ALLIGATOR BIOSCIENCE. Eva Dahlén, PhD Senior Director, Business Development

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1 00 ALLIGATOR BIOSCIENCE Eva Dahlén, PhD Senior Director, Business Development 1

2 Disclaimer FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements that provide Alligator s expectations or forecasts of future events such as new product developments, regulatory approvals and financial performance. Such forward looking statements are subject to risks, uncertainties and may be impacted by inaccurate assumptions. This may cause actual results to differ materially from expectations and it may cause any or all of Alligator s forward-looking statements here or in other publications to be wrong. Factors that may affect future results include currency exchange rate fluctuations, delay or failure of development projects, loss or expiry of patents, production problems, breaches or terminations of contracts, government-mandated or market driven price decreases, introduction of competing products, exposure to product liability claims and other lawsuits, changes in reimbursement rules, changes of laws regulations or interpretation thereof, and unexpected cost increases. Alligator undertakes no obligation to update forward looking statements. 2

3 Alligator Bioscience in brief Clinical-stage biotech company Mono- and bispecific antibodies Pioneers in tumor-directed immunotherapy Strategic partnership with Janssen: USD 695 million + royalties Listed on Nasdaq Stockholm (2016) Market cap approx. SEK 2.2 billion (USD 230M) 3

4 Introduction to immunotherapy of cancer > Classes of cancer therapies > Chemotherapy > Targeted therapy > Immunotherapy > Tumor immunology > Tumors are infiltrated by immune cells > Tumor induces immunosuppression > Inhibits the inherent capability of the immune system to protect from tumor ATOR-1015 Myeloid cell > Objective of immunotherapy > Switch immunosuppression into immune activation > Destroy tumor and protect from recurrent tumor growth - Regulatory T cell ATOR-1017 NK cell ADC-1013 (JNJ-7107) T cell Dendritic cell + ATOR-1015 ATOR-1017 ALG.APV-527 > Alligator s approach: tumor-directed immunotherapy 4

5 Drug development pipeline outlook for 2020 Alligator pipeline as of June outlook ADC-1013 in phase II mono and combo trials by Janssen ATOR-1015 in phase II development by Alligator or licensee ATOR-1017 in phase I development by licensee ALG.APV-527 in phase I development Additional ATOR programs in preclinical development 5

6 Survival (%) Patient and commercial impact Anticipated impact of Alligator products > Unmet medical need: a large proportion of patients don t respond to current therapies or discontinue due to adverse events > Alligator pipeline products are expected to adress this unmet medical need > Ideal for combination therapy with PD-(L)1 inhibitors Unmet medical need in cancer immunotherapy PD-(L)1 + ATOR-X PD-(L)1 e.g. Keytruda or Opdivo > Average upfront payment of 65M USD and average deal value of 428M USD* Months Chemotherapy > Billion dollar market of commercialized products* Adapted from Schadendorf, J Clin Oncol, 17, 2015, Robert, NEJM, 2011, Topalian, J Clin Oncol, sales range from M USD per IO antibody product. Five-year forecast for the same products are 2-10 M USD (GlobalData) Deal value for 264 of 1000 IO deals (GlobalData)

7 Business development > Main BD objectives > Out-license ATOR-1017, a 4-1BB agonist antibody with anticipated superior efficacy/tolerability profile > Partnership to access bi-/multispecific antibody format to further strengthen drug development pipeline > Current partnerships > Janssen Inc. > Deal on CD40 antibody ADC-1013/JNJ-7107 entered 2015 > Value: USD 695M + royalties > Aptevo therapeutics > Co-development of ALG.APV-527, 5T4x4-1BB bispecific antibody > Alligator: project concept and antibodies > Aptevo: bispecific format 7