experienced Leadership Team with Proven Track Record of Success
8 EXPERIENCED LEADERSHIP TEAM WITH PROVEN TRACK RECORD OF SUCCESS Carolyn Bertozzi, PhD Board Member Professor of Humanities & Sciences Stanford University Investigator HHMRI Former Board Member Lilly, Advisor to GlaxoSmithKline Founder of multiple companies Sarah Boyce Board Member Chair of HC&C Co
Slide 9: The OmniAb Platform
THE OMNIAB PLATFORM
Slide 10: Setting the Stage - OmniAb's Spin-Off from Ligand
10 SETTING THE STAGE - OMNIAB’S SPIN-OFF FROM LIGAND • Ligand’s proven business model is focused on developing and acquiring technologies that enable the discovery and development of medicines ‒ 140+ partners among pharmaceutical and biotechnology companies ‒ 400+ fully-funded programs in various st
Slide 11: Antibodies and Industry Demand
11 0 10 20 30 40 50 60 70 80 Type of Drug Clinical Success Rates(1) Small Molecules 6.2% Biologics/Antibodies 11.5% Sources: 2020 Sales of Recombinant Therapeutic Antibodies, Proteins, Biosimilars & Other Biologics (La Merie Publishing). Clinical Development success rates 2006-2019 (Bio, Biomedtrack
Slide 12: OmniAb History
12 OMNIAB HISTORY OVER 13 YEARS OF INVESTMENT BUILT OUR BEST-IN-CLASS PLATFORM Ligand Acquired OMT (OmniAb) Crystal Bio (OmniChicken) 2008 2016 2017 2018 2019 2020 OMT Founded Ab Initio (Computationally Powered Antigen Design) xCella (Microcapillary Platform) Taurus (OmniTaur) Significant Internal I
Slide 13: OmniAb's Historical Growth Within Ligand
13 Substantial progress in all phases, increase in discovery programs expected to rapidly feed growth in new clinical programs and future approvals Discovery: 217 Preclinical: 10 Phase 1: 18 Phase 2: 2 Phase 3: 2 Registration: 1 Approved: 2 Discovery: 20 Preclinical: 1 OMNIAB’S HISTORICAL GROWTH WIT
Slide 14: The OmniAb Platform
14 THE OMNIAB PLATFORM Technology offering addresses critical industry needs and is paired with our highly specialized and efficient operation Create Diverse Pools of High-Quality Naturally Optimized Antibodies Screen Millions of Cells to Find Potential Therapeutic Candidates Further Characterize, S
Slide 15: The OmniAb Platform: Addressing Critical Challenges of Antibody Discovery
15 THE OMNIAB PLATFORM Technology offering addresses the most critical challenges of antibody discovery
Slide 16: The OmniAb Platform: Antibody Generation Technologies
16 THE OMNIAB PLATFORM We believe generating large and diverse pools of high-quality antibodies increases the likelihood of discovering the antibody with the most desirable therapeutic characteristics Robust Antibodies for Any Target Bispecific Antibody Generation Cow-inspired Antibodies for Difficu
Slide 17: The OmniAb Platform: xPloration and GEM Screening
17 THE OMNIAB PLATFORM xPloration Microcapillary Technology Gel Encapsulated Microenvironment (GEM) AI selects and ranks thousands of promising therapeutic candidates from immense amounts of phenotypic data We offer two powerful single B-cell screening technologies: xPloration and GEM assay Multi-pa
Slide 18: The OmniAb Platform: Characterization and Optimization
18 THE OMNIAB PLATFORM •Data from multi-parameter screening and performance assays used in combination with bioinformatics •High-throughput epitope binning and kinetics analysis, and target-specific functional assays •Next generation sequencing (NGS) hit expansion to identify variant antibodies with
Slide 19: Extensive Biological Capabilities on Ion Channels and Transporters
19 THE OMNIAB PLATFORM Proprietary cell lines enable high speed antigen production Cutting-edge assays facilitate high-throughput screens in GEM and xPloration platforms Proprietary assays leveraged for discovery and characterization of ion channel antibodies Within OmniAb are differentiated capabil
Slide 20: OmniAb Business Model
20 OMNIAB BUSINESS MODEL OUR AGREEMENTS ARE STRUCTURED TO ALIGN ECONOMIC AND SCIENTIFIC INTERESTS WITH OUR PARTNERS License partnerships designed to include: • Technology access and collaboration/service fees • Milestones • Royalties on commercial sales We have nearly $1.5 billion in contracted mile
Slide 21: OmniAb Intellectual Property Advantage
