Dear Friends & Colleagues

We hope you are enjoying the holiday season and looking ahead to a very productive new year! Locust Walk Partners offers business development, corporate development and strategic / commercial advisory services to life science companies. As 2011 draws to a close, we wanted to update you on our firm’s recent achievements, both for our clients and in building our business.

• >We completed five significant projects in 2011 on behalf of our clients. In November, we served as advisor to our client Otsuka on their $1.8B transaction with Lundbeck, providing valuation, deal strategy and negotiations support. In September, we served as transaction advisor to our client Ascenta Therapeutics on their transaction with Debiopharm Group for AT-406, a novel small molecule multi-IAP inhibitor in Phase 1 development for cancer. We prepared strategic business plans for Idenix Pharmaceuticals, a hepatitis C company (NASDAQ: IDIX), and Strategic Science & Technologies, a topical delivery technology company. We also developed a commercial strategy for Mazor Robotics, a medical device company commercializing robotic systems for spine surgery (TASE: MZOR). For further information on any of these engagements, please see the case study page on our website.
• We recently published a thought leadership article entitled “Bridging the Gap Between Sell- and Buy-Sides in Biopharma Business Development” in IN VIVO, presenting the results of a survey we conducted of nearly 80 executives from sell- and buy-side business development in biopharma. We assessed the effectiveness of sell-side business development activities based on buy-side feedback, offered guidance on what it really takes to get a deal done in a buyer’s market. We also hosted a webinar to share new perspectives on the survey results and hear commentary from seasoned business development executives. Copies of the IN VIVO article and two-page executive summary can be found on our website. You can hear a replay of the webinar here.
• In September, we were granted a broker / dealer license for Locust Walk Securities, LLC (LWS). Augmenting LWP’s business and corporate development execution, strategic planning and commercial assessments for life science companies, LWS will enable LWP’s clients, who are currently in or contemplating transaction processes, to sell securities as part of an upfront license payment or change of control transaction. Also, LWS will selectively consider assisting companies with capital raises from strategic partners and financial investors.
• In January we established our headquarters in the heart of Kendall Square at the Cambridge Innovation Center at One Broadway, 14^th Floor, Cambridge, MA 02142. Feel free to stop by and visit if you are in the area.

We look forward to learning more about your business objectives for 2012 and discussing how our team can help you achieve them. Wishing you and yours the very best for the holiday season!