21 OMNIAB INTELLECTUAL PROPERTY ADVANTAGE Antibody Patent Applications filed by Partners PARTNERS FILING PATENTS ON OMNIAB-DERIVED ANTIBODIES CREATE DURABLE ROYALTY STREAMS AND A LENGTHY INTELLECTUAL PROPERTY TAIL >60 patent filings by our partners claiming an OmniAb-derived antibody as primary inve
Slide 22: Select OmniAb Partners
22 SELECT OMNIAB PARTNERS >55 COMPANIES CURRENTLY HAVE ACCESS TO OMNIAB ANTIBODIES
Slide 23: The Power of OmniAb: Partner Case Studies
23 THE POWER OF OMNIAB PARTNER CASE STUDIES • Novel multi-transmembrane target for triple negative breast cancer • All previously-known antibodies to target could only bind to denatured or fixed form, therefore unsuitable for therapeutic use • Our antigen tech was applied to deliver mg-scale quantit
Slide 24: OmniAb Clinical and Approved Partner Pipeline
24 OMNIAB CLINICAL AND APPROVED PARTNER PIPELINE TWO APPROVED PRODUCTS AND 23 CLINICAL OMNIAB-DERIVED ANTIBODIES Partner Program Source Animal Area Target Preclinical Phase 1 Phase 2 Phase 3 Registration Approved Zimberelimab OmniRat Oncology PD-1 Sugemalimab OmniRat Oncology PD-L1 Teclistamab OmniR
Slide 25: Competitive Benchmarking: Three Clear Leaders in Integrated Antibody Discovery
25 Active Partners 56(1) 36(2,3) 95(3) Active Programs 252(1) 78(2,3) 425(3) Programs by Stage Approved 2 1 1 Registration 1 - 55(3) Phase 3 2 - Phase 2 2 1 Phase 1 18 3 Technologies Capabilities Antigen Generation X Species Diversity Screening Capabilities Identification Analyze Engineer COMPETITIV
Slide 26: OmniAb Team
26 OMNIAB TEAM Phil Leighton, PhD Sr. Director, Molecular Biology Genetic Engineering Lead, Crystal Bioscience and Origen Princeton, UCSF Ellen Collarini, PhD Sr. Director, Cell Biology Crystal Bioscience, Trellis, Roche Univ. Michigan, Univ. College-London Shelley Izquierdo, PhD Sr. Director, Antib
Slide 27: Financial Review
FINANCIAL REVIEW
Slide 28: Advanced Pipeline Driving Diversified Revenue
28 ADVANCED PIPELINE DRIVING DIVERSIFIED REVENUE KEY INFORMATION • Expanded to >55 active partners with whom we have active license agreements or who have an active program • Significant active program growth since acquisition • Royalty revenue expected to grow significantly with average royalty rat
Slide 29: OmniAb Key Performance Indicators
29 OMNIAB KEY PERFORMANCE INDICATORS HIGHLY SCALABLE BUSINESS MODEL (1) Represents the unique number of partners with whom we have active license agreements or who have an active program. (2) Represents programs for which an antigen is introduced into our animals and remains so as long as the progra
Slide 30: Unit Economics and Pipeline Development to Drive Future Value
30 UNIT ECONOMICS AND PIPELINE DEVELOPMENT TO DRIVE FUTURE VALUE Key Value Drivers Per program economics ▪ Research fees ▪ Clinical and commercial milestones ▪ Royalties NPV per program ▪ Peak sales ▪ Average royalty rates ▪ Probability of success ▪ Time to approval ▪ Time to peak sales Current Port
Slide 31: Illustrative Revenue Profiles for Successful Partnered Programs
31 ILLUSTRATIVE REVENUE PROFILES FOR SUCCESSFUL PARTNERED PROGRAMS Target equivalent NPV for all structures Program A Program B OMNIAB PARTICIPATION IS WEIGHTED TOWARDS DOWNSTREAM SUCCESS Flexible transaction structures enable optionality for partners while maintaining value for OmniAb Per product g
Slide 32: Appendix
APPENDIX “ee
Slide 33: Zimberelimab Approved: The First Approved OmniRat-Derived Antibody
33 ZIMBERELIMAB APPROVED THE FIRST APPROVED OMNIRAT-DERIVED ANTIBODY • On August 30, 2021, zimberelimab (GLS-010), an OmniAb-derived fully human anti-PD-1 mAb, was approved in China for the treatment of recurrent or refractory classical Hodgkin’s lymphoma ‒ Marks the first approval of an OmniAb-deri
Slide 34: Sugemalimab Approved: The Second Approved OmniRat-Derived Antibody
34 SUGEMALIMAB APPROVED THE SECOND APPROVED OMNIRAT-DERIVED ANTIBODY • On December 21, 2021, CStone announced approval in China for Cejemly® (sugemalimab) ‒ Fully-human, full length anti-PD-L1 monoclonal, said to mirror the natural G-type immunoglobulin 4 (IgG4), which reduces immunogenicity risks a
Slide 35: For more information, please visit www.omniab.com
For more information, please visit www.omniab.com